ED Questions Anil Ambani’s Son Jai Anmol Ambani in Yes Bank Loan Fraud Probe

The Enforcement Directorate, India’s law enforcement and regulatory agency, grilled Jai Anmol Ambani, 34, and son of industrialist Anil Ambani, in Delhi on Friday as part of a money laundering probe linked to bank loan fraud. According to officials, his statement was taken under the Prevention of Money Laundering Act or PMLA, and this is set to continue on Saturday.

The current ED probe is with respect to Yes Bank. It is known that as on March 31, 2017, the bank had a loan of around ₹6,000 crore against the Reliance Anil Dhirubhai Ambani Group (ADAG) that later doubled in a year to ₹13,000 crore as on March 31, 2018.

These companies included Reliance Home Finance Limited (RHFL) and Reliance Commercial Finance Limited (RCFL). The agency alleged that a "large" portion of these investments turned into non-performing investments (NPIs), resulting in a loss of ₹3,300 crore to the bank. Ambani senior has also been questioned by the ED in connection with the alleged bank loan fraud case against Reliance Group companies.