₹3,000 crore bank loan fraud probe: ED raids in bank loan ‘fraud’ against Anil Ambani group companies, Yes Bank
The Enforcement Directorate (ED) has conducted raids at over 35 premises linked to more than 50 companies and 25 individuals associated with Anil Ambani’s Reliance Group in connection with an alleged ₹3,000 crore bank loan fraud from Yes Bank. The probe concerns suspected illegal diversion of loans amounting to around ₹3,000 crore during 2017-2019. The investigation uncovered a nexus involving bribery, including payments made to Yes Bank promoters’ personal accounts just before the loans were sanctioned.
The ED is examining violations such as back-dating of Credit Approval Memorandums, lack of due diligence, and inappropriate loan approvals favoring Anil Ambani’s group companies. This case builds on previous probes involving Yes Bank’s then-promoter Rana Kapoor, and the investigation includes inputs from CBI, SEBI, National Housing Bank, and others. The raids and ongoing investigation aim to uncover systematic manipulation and diversion of public funds through fraudulent banking practices linked to Anil Ambani’s companies.
