The Enforcement Directorate (ED) on Thursday launched extensive raids on properties linked to Reliance Group Chairman Anil Ambani in Delhi and Mumbai as part of a major money laundering investigation, according to sources. The probe is based on two FIRs filed by the Central Bureau of Investigation (CBI), which allege large-scale financial irregularities and bank fraud.
As part of the operation, ED officials searched over 35 locations and examined records of more than 50 firms connected to the Reliance Anil Ambani Group (RAAGA). Over 25 individuals were reportedly questioned during the searches.
Initial findings suggest a “well-planned scheme” to siphon off public funds by defrauding banks, shareholders, investors, and public institutions. The ED is investigating potential bribery of senior Yes Bank officials, who allegedly sanctioned large unsecured loans in exchange for personal benefits.
Between 2017 and 2019, Yes Bank reportedly disbursed loans worth ₹3,000 crore to RAAGA companies. These loans were allegedly granted in exchange for payments made to private concerns owned by Yes Bank promoters, raising suspicions of quid pro quo arrangements.
The ED also flagged serious red flags, such as:
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Loans to companies with unverified financials
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Common directors and addresses across entities
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Missing sanction documents
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Routing funds through shell companies
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Loan evergreening (issuing new loans to repay existing ones)
The Securities and Exchange Board of India (SEBI), National Financial Reporting Authority (NFRA), National Housing Bank (NHB), and Bank of Baroda have all submitted adverse findings to the ED. SEBI’s report particularly highlighted serious irregularities at Reliance Home Finance Limited (RHFL), where the loan book nearly doubled in just one year.
Meanwhile, the State Bank of India (SBI) has also classified Reliance Communications (RCom) and Anil Ambani himself as fraud accounts, adding another layer of complexity to the case. SBI had previously filed a complaint with the CBI in January 2021, though it was withdrawn after a Delhi High Court order.
The ED’s investigation is ongoing, with more revelations likely to emerge in the coming days.
