ED has summoned Anil Ambani in for questioning related to with a loan fraud of 17,000 crores.

This summons to Anil Ambani comes after the ED raided several companies and officials of his business group last week. Earlier this raid, which started on 24 July, lasted for three days.

Earlier, raids were conducted in more than 35 premises in Mumbai. All these premises belonged to 50 companies and 25 people, including several officials of Anil Ambani group companies.

News agency PTI quoted ED sources as saying that this investigation is mainly related to allegations of illegal loan transfer of about Rs 3,000 crore given by Yes Bank to Ambani's group companies between 2017-2019.

It is worth noting that many types of irregularities were found in the investigation. This involves giving loans to firms with poor or unverified financial origins, utilization of the same director and address in loan taking institutions, lack of required documents within loan files, lending loans in the name of shell companies, fresh loans were advanced in order to settle existing loans.

Two of Anil Ambani's group companies, Reliance Power and Reliance Infrastructure, had informed the stock exchanges that they accept the action, but the raids had absolutely no impact on their business operations, financial performance, shareholders, employees or any other stakeholders.