ED Forms SIT to Investigate Multiple Cases Against ADAG
Special Team to Investigate Rs 40,000 Crore Alleged Fraud
India, Feb 10 — The Enforcement Directorate (ED) has set up a Special Investigation Team (SIT) to probe alleged banking and corporate fraud worth Rs 40,000 crore involving the Anil Dhirubhai Ambani Group (ADAG) and associated entities, an official confirmed on Monday.
The SIT, headed by an additional director rank officer from the ED headquarters investigation unit (HIU), includes around six other investigators. The move follows a Supreme Court directive last week instructing the ED to form an SIT to ensure a “fair, independent, prompt and dispassionate” probe. The court also asked the Central Bureau of Investigation (CBI), which is conducting a parallel investigation, to examine possible collusion, conspiracy, or nexus in the case.
Ongoing Probes and Previous Findings
The ED has been investigating Anil Ambani and his group companies since last year and has filed three Enforcement Case Information Reports (ECIRs) under the Prevention of Money Laundering Act (PMLA). The agency has also attached assets worth Rs 12,000 crore.
The SIT may file additional ECIRs to delve further into alleged irregularities and dubious financial transactions involving ADAG companies and executives. Ambani, 66, was questioned by the ED last year over alleged bank loan irregularities, while former top executive and ex-RCOM president Punit Garg was recently arrested.
Allegations of Fraudulent Diversion of Public Funds
The ED has previously stated that it detected fraudulent diversion of public money by several ADAG companies, including Reliance Communications Ltd, Reliance Home Finance Ltd, Reliance Commercial Finance Ltd, Reliance Infrastructure Ltd, and Reliance Power Ltd. The group companies have consistently denied any wrongdoing.
The agency reiterated its commitment to pursuing financial crime perpetrators and ensuring restitution of illicitly diverted funds to rightful claimants.
