NEW DELHI– The Enforcement Directorate (ED) on Thursday conducted raids at more than 35 locations and targeted over 50 companies and 25 individuals connected to Anil Ambani’s Reliance Group (RAAGA Companies) as part of a money laundering investigation into the ₹3,000 crore Yes Bank loan fraud case.
The raids follow multiple FIRs filed by the Central Bureau of Investigation (CBI), after which the ED began probing alleged money laundering activities under the Prevention of Money Laundering Act (PMLA). According to sources, agencies including the National Housing Bank, SEBI, the National Financial Reporting Authority (NFRA), and the Bank of Baroda have also shared crucial information with the ED.
Preliminary findings suggest a sophisticated scheme to siphon public funds by defrauding banks, shareholders, investors, and other institutions. The role of Yes Bank promoters and allegations of bribery involving bank officials are under scrutiny.
Investigators have found evidence of illegal diversion of loans amounting to approximately ₹3,000 crore disbursed by Yes Bank between 2017 and 2019. The ED claims that, prior to loan approvals, promoters of Yes Bank received funds through related entities, raising suspicions of a quid pro quo arrangement.
The probe has revealed several irregularities, including backdated Credit Approval Memorandums (CAMs), investments made without proper credit analysis, and violations of the bank’s credit policy. Loans issued to RAAGA companies were allegedly diverted to shell entities and other group companies, violating loan terms.
According to sources, ED officials have flagged multiple red flags such as loans issued to entities with weak financials, inadequate documentation, borrowers with common addresses and directors, evergreening of loans, and instances where loans were disbursed on or even before the date of application or sanction.
SEBI is also reported to have shared its findings with the ED regarding Reliance Home Finance Limited (RHFL), which saw its corporate loan book surge dramatically from ₹3,742.60 crore in FY 2017-18 to ₹8,670.80 crore in FY 2018-19.
The investigation is ongoing as authorities continue to track financial irregularities and potential links between Yes Bank officials and companies tied to Anil Ambani’s business network. (Source: IANS)
