The Enforcement Directorate (ED) has launched a major investigation into Anil Ambani, chairman of the Reliance Group. Early this week, ED teams raided multiple locations in Mumbai and Delhi, linked to Ambani and his companies.
This probe is about money laundering and massive bank fraud. ED is acting on two FIRs filed by the CBI, which had flagged huge financial irregularities.
35 Raids. 50 Companies. 25 People.
Sources say that the ED is searching over 35 offices and properties tied to Anil Ambani. They are looking at 50+ companies and have questioned more than 25 people already. Many of these firms are believed to be part of the Reliance Anil Dhirubhai Ambani Group (RAAGA).
The agency has found signs of a planned scam. The goal? To cheat banks, investors, and shareholders.
The Yes Bank Connection
Between 2017 and 2019, Yes Bank gave loans of nearly ₹3,000 crore to RAAGA companies. But here’s the twist — right before these loans were approved, the ED says Yes Bank promoters got money in their own private firms. This points to a quid pro quo deal.
The loans went to companies that had no strong financials, shared the same directors, and had missing documents. Some of the money was even routed to shell companies.
The ED says there’s evidence of loan evergreening — where new loans were given just to repay the old ones. This helped hide bad loans and delay defaults.
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Big Names, Bigger Trouble
Top officials from Yes Bank and senior RAAGA group members are under the scanner. The ED suspects that bribes were paid to get these unsecured loans cleared.
Reports from SEBI, SBI, NFRA, and even Bank of Baroda have been handed over to the ED. SEBI’s findings about Reliance Home Finance Limited (RHFL) are alarming. The company’s loan book more than doubled in just one year, from ₹3,742 crore to ₹8,670 crore.
SBI Had Warned Before
This is not new. In 2020, SBI had already declared Reliance Communications (RCom) and Anil Ambani as fraud accounts. They even filed a complaint with the CBI in January 2021. But the Delhi High Court put a stop to the case the very next day.
Now, with fresh evidence and multi-agency support, the case has taken a serious turn.
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