In a major development, the Enforcement Directorate (ED) has issued a lookout circular against Reliance Group Chairman Anil Ambani, effectively barring him from leaving the country without prior court permission.
This move comes amid intensifying investigations into a suspected ₹3,000 crore loan fraud linked to Yes Bank.
Between 2017 and 2019, Yes Bank reportedly disbursed large sums to companies allegedly connected to Ambani, bypassing due diligence and violating internal credit protocols.
Sources indicate that questionable transactions took place just before loan approvals, with funds routed to entities associated with Yes Bank promoters, raising suspicions of quid pro quo arrangements.
The ED’s preliminary findings highlight the use of back-dated Credit Approval Memoranda (CAMs) and investments made in contravention of the bank’s credit norms. Investigators suspect a nexus between bank officials and borrower firms aimed at misleading financial institutions and diverting public funds.
Earlier, the State Bank of India had declared the Reliance Communications loan account as fraudulent and reported Anil Ambani to the Reserve Bank of India. The ED’s crackdown on his business premises in Mumbai led to a summons, with Ambani scheduled for questioning on August 5.
The lookout notice adds legal weight to the ongoing probe and marks another chapter in the regulatory scrutiny of high-profile corporate dealings.
As investigations progress, the spotlight remains firmly on Ambani’s financial network and its links to systemic lapses within Yes Bank
