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Debate With Arnab: How Anil Ambani Carried Out India’s Biggest Financial Scam
Debate With Arnab: How Anil Ambani Carried Out India’s Biggest Financial Scam
Documents accessed by the Republic indicate that companies linked to industrialist Anil Ambani received substantial funding from three major Chinese state-owned banks, with a total outstanding exposure of ₹13,558 crore.
According to the documents reviewed, the largest tranche of lending came from China Development Bank, which extended loans amounting to approximately ₹9,134 crore to Reliance ADA Group (RAAG)-linked entities.
Additionally, the Export-Import Bank of China sanctioned loans worth approximately ₹3,048 crore, while the Industrial and Commercial Bank of China extended funding of nearly ₹1,374 crore.
Combined, the exposure from the three Chinese lenders totals ₹13,558 crore. Loans from all three banks were contingent upon a Personal Guarantee.
The funding was reportedly routed to companies associated with the Reliance ADA Group, which has faced mounting financial stress over the past several years. Several group entities have undergone insolvency proceedings, debt restructuring, or asset monetisation exercises amid liquidity constraints.
Internal documents and letters accessed from August and October 2017 confirm that the Industrial & Commercial Bank of China (ICBC) had already flagged the ₹7,932 Crore default nearly a decade ago. The first letter is dated 10 August, 2017, while the second letter is dated 13 October, 2017. Despite the account being classified as a Non-Performing Asset (NPA), Anil Ambani reportedly ignored at least five formal notices from the Chinese lenders. This paper trail effectively nullifies any defense against the “fraud” or “default” tags, as it proves that the sovereign-backed lenders had established the promoter’s personal liability for these multi-billion-dollar sums well before the current insolvency proceedings began.
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