Premises linked to Anil Ambani was searched by the ED last week. (Express Archives)A week after the Enforcement Directorate (ED) carried out searches at over 35 locations in Mumbai linked to Anil Ambani, the central probe agency issued summons to the industrialist as part of a money laundering probe into an alleged Rs 3,000 crore bank loan fraud involving companies of the Reliance Anil Dhirubhai Ambani Group.The ED is investigating allegations of illegal diversion of loans worth around Rs 3,000 crore, disbursed by Yes Bank to the group’s companies between 2017 and 2019. It is also examining whether there was a quid pro quo involved in the loan — specifically, if bribes were paid to bank officials, including Yes Bank promoters.The central agency’s probe has found alleged violations in Yes Bank’s loan approvals to the group’s companies, including backdated credit approval memorandums and proposals for investments made without any due diligence or credit analysis — violations of the bank’s credit policy, among other issues.The central agency has also alleged that Reliance Mutual Fund invested around Rs 2,850 crore in AT1 bonds of Yes Bank in a suspected quid pro quo arrangement. “These bonds were eventually written down, and money was siphoned off. This was the money of the public — the mutual fund investors,” the source said, adding that the CBI is also investigating this issue.The money laundering case stems from at least two CBI FIRs and reports shared by the National Housing Bank, SEBI, the National Financial Reporting Authority (NFRA), and Bank of Baroda with the ED, sources said.Last year, SEBI banned Anil Ambani and 24 other entities — including former key managerial personnel of RHFL — from the securities market for five years for diversion of funds from the company. SEBI also slapped a Rs 25 crore fine on Anil Ambani for allegedly orchestrating a fraudulent scheme that adversely affected RHFL’s stakeholders, as well as confidence in the integrity of governance structures in regulated financial sector entities. The total penalty imposed on Anil Ambani and the other 24 entities works out to over Rs 625 crore.Mahender Singh Manral is an Assistant Editor with the national bureau of The Indian Express. He is known for his impactful and breaking stories. He covers the Ministry of Home Affairs, Investigative Agencies, National Investigative Agency, Central Bureau of Investigation, Law Enforcement Agencies, Paramilitary Forces, and internal security. Prior to this, Manral had extensively reported on city-based crime stories along with that he also covered the anti-corruption branch of the Delhi government for a decade. He is known for his knack for News and a detailed understanding of stories. He also worked with Mail Today as a senior correspondent for eleven months. He has also worked with The Pioneer for two years where he was exclusively covering crime beat. During his initial days of the career he also worked with The Statesman newspaper in the national capital, where he was entrusted with beats like crime, education, and the Delhi Jal Board. A graduate in Mass Communication, Manral is always in search of stories that impact lives. ... Read MoreStay updated with the latest - Click here to follow us on Instagram© The Indian Express Pvt LtdTags:Anil Ambani