New Delhi, 4 Aug

The Enforcement Directorate (ED) has intensified its probe into the alleged Rs. 3,000-crore loan fraud involving Anil Ambani-led Reliance Group companies. In a new move, the ED has written to 12-13 public and private sector banks, including SBI, ICICI Bank, Axis Bank, HDFC Bank, UCO Bank, and Punjab and Sind Bank, seeking detailed information on the loans sanctioned to Reliance Housing Finance, Reliance Communications, and Reliance Commercial Finance.

The agency has asked banks for documents related to due diligence, the loan clearance process, default timelines, and subsequent recovery actions. It also plans to summon certain bank officials for questioning.

The development comes after the ED arrested Partha Sarathi Biswal, MD of Biswal Tradelink Pvt Ltd, for allegedly submitting fake guarantees worth Rs. 68.2 crore on behalf of Reliance Power. He was arrested under the Prevention of Money Laundering Act (PMLA).

The ED suspects a quid pro quo in the loan approvals, as promoters of YES Bank allegedly received payments just before loans were issued between 2017 and 2019. Over 50 firms linked to the case have been raided so far. A lookout circular has also been issued against Anil Ambani amid the ongoing investigation.