19:52 GMT08 April 2020
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    New Delhi (Sputnik): Reliance Group Chairman Anil Ambani was summoned by India's federal economic intelligence agency in a money laundering case against crisis-hit Yes Bank promoter Rana Kpoor and others on Monday.

    Anil Ambani, Chairman of Reliance Group, claims to be in poor health and has asked for a postponement of his appearance before India's federal economic intelligence agency, Enforcement Directorate (ED), on health grounds. Ambani was summoned by ED in a money laundering case against Rana Kapoor, the founder, and former managing director and CEO of Yes Bank. 

    Anil Ambani has filed an adjournment application and has an expressed a desire to discuss matters with the Enforcement Directorate later. His Reliance Group is among the companies which borrowed the largest amounts of money from Yes Bank, with $1,730 million.

    The ED has sought relevant information from Ambani, including loan details, terms and conditions and side agreements for the debt.

    The Indian news website Business Today, quoting ED officials, stated that most of the big borrowers have defaulted and the loans have turned into bad debts.

    The Reserve Bank of India, the country’s central bank, suspended the board of Yes Bank on 5 March following the deterioration in the bank’s financial position.   

    Enforcement Directorate (ED) launched a probe into money laundering charges against Rana Kapoor, the former CEO and promoter of Yes Bank and arrested him on charges of getting kickbacks of over $80 million from the home construction financing company for providing access to Yes Bank loans worth over $600 million.

    Related:

    India’s Economic Intel Agency Arrests Yes Bank Promoter in Money Laundering Case - Reports
    Our Economy Has Become Our Weakness - Rahul Gandhi of India's Main Opposition Party
    Indian Government Announces Yes Bank Rescue Plan  
    Tags:
    bank, businessman, Anil Ambani, The Reserve Bank of India, Reserve Bank of India (RBI), India
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