The Enforcement Directorate (ED) on Thursday launched large-scale raids at over 35 locations connected to Anil Ambani’s business entities, as part of a probe into an alleged Rs 3,000 crore loan diversion from Yes Bank between 2017 and 2019.
The ED alleges that loans sanctioned to firms under the Reliance ADA Group (RAAGA companies) were part of a systematic attempt to siphon public funds through shell entities and falsified approvals. The investigation points to serious lapses in loan documentation, evergreening of bad loans, and potential bribery — with promoters of Yes Bank allegedly receiving funds in their own group entities before disbursal.
One of the major focus areas is Reliance Home Finance Limited (RHFL), where corporate loan disbursals surged from Rs 3,742 crore in FY18 to Rs 8,670 crore in FY19. SEBI has flagged irregularities here, prompting deeper scrutiny by the ED.
According to sources, multiple violations have been found — including backdated approvals, missing credit analyses, and loan disbursals even before formal sanctions. The ED is also probing whether many of the borrowing entities were shell companies, as they shared addresses, directors, and exhibited weak financial profiles.
The raids are being carried out under the Prevention of Money Laundering Act (PMLA), with assistance from inputs provided by the CBI, SEBI, NHB, NFRA, and Bank of Baroda. Over 50 companies and 25 individuals are under the scanner.
The investigation continues, as ED works to unravel financial irregularities within Anil Ambani’s empire and the extent of alleged collusion with Yes Bank officials.
