Massive ED Raids Target Anil Ambani in Multi-crore Money Laundering Probe

NEW DELHI:
In a major crackdown on alleged financial irregularities, the Enforcement Directorate (ED) on Wednesday launched extensive raids on premises linked to Reliance Group chairman Anil Ambani across Mumbai and Delhi. The action comes in connection with a money laundering investigation stemming from two FIRs filed by the Central Bureau of Investigation (CBI).

Sources within the investigation agency revealed that over 35 locations, including offices and residences, were raided. The agency also examined the financial records of more than 50 companies and questioned over 25 individuals associated with the case.

Initial findings by the ED have pointed to a well-orchestrated scheme to siphon off public funds, allegedly involving deception of banks, shareholders, and financial institutions. Officials claim the trail includes suspected bribery of senior officials of Yes Bank Ltd, facilitating unsecured loans to entities connected with the Reliance Anil Dhirubhai Ambani Group (RAAGA).

Between 2017 and 2019, Yes Bank reportedly disbursed loans totalling around Rs 3,000 crore to various RAAGA companies. Investigators suspect an illegal quid pro quo, where Yes Bank promoters are believed to have received payments into privately owned firms shortly before clearing the loan applications.

The ED has also unearthed signs of large-scale malpractice:

• Loans issued to firms with questionable financial health,
• Common directors and addresses among multiple borrowing entities,
• Missing key documents in sanction records,
• Alleged use of shell companies, and
• “Loan evergreening”, where new loans were used to cover old defaults.

The investigation has expanded to include findings shared by regulatory bodies such as the Securities and Exchange Board of India (SEBI), National Housing Bank (NHB), Bank of Baroda, and the National Financial Reporting Authority (NFRA).

SEBI’s report flagged serious concerns within Reliance Home Finance Ltd (RHFL) — a RAAGA entity — noting that its corporate loan book more than doubled from Rs 3,742 crore in FY 2017–18 to Rs 8,670 crore in FY 2018–19, raising red flags about rapid and unverified lending.

The ED has not officially named Anil Ambani as an accused, but sources suggest the investigation is still at a critical stage and further action could follow as documents and digital evidence are being examined.