(Image source from: Thehansindia.com)

The Enforcement Directorate has adopted a firmer approach in its investigation involving businessman Anil Ambani. The ED has sent a new request for Anil Ambani to come in person next Monday, after declining his plea to make a virtual statement. Previously, the government initiated a new inquiry into various companies associated with the Anil Ambani-led Reliance Anil Dhirubhai Ambani Group (ADAG). This time, the inquiry has been assigned to the Serious Fraud Investigation Office (SFIO), which is a specialized part of the Ministry of Corporate Affairs (MCA). The SFIO is taking over after previous investigations by the ED, the CBI, and the market regulator Sebi. The new focus is on whether there were any failings in corporate governance and if funds were misallocated among the group companies.

Sources with knowledge of the situation mentioned that the MCA has received multiple warnings from auditors and financial institutions. These warnings indicated possible issues with the financial records of some companies within ADAG. Forensic audits requested by banks, especially following the loan defaults at Reliance Capital and Reliance Communications, also highlighted concerns. Currently, at least four companies are under close scrutiny—Reliance Infrastructure, Reliance Communications, Reliance Commercial Finance Ltd (RCFL), and CLE Pvt Ltd. More companies from the group may come under investigation if connections to fund transfers are discovered. This increased scrutiny follows the ED's recent attachment of assets totaling nearly Rs 7,500 crore, including land in Navi Mumbai, a property in Bandra’s Pali Hill, and the Reliance Centre in New Delhi.