Overview

• The Enforcement Directorate questioned Ambani for around ten hours under the Prevention of Money Laundering Act at its New Delhi headquarters, during which he denied any wrongdoing.
• The Enforcement Directorate issued a look-out circular on August 1 prohibiting Ambani from traveling abroad without prior approval.
• The probe centers on alleged diversion of over ₹17,000 crore in bank loans by multiple Reliance Group entities, including a ₹3,000-crore scandal involving Yes Bank loans between 2017 and 2019.
• Investigators have reached out to about a dozen public and private banks to obtain detailed due-diligence records for loans sanctioned to Reliance Communications, Reliance Housing Finance and Reliance Commercial Finance.
• Authorities are examining inter-corporate deposits routed through shell companies such as CLE and probing suspected quid pro quo payments to Yes Bank promoters.