New Delhi [India], December 20 (HBTV): The Enforcement Directorate on Friday questioned Jai Anmol Ambani, son of industrialist Anil Ambani, in connection with the Yes Bank money laundering case, officials said. He appeared before the agency at its headquarters in the morning and was questioned for more than seven hours. ED officials said he has been asked to rejoin the investigation on December 20.
Earlier, on December 10, the Enforcement Directorate said it had seized 13 bank accounts of Anil Ambani’s Reliance Infrastructure Ltd, with a balance of INR 54.82 crore, under Section 37A of the Foreign Exchange Management Act, 1999, for alleged contraventions under Section 4 of the Act. The seizure was carried out by the agency’s special task force.
According to the ED, its investigation revealed that Reliance Infrastructure Ltd, through its special purpose vehicles, siphoned public funds from highway construction projects awarded by the National Highways Authority of India. The agency alleged that funds were diverted through sham subcontracting arrangements to shell companies in Mumbai, which were set up in a coordinated manner using dummy directors at specific bank branches.
The ED further claimed that these funds were layered through a network of shell entities and remitted outside India to the United Arab Emirates in the guise of diamond imports without corresponding goods or documentation. It said the diversion contributed to financial stress in the projects, turning bank loans into non-performing assets and causing losses to lenders.
(ANI)