New Delhi: Comply with Supreme Court orders, law enforcement bureau A special investigation team has been set up to investigate the alleged money laundering case involving Anil Ambani and Reliance Group companies involving Rs 40,000 crore. The move comes as the Education Bureau intensifies its investigation into the industrialist. The agency was scheduled to question his wife Tina Ambani at its headquarters on Monday, but she did not show up and may be summoned again. The trial is planned to unravel financial clues in a case related to the purchase of a Rs 70-crore apartment in Manhattan, New York, over which Punit Garg, a senior Reliance Group executive and Ambani confidant, was arrested last week.
As per SC order, CBI and ED are likely to file multiple cases against Anil
Tina Ambani did not appear and may be summoned again. Tina Ambani’s name came up during Garg’s custodial interrogation. The Supreme Court on February 4 asked for separate registration of each case in connection with alleged misappropriation of bank loans by Anil Ambani’s companies, and both the CBI and ED want to file multiple cases against him. The CBI, in particular, will be asked to submit more documents as the money transfer charges involve more than just the numerous loans he obtained from different financial institutions.Sources suspect that the Manhattan apartment was purchased with criminal proceeds misappropriated by Reliance Communications from a bank loan obtained by an SBI-led consortium. ED uncovered a network of shell entities involved in money laundering, including one that received proceeds from the sale of a Manhattan apartment ($8.3 million) “remitted from the United States under the guise of a sham investment arrangement with a Dubai entity controlled by individuals associated with Pakistan.”So far, during the investigation against Anil Ambani and his entities, ED has raided 46 premises and seized 204 properties worth over Rs 12,000 crore. The ED has so far registered three FIRs, equivalent to police FIRs, against Ambani and his entities under the PMLA.One of them is against Reliance Commercial Finance Ltd (RCFL) and Reliance Home Finance Ltd (RHFL) in the Yes Bank money laundering case. The agency told the SC that RHFL had borrowed public funds from 33 banks/financial institutions and had defaulted on over Rs 5,400 crore, constituting proceeds of crime. Only Rs 2,116.9 crore was recovered by 33 lending institutions. “As far as RCFL’s default is concerned, 21 banks/financial institutions are facing default of Rs 6,281 crore. Out of Rs 8,226 crore, only Rs 1,945 crore was paid. ” ED told the court. In the second ECIR against Reliance Communications Ltd, ED said the total outstanding amount is Rs 40,185 crore, constituting proceeds of crime. The third case is against Reliance Power Ltd for alleged forgery of bank guarantees. Three accused were arrested in the case.“After going through the counter-affidavit of ED, we are of the view that every financial transaction which may have resulted in misappropriation of funds should be investigated by the said agency and the estimated value of the proceeds of crime must be ascertained. We recommend ED to frame an SIT,” the SC said in its order on February 4. The SC referred the matter for hearing on March 10.
