NEW DELHI, July 24 — The Enforcement Directorate (ED) raided multiple premises linked to Anil Ambani’s Reliance Group across 35 locations in connection with a ₹3,000-crore money laundering probe. The action, conducted under Section 17 of the Prevention of Money Laundering Act (PMLA), covers over 50 companies and 25 individuals associated with the alleged financial fraud.
According to ED officials, the investigation stems from FIRs registered earlier by the Central Bureau of Investigation (CBI), and information shared by agencies like the National Housing Bank, SEBI, National Financial Reporting Authority (NFRA), and Bank of Baroda.
The ED has unearthed a “well-planned scheme” of diversion of public funds through fraudulent means, allegedly involving bank officials, promoters, and shell companies. The agency is probing suspected quid pro quo deals involving Yes Bank and companies linked to Anil Ambani’s group.
Preliminary findings reveal that loans worth around ₹3,000 crore were illegally diverted from Yes Bank between 2017 and 2019. Officials say large financial transfers were made to entities tied to the bank’s promoters just before these loans were sanctioned, indicating potential bribery and backdoor dealings.
“Gross violations were identified in the loan approval process. Credit Approval Memorandums were allegedly backdated and loans sanctioned without proper due diligence,” a senior official said. Shell companies and financially weak firms were allegedly used to route the funds, flouting core banking norms.
Red flags raised by the ED include borrowers sharing common directors and addresses, falsified financial statements, evergreening of loans to mask defaults, and loans sanctioned on or before application dates.
SEBI has also raised concerns over irregularities at Reliance Home Finance Ltd (RHFL), noting a sharp rise in corporate loans from ₹3,742 crore in 2017–18 to ₹8,670 crore in 2018–19. The ED is examining whether these loan approvals bypassed established protocols.
The searches are ongoing and more details are expected as the investigation progresses.
