ED Issues Fresh Summons to Anil Ambani in Ongoing Fraud Probe

The Enforcement Directorate has escalated its investigation involving industrialist Anil Ambani by issuing a fresh summons under the Foreign Exchange Management Act (FEMA). The agency has directed him to appear next Monday after turning down his request to record his statement virtually.

SFIO Launches Parallel Investigation

In addition to the ongoing ED inquiry, the Serious Fraud Investigation Office (SFIO), under the Ministry of Corporate Affairs, has initiated a separate probe into several firms linked to the Reliance Anil Dhirubhai Ambani Group (ADAG).
This development follows previous examinations conducted by the ED, CBI and the Securities and Exchange Board of India (SEBI).
The SFIO’s mandate now includes assessing potential corporate governance lapses and examining whether funds were diverted across group entities.

Reasons Behind the Fresh Scrutiny

Officials familiar with recent developments indicated that the Ministry of Corporate Affairs received multiple alerts from auditors and financial institutions. These alerts pointed to inconsistencies in the financial statements of certain ADAG companies.
Banks also raised concerns through forensic audits, particularly after significant loan defaults by Reliance Capital and Reliance Communications. These findings prompted authorities to broaden the investigation.

Key Companies Under Examination

At least four companies are currently under detailed scrutiny:

• Reliance Infrastructure

• Reliance Communications

• Reliance Commercial Finance Ltd (RCFL)

• CLE Pvt Ltd

Investigators may expand the list if further linkages in fund transfers are identified.

Recent Asset Attachments Intensify the Case

The heightened probe comes shortly after the ED attached assets valued at approximately ₹7,500 crore. These include prime land in Navi Mumbai, a high-value property in Mumbai’s Pali Hill, and the Reliance Centre in New Delhi.
The combined actions reflect a significant tightening of regulatory oversight as authorities aim to determine the scale of alleged financial discrepancies.