Nov 20 (Reuters) - Reliance Communications is
facing a probe from India's Serious Fraud Investigation Office,
it said on Thursday, in a move that will pile more pressure on
the insolvent company, which is already under the scrutiny of
the country's financial crime-fighting agency.
The company said an SFIO-appointed inspector had asked it
and its unit, Reliance Communications Infrastructure, to provide
"certain information" for the time period between fiscal year
2009 and 2024, without disclosing further details.
Reliance Communications added that it would extend full
cooperation to the authorities.
The separate Enforcement Directorate's probe relates to
cases involving Reliance Communications and its affiliates over
the alleged diversion of about 136 billion rupees and loans of
more than $569 million taken by the group from YES Bank
between 2017 and 2019.
Reliance Communications was part of the Anil Ambani-owned
Reliance Group until 2019, when it was admitted into insolvency.
The troubled conglomerate is owned by the younger brother of
billionaire Mukesh Ambani.
The ED has been investigating the Anil Ambani group for
alleged divergence of bank loans, and said on Thursday it had so
far cumulatively frozen assets worth 89.97 billion rupees ($1.01
billion).
A spokesperson for the Reliance Group said that Reliance
Communications has been undergoing insolvency proceedings over
the last six years and the ED's orders have no material impact
on the operations and future prospects of Reliance
Infrastructure and Reliance Power.
($1 = 88.6640 Indian rupees)