The Enforcement Directorate (ED) has summoned Reliance Group Chairman, Anil Ambani, on March 16 as a part of its probe into the charges of money laundering against Rana Kapoor, the founder of Yes Bank that is reeling under a state of crisis. Ambani is one of the largest borrowers of the bank with an exposure of ₹14,000 crores.
An official from the Enforcement Directorate informed that the investigative agency is drafting a list of top borrowers of Yes Bank and the large yet risky credit facilities extended during the tenure of Rana Kapoor. He added, “The management and promoters will be examined and questioned in the coming weeks.”
The ED had sought information regarding terms and conditions, side agreements of the loans disbursed by Yes Bank to Anil Ambani for his construction company. He is yet to reply to the email sent by the Enforcement Directorate. On March 6, Finance Minister Nirmala Sitharaman has said that the Reliance Group, Vodafone Idea, DHFL, IL&FS, Essel Group and CG Power were some of the major defaulters of the stressed Yes Bank.
It is reported that Anil Ambani has cited some health issue and may be issued a later date.
Last week, Ambani’s firm stated, “Reliance Group states it has NIL direct or indirect exposure to Rana Kapoor, Former CEO of YES Bank, or his wife or daughters, or any entities controlled by Rana Kapoor or his family. Reliance Group says its entire exposure to Yes Bank is fully secured and transacted in the ordinary course of business. Reliance Group is committed to honour repayments of all its borrowings from Yes Bank Ltd through its various asset monetisation programmes which are all at advanced stages.”
The Central Bureau of Investigation has booked Yes Bank Founder Rana Kapoor and his wife Bindhu Kapoor for receiving ₹307 crore bribe from Avantha Realty Ltd. in connection to the purchase of a 1.2-acre uber-luxe bungalow at 40, Amrita Shergill Marg, New Delhi that was valued at ₹550 crores. Yes Bank is accused of not initiating actions to recover ₹1900 crores from the Avantha Group, despite the group of companies defaulting on its payment.
Earlier, the Enforcement Directorate was investigating whether a dummy company controlled by Kapoor and two of his daughters, Doit Urban Ventures, received kickbacks to the tune of ₹600 crores in return for granting a ₹4,450 crore loan to Dewan Housing Financial Corporation Limited (DHFL).