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Yes Banking crisis: the Compliance Department calls Anil Ambani

NEW DELHI: Reliance Group president Anil Ambani has been summoned by ED later this week in connection with his money laundering investigation against Yes Bank promoter Rana Kapoor and others, officials said Monday.

They said Ambani was asked for the first time to depound Monday at the Compliance Directorate office in the Ballard Estate area of ​​Mumbai, as her group’s companies are among the large entities whose loans allegedly deteriorated after to borrow from the crisis-affected bank.

Officials said Ambani, 60, requested an exemption from appearance for personal reasons.

Now he has been asked to appear on March 19, they said.

The Reliance Group had said in a statement last week that all of its Yes Bank debt was fully insured and used in the normal course of business.

“Reliance Group is committed to honoring the repayments of all its Yes Bank Ltd loans through its various asset monetization programs that are in advanced stages,” the statement said.

The group stated that it has “no direct or indirect exposure to Rana Kapoor, former CEO of Yes Bank, or his wife or daughters, or any entity controlled by Rana Kapoor or his family.”

The nine companies in the Ambani group are said to have borrowed around Rs 12.8 billion rupees from the bank.

Finance Minister Nirmala Sitharaman had said at a press conference on March 6 that Anil Ambani Group, Essel, ILFS, DHFL and Vodafone were among the stressed companies to which Yes Bank had exposure.

Authorities said developers of all the big companies that had taken large loans from the embattled bank, which later turned bad or were in the red, are being called to be questioned in the case to carry out the investigation.

Ambani’s statement will be registered under the Money Laundering Prevention Act (PMLA) after the deposit, they said.

Kapoor, 62, is currently in emergency department custody after being arrested by the central investigative agency earlier this month.

The banker, seen wearing a surgical mask, was taken to a medical check-up by emergency officials in Mumbai at noon Monday before presenting him to a local court upon expiry of custody.

His custody has been extended until March 20.

The DE has accused Kapoor, his family and others of laundering Rs 4.3 billion of “crime proceeds” by receiving alleged bribes rather than extending large loans through his bank that were later allegedly turned into non-performing assets (NPA).

Up to 44 companies in 10 large business groups reportedly represented bad loans of Rs 34 billion from Yes Bank.

Other companies on the list include Subhash Chandra’s Essel Group, DHFL Group, Dewan Housing Finance Corporation, Jet Airways, Cox & Kings, and Bharat Infra.

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