After the Enforcement Directorate (ED) conducted a massive search operation at the premises of Anil Ambani's firms on Thursday, 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.&nbsp;The company further said in a statement that the media reports appear to pertain to allegations linked to transactions of Reliance Communications Limited (RCOM) or Reliance Home Finance Limited (RHFL), which are over 10 years old.&nbsp;The raid was conducted at 35 premises, 50 companies, and over 25 persons allegedly linked to the money laundering case against Reliance Anil Ambani Group (RAAGA) Companies with Yes Bank.<h3>No connection to RCOM or RHFL</h3>It has also been clarified in the press note that Reliance Power is a separate and independent listed entity, which has no business or financial connection to RCOM or RHFL.&nbsp;Currently, RCOM has been going through the Corporate Insolvency Resolution Process under the Insolvency and Bankruptcy Code, 2016, for over 6 years. Whereas, RHFL has been fully resolved according to the judgment of the Supreme Court of India, the statement further read.Also read: <a href="https://www.wionews.com/india-news/ed-raids-at-premises-of-anil-ambani-yes-bank-in-rs-3-000-crore-fraud-case-1753339608112">ED raids premises of Anil Ambani, Yes Bank in Rs 3,000 crore loan fraud case</a>&nbsp;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).&nbsp;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.

Reliance Infrastructure Limited (Reliance Infrastructure) and Reliance Power Limited (Reliance Power) have released a statement clarifying that ongoing actions will have no impact on the business activities of the firms.

After the Enforcement Directorate (ED) conducted a massive search operation at the premises of Anil Ambani's firms on Thursday, 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. The company further said in a statement that the media reports appear to pertain to allegations linked to transactions of Reliance Communications Limited (RCOM) or Reliance Home Finance Limited (RHFL), which are over 10 years old. The raid was conducted at 35 premises, 50 companies, and over 25 persons allegedly linked to the money laundering case against Reliance Anil Ambani Group (RAAGA) Companies with Yes Bank. No connection to RCOM or RHFL It has also been clarified in the press note that Reliance Power is a separate and independent listed entity, which has no business or financial connection to RCOM or RHFL. Currently, RCOM has been going through the Corporate Insolvency Resolution Process under the Insolvency and Bankruptcy Code, 2016, for over 6 years. Whereas, RHFL has been fully resolved according to the judgment of the Supreme Court of India, the statement further read. Also read: ED raids premises of Anil Ambani, Yes Bank in Rs 3,000 crore 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.

Reliance Infrastructure Limited (Reliance Infrastructure) and Reliance Power Limited (Reliance Power) have released a statement clarifying that ongoing actions will have no impact on the business activities of the firms.

'Have no impact on business or stakeholders': Reliance Infrastructure, Reliance Power issue statements after ED raids

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.&nbsp;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).&nbsp;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: <a href="https://www.wionews.com/india-news/what-is-the-fraud-case-against-economic-offender-monika-kapoor-extradited-to-india-after-25-years-1752149876971">What is the fraud case against economic offender Monika Kapoor, extradited to India after 25 years</a><h3>Why is the ED investigating Anil Ambani?</h3>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.&nbsp;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.<h3>Other allegations against Anil Ambani’s companies?</h3>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.&nbsp;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.<h3>Reliance responds</h3>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.<h3>Frequently asked questions:</h3>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.&nbsp;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)&nbsp;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.&nbsp;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.

The ED conducted a raid at premises linked to Anil Ambani's Reliance Group (RAAGA Companies) in connection with a money laundering case of Rs 3,000 crore tied to the Yes Bank 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. 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.

The ED conducted a raid at premises linked to Anil Ambani's Reliance Group (RAAGA Companies) in connection with a money laundering case of Rs 3,000 crore tied to the Yes Bank loan fraud case.

ED raids premises of Anil Ambani, Yes Bank in Rs 3,000 crore loan fraud case

The Enforcement Directorate (ED) has arrested alleged "hawala" dealer Naresh Jain in a money-laundering probe linked to "hawala" transactions worth about ₹ 20,000 crore, officials said on Wednesday.

They said Naresh Jain has been arrested under sections of the Prevention of Money Laundering Act (PMLA) and will be produced before a court.

A maze of multiple shell or dubious firms and at least 600 bank accounts are under the scanner of the agency in the case, touted to be one of the biggest hawala and trade-based money-laundering cases of the country.

The officials said Naresh Jain and his associates are being probed for "hawala" or illegal financial transactions, including overseas ones, worth about ₹ 20,000 crore that have been carried out over the last few years.

The agency has also found out about the regular modus operandi of "generations of fake invoices for bogus import and exports" of the accused in the case, with Jain allegedly being the key player.

The Delhi-based businessman was under the scanner of probe agencies for long and in 2016, the ED had slapped a ₹ 1,200-crore notice on him for alleged contravention of the forex law.

According to the agencies, Naresh Jain has allegedly laundered and routed "hawala" funds for years, financed contraband networks and was also arrested by the Narcotics Control Bureau (NCB) in the past. 
The ED money-laundering case is based on this NCB complaint. 
 
The agency has been on Naresh Jain's trail since 2009, after he moved his operations to India from Dubai.

The Enforcement Directorate (ED) has arrested alleged "hawala" dealer Naresh Jain in a money-laundering probe linked to "hawala" transactions worth about ₹ 20,000 crore, officials said on Wednesday.

The Enforcement Directorate (ED) has arrested alleged "hawala" dealer Naresh Jain in a money-laundering probe linked to "hawala" transactions worth about ₹ 20,000 crore, officials said on Wednesday. They said Naresh Jain has been arrested under sections of the Prevention of Money Laundering Act (PMLA) and will be produced before a court. A maze of multiple shell or dubious firms and at least 600 bank accounts are under the scanner of the agency in the case, touted to be one of the biggest hawala and trade-based money-laundering cases of the country. The officials said Naresh Jain and his associates are being probed for "hawala" or illegal financial transactions, including overseas ones, worth about ₹ 20,000 crore that have been carried out over the last few years. The agency has also found out about the regular modus operandi of "generations of fake invoices for bogus import and exports" of the accused in the case, with Jain allegedly being the key player. The Delhi-based businessman was under the scanner of probe agencies for long and in 2016, the ED had slapped a ₹ 1,200-crore notice on him for alleged contravention of the forex law. According to the agencies, Naresh Jain has allegedly laundered and routed "hawala" funds for years, financed contraband networks and was also arrested by the Narcotics Control Bureau (NCB) in the past. The ED money-laundering case is based on this NCB complaint. The agency has been on Naresh Jain's trail since 2009, after he moved his operations to India from Dubai.

Probe agency arrests man in Rs 20,000-crore money-laundering case in Delhi 

Three Indian-Americans are among six people convicted for their role in a two-year multi-million dollar money-laundering scheme, the US Justice Department has said.&nbsp;

Ravinder Reddy Gudipati, 61; Harsh Jaggi, 54 and Neeru Jaggi, 51, all from Laredo, Texas, were convicted of a money laundering conspiracy following a five-week jury trial. Along with the Indian-American trio, Adrian Arciniega-Hernandez, 36, of Nuevo Laredo, Mexico; Adriana Alejandra Galvan-Constantini, 36 and Luis Montes-Patino, 57, both from Irving, Texas, were convicted, said Assistant Attorney General Brian Benczkowski of the Justice Department’s Criminal Division.

Harsh and Adrian were also convicted on two counts of money laundering and Neeru Jaggi was convicted on one count of money laundering. Gudipati was convicted on two counts of money laundering in addition to other counts.&nbsp;

Adrain, Galvan-Constantini, Montes-Patino, Gudipati, Harsh and Neeru were part of a complex money laundering scheme whereby money derived from the sale of drugs in the US was laundered through businesses in Laredo in order to return the proceeds to Mexican drug dealers.

According to evidence presented in court, from 2011 to 2013, Galvan-Constantini, Montes-Patino and other co-conspirators helped to move millions of dollars derived from the sale of drugs throughout the US to Laredo in Texas.&nbsp;

The US currency was moved by couriers via cars, commercial buses, commercial planes and also a private plane used in bulk cash amounts of up to hundreds of thousands of dollars at a time.&nbsp;

The money, in heat-sealed packs, uneven rubber-banded money stacks or loose US currency, arrived in plastic bags, cloth bags, suitcases, backpacks and even cereal boxes, it said. The money was then distributed among downtown Laredo, Texas perfume stores, including stores owned by Gudipati and Harsh and Neeru.

Three Indian-Americans are among six people convicted for their role in a two-year multi-million dollar money-laundering scheme, the US Justice Department has said.

Three Indian-Americans are among six people convicted for their role in a two-year multi-million dollar money-laundering scheme, the US Justice Department has said. Ravinder Reddy Gudipati, 61; Harsh Jaggi, 54 and Neeru Jaggi, 51, all from Laredo, Texas, were convicted of a money laundering conspiracy following a five-week jury trial. Along with the Indian-American trio, Adrian Arciniega-Hernandez, 36, of Nuevo Laredo, Mexico; Adriana Alejandra Galvan-Constantini, 36 and Luis Montes-Patino, 57, both from Irving, Texas, were convicted, said Assistant Attorney General Brian Benczkowski of the Justice Department’s Criminal Division. Harsh and Adrian were also convicted on two counts of money laundering and Neeru Jaggi was convicted on one count of money laundering. Gudipati was convicted on two counts of money laundering in addition to other counts. Adrain, Galvan-Constantini, Montes-Patino, Gudipati, Harsh and Neeru were part of a complex money laundering scheme whereby money derived from the sale of drugs in the US was laundered through businesses in Laredo in order to return the proceeds to Mexican drug dealers. According to evidence presented in court, from 2011 to 2013, Galvan-Constantini, Montes-Patino and other co-conspirators helped to move millions of dollars derived from the sale of drugs throughout the US to Laredo in Texas. The US currency was moved by couriers via cars, commercial buses, commercial planes and also a private plane used in bulk cash amounts of up to hundreds of thousands of dollars at a time. The money, in heat-sealed packs, uneven rubber-banded money stacks or loose US currency, arrived in plastic bags, cloth bags, suitcases, backpacks and even cereal boxes, it said. The money was then distributed among downtown Laredo, Texas perfume stores, including stores owned by Gudipati and Harsh and Neeru.

3 Indian-Americans convicted in multi-million dollar money-laundering scheme

Vijay Mallya was arrested in London on Tuesday, appeared in court, and was granted bail.&nbsp;

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<a href="https://twitter.com/hashtag/WATCH?src=hash&amp;ref_src=twsrc%5Etfw">#WATCH</a>:Visuals of <a href="https://twitter.com/hashtag/VijayMallya?src=hash&amp;ref_src=twsrc%5Etfw">#VijayMallya</a> leaving Westminster Magistrates&#39; Court after being granted bail;was arrested on fresh money laundering charge <a href="https://t.co/oODhQjUuGt">pic.twitter.com/oODhQjUuGt</a>
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Vijay Mallya granted bail. He was arrested on extradition request made by the GoI based on money laundering charges against him. <a href="https://t.co/OxlqxNXhZU">pic.twitter.com/OxlqxNXhZU</a>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/915213022162968578?ref_src=twsrc%5Etfw">October 3, 2017</a></blockquote>
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Mallya was arrested in connection with the money-laundering charges levelled against him.&nbsp;

India has also asked the UK that he be extradited to India.&nbsp;

Mallya is accused of diverting a large part of the Rs 6,000 crore he borrowed from a State Bank of India-led consortium of banks for his Kingfisher Airlines towards other purposes.&nbsp;

Mallya has said the charges are baseless.&nbsp;

The UK Police had earlier arrested Vijay Mallya on April 18, 2017 on separate charges of fraud.

Mallya was arrested in connection with the money-laundering charges against him

Vijay Mallya was arrested in London on Tuesday, appeared in court, and was granted bail. #WATCH:Visuals of #VijayMallya leaving Westminster Magistrates' Court after being granted bail;was arrested on fresh money laundering charge pic.twitter.com/oODhQjUuGt — ANI (@ANI) October 3, 2017 × Vijay Mallya granted bail. He was arrested on extradition request made by the GoI based on money laundering charges against him. pic.twitter.com/OxlqxNXhZU — ANI (@ANI) October 3, 2017 × Mallya was arrested in connection with the money-laundering charges levelled against him. India has also asked the UK that he be extradited to India. Mallya is accused of diverting a large part of the Rs 6,000 crore he borrowed from a State Bank of India-led consortium of banks for his Kingfisher Airlines towards other purposes. Mallya has said the charges are baseless. The UK Police had earlier arrested Vijay Mallya on April 18, 2017 on separate charges of fraud.

WATCH: Vijay Mallya arrested in London, appears in court, granted bail