The Enforcement Directorate (ED) launched extensive raids at premises linked to Reliance Group chairman Anil Ambani in Delhi and Mumbai, as part of a large-scale money laundering investigation. The action follows two FIRs filed by the Central Bureau of Investigation (CBI) alleging massive financial irregularities and bank fraud.

According to sources, ED teams carried out search operations across nearly 35 locations, examining records and assets connected to over 50 firms reportedly associated with the case. More than 25 individuals, including company executives and financial intermediaries, have been questioned so far.

The ED’s preliminary findings suggest a “well-orchestrated scheme” to siphon off public funds through a network of shell entities and fraudulent transactions. The alleged irregularities span multiple sectors and involve possible cheating of banks, shareholders, investors, and public institutions.

A major focus of the probe centers around unsecured loans sanctioned by Yes Bank between 2017 and 2019. During this period, the bank is believed to have disbursed around ?3,000 crore to entities under the Reliance Anil Ambani Group, particularly RAAGA companies.

Investigators suspect a quid pro quo arrangement, with former Yes Bank promoters allegedly receiving payments into privately held firms just ahead of loan sanctions. The suspected nexus points to bribery of senior bank officials in exchange for granting large loans without adequate collateral or due diligence.

The ED is now scrutinizing financial trails, communications, and board-level decisions linked to the transactions. The case adds another layer of legal trouble for Anil Ambani, whose business empire has been under financial strain for years.

Official statements from Reliance Group or the ED are awaited. The investigation is ongoing, with more raids and summons expected in the coming days.

The Enforcement Directorate (ED) launched extensive raids at premises linked to Reliance Group chairman Anil Ambani in Delhi and Mumbai, as part of a large-scale money laundering investigation. The action follows two FIRs filed by the Central Bureau of Investigation (CBI) alleging massive financial irregularities and bank fraud.

According to sources, ED teams carried out search operations across nearly 35 locations, examining records and assets connected to over 50 firms reportedly associated with the case. More than 25 individuals, including company executives and financial intermediaries, have been questioned so far.

The ED’s preliminary findings suggest a “well-orchestrated scheme” to siphon off public funds through a network of shell entities and fraudulent transactions. The alleged irregularities span multiple sectors and involve possible cheating of banks, shareholders, investors, and public institutions.

A major focus of the probe centers around unsecured loans sanctioned by Yes Bank between 2017 and 2019. During this period, the bank is believed to have disbursed around ?3,000 crore to entities under the Reliance Anil Ambani Group, particularly RAAGA companies.

Investigators suspect a quid pro quo arrangement, with former Yes Bank promoters allegedly receiving payments into privately held firms just ahead of loan sanctions. The suspected nexus points to bribery of senior bank officials in exchange for granting large loans without adequate collateral or due diligence.

The ED is now scrutinizing financial trails, communications, and board-level decisions linked to the transactions. The case adds another layer of legal trouble for Anil Ambani, whose business empire has been under financial strain for years.

Official statements from Reliance Group or the ED are awaited. The investigation is ongoing, with more raids and summons expected in the coming days.