Indian authorities issue watchlist order against Anil Ambani in Rs30-million fraud case
The move comes on the same day the businessman was summoned by the agency for questioning. He has been asked to appear before the ED on Tuesday (August 5).
A lookout circular is typically issued by Indian authorities to prevent individuals from fleeing the country to dodge legal action. It is distributed to all immigration checkpoints — including airports and seaports — and alerts authorities to detain the individual if they attempt to leave Indian borders.
The case under investigation involves loans granted by Yes Bank to Reliance Group companies between 2017 and 2019. The ED suspects that roughly Rs30,000,000 million (Dh1.2 million) was diverted from these loans. Officials believe there may have been a quid pro quo, as payments were allegedly made to Yes Bank's promoters shortly before the loans were approved.
The ED on July 24 launched widespread raids at over 50 locations linked to the case. These raids, conducted under the Prevention of Money Laundering Act, reportedly continued for three days.
Despite the mounting scrutiny, Reliance Power and Reliance Infrastructure issued statements to stock exchanges asserting that the ED's raids have had "absolutely no impact" on their business operations, financial health, or stakeholders.
"The media reports appear to pertain to allegations concerning transactions of Reliance Communications Limited (RCOM) or Reliance Home Finance Limited (RHFL) which are over 10 years old," the companies had said.
Expanding its investigation, the ED has also started probing a separate case involving an alleged fake bank guarantee worth Rs682 million (Dh28.7 million).
According to officials, a company called Biswal Tradelink — which allegedly managed a network of shell companies — issued a fraudulent bank guarantee to the Solar Energy Corporation of India (SECI). The scam reportedly involved a spoofed domain ('s-bi.co.in') made to closely resemble that of the State Bank of India ('sbi.co.in'), which was then used to send fake emails and documents meant to mislead SECI and other entities.
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