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The probe is about money laundering linked to the RAAGA (Reliance Anil Ambani Group) companies. The ED is also checking Yes Bank and the Anil Ambani group in connection with the alleged loan fraud.
ED raids 50 locations linked to Anil Ambani (Source: Internet)
Mumbai: The Enforcement Directorate (ED) conducted searches at 50 locations connected to Anil Ambani companies in Mumbai on Thursday. This is part of the investigation into a Rs 3,000 crore loan fraud case involving Yes Bank. The searches targeted properties linked to Anil Ambani group, but not his personal home.
The probe is about money laundering linked to the RAAGA (Reliance Anil Ambani Group) companies.
The ED is also checking Yes Bank and the Anil Ambani group in connection with the alleged loan fraud. Over 35 premises of 50 companies and around 25 individuals are being searched in Mumbai and Delhi under the Prevention of Money Laundering Act (PMLA).
The loan fraud is alleged to have taken place between 2017 and 2019. ED sources say the promoters of Yes Bank received funds into their businesses just before loans were given to Anil Ambani's companies. The agency is investigating this connection to "bribery" and the loan process. They are also looking into alleged "gross violations" in how Yes Bank approved loans to the Anil Ambani group.
The ED action is based on information from various regulatory and financial bodies, including the National Housing Bank, Securities and Exchange Board of India (SEBI), National Financial Reporting Authority (NFRA), Bank of Baroda, and two FIRs filed by the Central Bureau of Investigation (CBI).
Reports say the ED is also searching the homes of senior executives tied to the Anil Ambani Group.
The agency claims to have found evidence of a well-planned scheme to take public money. Investigations show that banks, shareholders, investors, and public institutions were misled or defrauded in the process.
The probe is looking into suspected illegal transfer of loans worth Rs 3,000 crore taken from Yes Bank between 2017 and 2019. ED officials say the funds were moved to entities connected to the bank’s promoters just before the loans were given to the group companies.
Officials have given information about Reliance Home Finance Limited (RHFL) to the ED. The company's corporate debt increased from Rs 3,742. 60 crore in 2017-18 to Rs 8,670. 80 crore in 2018-19. They are also reviewing the bribery allegations involving the former promoters of Yes Bank.
