The Enforcement Directorate (ED) has arrested two former executives of the Reliance Anil Ambani Group in connection with an alleged loan fraud case. The arrests were made following a probe initiated by the Central Bureau of Investigation (CBI), which had booked and raided the premises of the two individuals in March this year.
Background of the Case
The CBI had registered a case against the former executives for allegedly defrauding a consortium of banks by diverting loan funds. The agency conducted searches at multiple locations linked to the accused in March, seizing incriminating documents and digital evidence.
ED's Action
The ED, which investigates money laundering cases, took over the probe and subsequently arrested the two executives. They are being produced before a special court, which is expected to decide on their custody.
The arrests mark a significant development in the ongoing investigation into financial irregularities involving the Reliance Anil Ambani Group. The group has faced multiple legal challenges in recent years over alleged loan defaults and fund diversions.
Further details are awaited as the investigation progresses.
