Anil Ambani's Woes Mount: SFIO Launches Massive Fraud Probe Into Group Firms

India Today

This special report details the escalating troubles for industrialist Anil Ambani, as the Ministry of Corporate Affairs (MCA) has initiated a probe by the Serious Fraud Investigation Office (SFIO) into his group companies, including Reliance Infrastructure and Reliance Communications. A preliminary assessment reportedly found evidence of 'large scale siphoning that had happened from these companies and there were major violations of the Companies Act'. This SFIO probe adds to ongoing investigations by the Enforcement Directorate (ED), CBI, and SEBI into allegations of financial irregularities. The ED has already attached assets worth over ₹7,500 crore in connection with a bank fraud case. The various probes stem from large-scale loans availed by the group companies, with allegations of fund diversion and outstanding dues amounting to thousands of crores.

Transcript

00:00we begin this bulletin with big breaking news coming in this is related to anil ambani's

00:12companies it seems now trouble is mounting for anil ambani as the corporate affairs ministry

00:19is launching a probe into many of the transactions and some of his companies now remember this is

00:26coming after the ed had attached some of his properties anil ambani is accused of large-scale

00:32siphoning of funds through his companies and ed which is the enforcement directorate cdi and sebi

00:39are already probing reliance anil ambani group and many of its companies in fact ed had attached

00:46almost 7 500 crores worth of properties of anil ambani in a few days ago earlier ed attached these

00:55assets and now it seems the corporate affairs ministry is launching a probe into this entire

01:01matter joining us now is india today's deviation seeing the wish can you tell us what exactly is

01:08being probed well we'll try and connect with deviation try and find out what is happening

01:20as far as this probe is concerned but this probe is being handed over to serious fraud investigation

01:27office which is the sfio now it seems that a preliminary probe had found some amount of

01:37siphoning of funds and this is why a further deeper probe is required and this is why the corporate affairs

01:45ministry has decided to do so joining us now is divyesh singh divyesh can you give us more details

01:51on this well there's more trouble coming in for industrialist anil ambani as the ministry of corporate

01:59affairs has launched probe on anil ambani group companies reliance infrastructure reliance commercial

02:05finance limited uh cle private limited and reliance communications so these companies in the preliminary

02:14probe the ministry of corporate affairs had found out that there was large scale siphoning that had

02:19happened from these companies and there were major violations of the companies act and that is why the

02:25ministry of corporate affairs after the preliminary probe ordered the sfio serious fraud investigation

02:31office to launch a probe and conduct a detailed investigation following the investigation the

02:38officials responsible the persons responsible uh and the companies which are under scanner

02:43there will be action taken by the serious fraud investigation office by the ministry of

02:48corporate affairs remember there is already a probe launched by ed cbi and sebi against anil ambani group

02:55companies wherein rcom uh reliance commercial finance cle private limited the reliance infrastructure

03:02these had borrowed large scale of loans from 2010 to 2012 large scale loans were borrowed from various banks

03:10including indian banks and foreign institutions of which around 40 000 crores is still outstanding

03:17around five major banks of the country have declared these companies as fraud right over 19 000 crores

03:25is still outstanding it's turned into a np a non-performing asset right after that cbi registered a case

03:31they conducted searches then ed registered probe and ed also conducted searches at the residence right of anil ambani

03:39company and premises linked to their companies also a cfo level officer has been placed under arrest in the past few

03:46weeks there are further officials who are under scanner who have been called for questioning they have been

03:51questioned their statements have been recorded anil ambani statement has been recorded and they could be called

03:57further for statement thank you very much divish it's clearly a signal of tough time ahead for anil ambani there and his company

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