Over 50 Companies and 25 Individuals Investigated in Connection with Alleged ₹3,000 Crore Financial Scam
The Enforcement Directorate (ED) has launched a wide-scale crackdown on entities linked to Reliance Group Chairman Anil Ambani, raiding nearly 35 locations across Mumbai and Delhi as part of a major money laundering investigation.
This sweeping action follows two FIRs filed by the Central Bureau of Investigation (CBI) that allege significant financial irregularities and fraud by companies under the Reliance Anil Dhirubhai Ambani Group (RAAGA).
Key Highlights of the ED Investigation
- 35+ premises raided in Mumbai and Delhi
- 50+ companies under probe
- 25 individuals questioned by ED officials
- Allegations of loan fraud, bribery, and money siphoning
- Suspected nexus with Yes Bank’s former promoters and officials
ED Uncovers Alleged Scheme to Siphon Public Money
Preliminary findings suggest a “well-planned scheme” to defraud public institutions, investors, shareholders, and banks. According to ED sources, the scam involved:
- Issuance of unsecured loans worth nearly ₹3,000 crore by Yes Bank between 2017 and 2019
- Bribery of top Yes Bank officials to approve loans to financially weak RAAGA companies
- Use of shell companies, common directors, and shared addresses
- Missing documentation in loan approvals
- Loan evergreening practices, where fresh loans were used to repay existing ones
Yes Bank’s Alleged Role in the Scam
The ED suspects a quid pro quo arrangement between Yes Bank promoters and RAAGA companies. Reports claim:
- Promoters of Yes Bank received personal payments through private firms just before the loans were sanctioned
- Several senior executives of Yes Bank were involved in facilitating these high-risk, unsecured loans
Regulatory Authorities Flag Multiple Red Flags
Several financial regulators have submitted reports to the ED, including:
- Securities and Exchange Board of India (SEBI): Reported serious irregularities at Reliance Home Finance Ltd (RHFL), including a 130% increase in its corporate loan book within one year
- National Housing Bank (NHB), National Financial Reporting Authority (NFRA), and Bank of Baroda: Shared evidence of irregularities
- State Bank of India (SBI): Classified Reliance Communications (RCom) and Anil Ambani himself as “fraud accounts”
Previous Investigations and Legal History
This is not the first time Anil Ambani’s group has faced scrutiny:
- In November 2020, SBI labelled RCom and Ambani’s account as fraudulent, filing a complaint with the CBI
- However, a Delhi High Court stay order in January 2021 forced the withdrawal of the complaint
What’s Next?
The ED is likely to continue examining corporate records, fund flows, and personal transactions. If substantial evidence is gathered, further legal proceedings against Anil Ambani, his companies, and associated bank officials could follow.
⚖️ Disclaimer:
This is a developing story. The information provided is based on current reports from investigative agencies and public sources. All individuals and entities mentioned are presumed innocent unless proven guilty by a court of law. Details may evolve as the investigation progresses.
