Day after appearing before ED, Anil Ambani skips summons

The questioning is part of an ongoing probe into alleged financial irregularities linked to group companies. The fresh summons came after the ED attached Anil Ambani's residential property ‘Abode’ in Mumbai’s Pali Hill area, valued at Rs 3,716.83 crore.

The attachment was carried out under the provisions of the Prevention of Money Laundering Act (PMLA). Earlier, a portion of the same property worth Rs 473.17 crore had already been attached.

With this action, the cumulative attachment of assets in cases linked to the Reliance Anil Ambani Group has crossed Rs 15,700 crore, according to agency sources, as per agencies. The money laundering investigation stems from a First Information Report (FIR) registered by the Central Bureau of Investigation (CBI).

The FIR names Reliance Communications (RCOM), Anil Ambani and others under sections of the Indian Penal Code and the Prevention of Corruption Act.

According to the ED, RCOM and its group companies availed loans from domestic and foreign lenders between 2010 and 2012. The total outstanding dues are estimated at Rs 40,185 crore. The agency has alleged that more than Rs 14,000 crore relates to loan fraud under investigation.

The ED has alleged that loans raised by one group entity were used to repay borrowings of other companies, routed through related parties, or invested in mutual funds in violation of loan terms.

Investigators claim that over Rs 13,600 crore was diverted for alleged evergreening of loans, Rs 12,600 crore was funnelled to connected parties and around Rs 1,800 crore was invested in fixed deposits and mutual funds and later rerouted.

The agency has also alleged misuse of bill discounting facilities and possible siphoning of funds abroad through foreign remittances.