The Enforcement Directorate (ED) launched extensive raids on Thursday across 35-50 locations in Mumbai and Delhi, targeting Anil Ambani’s Reliance ADA Group and Yes Bank in a ₹3,000 crore money laundering investigation. The searches, conducted under the Prevention of Money Laundering Act (PMLA), cover 50 companies and 25 individuals, focusing on alleged loan diversions from Yes Bank between 2017 and 2019.
The ED alleges that Yes Bank promoters received funds in their own entities before sanctioning loans to Reliance ADA Group firms, hinting at a bribery nexus. Key violations include backdated credit approvals, lack of due diligence, and disbursals to weak-profiled shell companies sharing addresses and directors. A significant focus is Reliance Home Finance Limited, where loan disbursals surged from ₹3,742 crore in FY18 to ₹8,670 crore in FY19, flagged by SEBI for irregularities.
The case stems from CBI FIRs and inputs from SEBI, the National Housing Bank, NFRA, and Bank of Baroda. The raids mark a major escalation in scrutiny of Ambani’s financial dealings, with the ED aiming to unravel the extent of alleged collusion.
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