The Enforcement Directorate (ED) has uncovered startling findings in its money laundering probe involving business tycoon Anil Ambani. According to sources, Yes Bank top officials sanctioned loans worth ₹3,000 crore between 2017 and 2019 to companies under Ambani’s leadership without proper due diligence, after allegedly receiving bribes.
The ED’s investigation reveals an “illegal quid pro quo arrangement”, where Yes Bank promoters were paid through private entities shortly before loan approvals. Massive irregularities were discovered in the loan sanction process, including:
-
Backdated Credit Approval Memorandums
-
Absence of credit risk analysis
-
Disbursal of loans before formal approval
-
Loans routed to shell companies
-
Use of common addresses and directors across borrowing firms
-
Evergreening of loans to hide bad debts
Some loans were allegedly sanctioned on the same day they were applied for, violating Yes Bank’s internal policies.
The ED has launched a nationwide search operation across 35+ locations, raiding over 50 companies and questioning 25+ individuals connected to the case. The probe is based on two FIRs filed by the CBI, alleging massive financial fraud and diversion of funds.
The agency has also received incriminating inputs from SEBI, National Housing Bank, National Financial Reporting Authority, and Bank of Baroda, further strengthening its case.
Sources within the ED have described the situation as a “calculated scheme to defraud banks, shareholders, and public institutions” by manipulating documentation and misusing loan funds. The investigation is ongoing and likely to expand significantly in scope.
