ED Questions Jai Anmol Ambani for 2nd Day in Money Laundering Probe

New Delhi, Dec 19: The Enforcement Directorate (ED) on Saturday questioned Jai Anmol Ambani, son of industrialist Anil Ambani, for the second consecutive day in a money laundering case linked to an alleged bank loan fraud, officials said.

The 34-year-old’s statement was recorded under the Prevention of Money Laundering Act (PMLA) for the first time on Friday, and the questioning continued on Saturday, they added.

The probe is related to alleged irregularities involving Yes Bank, which, according to officials, had an exposure of around Rs 6,000 crore to the Reliance Anil Dhirubhai Ambani Group as of March 31, 2017. This exposure reportedly doubled to nearly Rs 13,000 crore within a year.

Officials said the companies involved included Reliance Home Finance Limited (RHFL) and Reliance Commercial Finance Limited (RCFL). A “large” portion of these investments later turned into non-performing investments (NPIs), resulting in an alleged loss of about Rs 3,300 crore to the bank.

The Reliance Anil Dhirubhai Ambani Group did not respond to the development. Anil Ambani himself has earlier been questioned by the ED in connection with the alleged bank loan fraud involving group companies. (Agencies)