&imwidth=800&imheight=600&format=webp&quality=medium "ED raids premises of Anil Ambani, Yes Bank in Rs 3,000 crore loan fraud case")
The Enforcement Directorate (ED) on Thursday conducted simultaneous raids at premises linked to Anil Ambani's Reliance Group (RAAGA Companies) in connection with a money laundering investigation related to the Yes Bank loan fraud case.
According to a report by Indian news agency PTI, officials said over 35 premises across Mumbai and Delhi, involving 50 companies and about 25 individuals, are being searched under the Prevention of Money Laundering Act (PMLA).
ED sources indicated that they are investigating allegations of illegal loan diversion of approximately Rs 3,000 crore from Yes Bank between 2017 and 2019. The load was reportedly diverted to shell firms and other group entities. Investigators have also discovered proof indicating possible bribery of Yes Bank officials, including its promoter.
Also read: What is the fraud case against economic offender Monika Kapoor, extradited to India after 25 years
Why is the ED investigating Anil Ambani?
The investigative agency highlighted serious lapses in the approval process of the Yes Bank to Reliance Anil Ambani Group Companies, which also includes backdated credit documents. It also found banks giving loans to organisations or firms with weak financials and common directors, and the absence of due diligence. ED has also noted violations of loan terms, evergreening of accounts, and instances showing disbursal on the same day as or before loan approvals, according to a report by ET.
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The ED stated that more than 50 companies and 25 individuals are under scrutiny. Meanwhile, SEBI has also submitted findings in connection with the Reliance Home Finance Ltd. (RHFL), showing corporate loan booking more than doubled within a year, which raises serious concerns about irregularities and process violations.
Other allegations against Anil Ambani’s companies?
The State Bank of India (SBI) declared Anil Ambani’s company Reliance Communications (RCom) and Anil Ambani himself as “fraudulent” a few years ago. SBI alleges RCom misused loans worth Rs 31,580 crore after taking them from the bank. Out of this amount, around Rs 13,667 crore was used to repay loans of other companies, while Rs 12,692 crore was transferred to other companies within the Reliance Group, according to a report in Dainik Bhaskar.
SBI also said that it is in the process of filing a complaint with the Central Bureau of Investigation (CBI) regarding the matter. Additionally, personal insolvency proceedings against Anil Ambani are currently underway at the National Company Law Tribunal (NCLT) in Mumbai.
Reliance responds
Meanwhile, Reliance Infrastructure Limited (Reliance Infrastructure) and Reliance Power Limited (Reliance Power) released a statement clarifying that the recent actions have absolutely no impact on the business operations, financial performance, shareholders, employees, or any other stakeholders of Reliance Infrastructure and Reliance Power.
Frequently asked questions:
Question 1: Why has ED taken action against Anil Ambani's firms?
Answer:
The case is related to loans worth around Rs 3,000 crore disbursed by Yes Bank to companies linked to Anil Ambani’s Reliance Group between 2017 and 2019.
Question 2: What else was discovered in the ED investigation?
Answer:
The ED claims this was a “well-thought-out and planned” scheme aimed at defrauding banks, shareholders, investors, and other public institutions by providing misleading information. The investigation uncovered several irregularities, such as loans given to unverified companies, the use of the same director and address across multiple firms, and a lack of loan documentation. It also discovered transfer of funds to shell companies and the issuing of new loans to repay old ones (loan evergreen strategy)
Question 3: What role is the CBI playing in this case?
Answer:
The actions of the ED are based on two FIRs filed by the Central Bureau of Investigation (CBI), which alleged large-scale financial irregularities. Additionally, information from agencies like SEBI, the National Housing Bank, Bank of Baroda, and the National Financial Reporting Authority (NFRA) also contributed to advancing the investigation.
Question 4: What impact has the raid had on Anil Ambani’s companies?
Answer:
After the reports of the raids came to light, shares of Anil Ambani’s two key firms, Reliance Infrastructure and Reliance Power, fell by up to 5 percent.
