ED raids over 50 companies in Anil Ambani probe
The Enforcement Directorate (ED) has conducted raids at over 35 premises linked to Anil Ambani and companies under his Reliance Anil Dhirubhai Ambani Group (ADA Group), covering more than 50 companies and about 25 individuals. This operation is part of a money laundering investigation related to alleged loan fraud involving about Rs 3,000 crore worth of loans extended by Yes Bank to group companies between 2017 and 2019.
The probe stems from two FIRs registered by the Central Bureau of Investigation (CBI) in September 2022, focusing on separate loans given to Reliance Home Finance Ltd (RHFL) and Reliance Commercial Finance Ltd (RCFL). Preliminary findings by ED suggest a “well-planned and thought-after scheme” to divert or siphon off public money by cheating banks, investors, shareholders, and other public entities.
In addition to the loan irregularities, the ED is investigating possible bribery involving Yes Bank officials, including its former chairman Rana Kapoor. The agency has also received intelligence and inputs from other institutions such as SEBI, National Housing Bank, Bank of Baroda, and the National Financial Reporting Authority (NFRA), which have shared relevant information in this case.
The raids mostly took place in Mumbai and Delhi, targeting offices and business premises associated with Anil Ambani’s group. The searches and questioning aim to uncover details on alleged financial irregularities, with ongoing investigations covering multiple locations, companies, and individuals connected to the group.
This is a significant development in a long-running investigation into financial misconduct involving loans, money laundering, and regulatory violations linked to Anil Ambani’s business conglomerate.
