New Delhi: The Enforcement Directorate (ED) on Saturday questioned Jai Anmol Ambani, son of industrialist Anil Ambani, for the second consecutive day in connection with a money laundering investigation linked to an alleged bank loan fraud involving Yes Bank, officials said.
The 34-year-old businessman was summoned under the provisions of the Prevention of Money Laundering Act (PMLA). His statement was recorded for the first time on Friday, and the questioning continued on Saturday as part of the ongoing probe, officials confirmed.
The investigation centres around financial dealings between Yes Bank and companies belonging to the Reliance Anil Dhirubhai Ambani Group (RADAG). According to ED officials, Yes Bank’s exposure to Reliance Group firms stood at approximately ₹6,000 crore as of March 31, 2017, but nearly doubled to ₹13,000 crore within a year.
Among the companies under scrutiny are Reliance Home Finance Limited (RHFL) and Reliance Commercial Finance Limited (RCFL). The ED has alleged that a “large portion” of these loans later turned into non-performing investments (NPIs), causing substantial financial damage to the private lender.
Officials claim that Yes Bank ultimately suffered losses of around ₹3,300 crore due to these transactions. The agency is examining whether funds were diverted or laundered through complex financial arrangements.
Anil Ambani himself has previously been questioned by the ED in connection with the same alleged bank loan fraud involving Reliance Group companies.
The Reliance Anil Dhirubhai Ambani Group has not issued any official response to the latest questioning of Jai Anmol Ambani.
The probe forms part of a wider investigation into alleged irregular lending practices by Yes Bank during the period under review, which has already seen several high-profile business figures questioned by central agencies.