For the past 48 hours, Enforcement Directorate (ED) raids have been ongoing at locations in Delhi and Mumbai linked to Anil Ambani, the chairman of the Reliance Group. The ED has embarked on a search operation at more than 35 locations connected to companies and officials of Anil Ambani's Reliance group regarding a suspected loan fraud and money laundering case involving ₹3,000 crores.
Since 7 AM on Thursday, ED officials have been conducting raids at several premises associated with Anil Ambani. The search operation continues today at Anil Ambani's Reliance offices.
Reliance Power and Reliance Infrastructure have issued a statement explaining that the raids conducted by the ED relate to old cases involving other companies within the group. These issues pertain to complaints from RAAGA companies concerning loan misappropriation, bribery, and fraud allegations with public institutions. RAAGA companies refer to entities under the Reliance Anil Ambani Group.
According to sources, several agencies, including the National Housing Bank, Securities and Exchange Board of India (SEBI), National Financial Reporting Authority (NFRA), and Bank of Baroda, have shared information contributing to the investigation.
Officials suggest that just before the loan disbursal, money was received by entities linked to Yes Bank promoters, raising questions about potential bribery and transaction arrangements between bank officials and borrowing firms. The ED is now probing the alleged collusion between Yes Bank promoters and companies related to Anil Ambani.
