ED Raids 35+ Sites Linked to Anil Ambani
The Enforcement Directorate (ED) carried out raids on over 35 premises across Mumbai and Delhi connected to Anil Ambani and his group companies. The operation is part of a money laundering investigation involving alleged diversion of Rs 3,000 crore in loans from Yes Bank between 2017 and 2019.
Search Based on Multi‑Agency Inputs
ED actions followed inputs from agencies like the CBI, SEBI, National Housing Bank, NFRA, Bank of Baroda, and Yes Bank. These agencies flagged suspicious loan approvals, back‑dated credit documents, undue haste in lending, and possible fund diversions to shell companies.
Focus on Yes Bank Loan Fraud
Preliminary findings suggest that large sums were routed into accounts linked to Yes Bank promoters just before loan disbursement. Investigators are also probing a possible loan-bribe connection involving bank officials. The loans, worth nearly Rs 3,000 crore, were allegedly misused by RAAGA firms.
Scope of the Raids
The ED searched more than 50 entities and interviewed around 25 individuals associated with the case. Notably, Anil Ambani’s personal residence was not raided, but company-linked offices and service sites were targeted.
SBI Labels Ambani as ‘Fraud’
In mid-June, State Bank of India (SBI) classified Reliance Communications and Anil Ambani as ‘fraud’ following internal guidelines. The bank must now file a formal complaint with the CBI. SBI reported exposure exceeding Rs 2,200 crore to RCom, along with significant non-fund guarantees, and has begun personal insolvency proceedings against Ambani.
Market Impact and Next Steps
Following the news, shares of Ambani group firms dipped up to 4%. ED will continue its probe under PMLA and monitor all evidence. The investigations may lead to formal charges depending on findings.
