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

Reliance Group on Sunday dismissed Congress president Rahul Gandhi's claim that Anil Ambani is "a dishonest businessman and crony capitalist."&nbsp;

Gandhi's claims are "patently untrue statements," said a spokesperson of Reliance Group.

"Congress party president Rahul Gandhi, in his typical cavalier fashion has continued his campaign of calumny, disinformation, distortion and malicious lies. Yesterday, he singled out our group chairman Anil D Ambani as allegedly a crony capitalist and dishonest businessman — all obviously patently untrue statements," the spokesperson further said in the statement.

"As is by now, customary for all of Rahul Gandhi's public statements, he has attributed no basis to these claims whatsoever, and neither has he provided any credible evidence at all to justify his derogatory and defamatory campaign."

Reliance Group spokesperson said: "We at the Reliance Group have chosen to ignore Rahul Gandhi's comments with continuing patience and restraint. We likewise dismiss his latest remark as yet another one of his multiple untruthful utterances, in the heat and dust of his electoral campaign, for which he has recently been facing contempt proceedings in the highest court of the land, the Hon'ble Supreme Court."

"We would like to remind Rahul Gandhi, that it was during the 10 year Congress-led UPA regime between 2004 and 2014 that Anil Ambani-led Reliance Group was awarded projects of over Rs 1,00,000 crore across diverse key nation-building infrastructure sectors such as power, telecom, roads, metro by a government led by none other than Rahul Gandhi's own political party - the Congress," said the spokesperson.

"The Reliance Group takes this opportunity to request Rahul Gandhi to clarify whether his government, for 10 long years, was supporting an alleged crony capitalist and dishonest businessman, to use Mr Gandhi's own words," the spokesperson said.

Gandhi has repeatedly levelled allegations against the BJP government for alleged wrongdoings in the Rafale deal and has accused Prime Minister Narendra Modi directly of corruption, which the ruling party has outrightly denied.

The Congress president has alleged that Prime Minister Modi conducted "parallel negotiations" and cancelled the previous deal agreed by the UPA government, and gave Ambani firm's Reliance Defence the offset contract worth Rs 30,000 crore.

Reliance Group on Sunday dismissed Congress president Rahul Gandhi's claim that Anil Ambani is "a dishonest businessman and crony capitalist." Gandhi's claims are "patently untrue statements," said a spokesperson of Reliance Group.

Reliance Group on Sunday dismissed Congress president Rahul Gandhi's claim that Anil Ambani is "a dishonest businessman and crony capitalist." Gandhi's claims are "patently untrue statements," said a spokesperson of Reliance Group. "Congress party president Rahul Gandhi, in his typical cavalier fashion has continued his campaign of calumny, disinformation, distortion and malicious lies. Yesterday, he singled out our group chairman Anil D Ambani as allegedly a crony capitalist and dishonest businessman — all obviously patently untrue statements," the spokesperson further said in the statement. "As is by now, customary for all of Rahul Gandhi's public statements, he has attributed no basis to these claims whatsoever, and neither has he provided any credible evidence at all to justify his derogatory and defamatory campaign." Reliance Group spokesperson said: "We at the Reliance Group have chosen to ignore Rahul Gandhi's comments with continuing patience and restraint. We likewise dismiss his latest remark as yet another one of his multiple untruthful utterances, in the heat and dust of his electoral campaign, for which he has recently been facing contempt proceedings in the highest court of the land, the Hon'ble Supreme Court." "We would like to remind Rahul Gandhi, that it was during the 10 year Congress-led UPA regime between 2004 and 2014 that Anil Ambani-led Reliance Group was awarded projects of over Rs 1,00,000 crore across diverse key nation-building infrastructure sectors such as power, telecom, roads, metro by a government led by none other than Rahul Gandhi's own political party - the Congress," said the spokesperson. "The Reliance Group takes this opportunity to request Rahul Gandhi to clarify whether his government, for 10 long years, was supporting an alleged crony capitalist and dishonest businessman, to use Mr Gandhi's own words," the spokesperson said. Gandhi has repeatedly levelled allegations against the BJP government for alleged wrongdoings in the Rafale deal and has accused Prime Minister Narendra Modi directly of corruption, which the ruling party has outrightly denied. The Congress president has alleged that Prime Minister Modi conducted "parallel negotiations" and cancelled the previous deal agreed by the UPA government, and gave Ambani firm's Reliance Defence the offset contract worth Rs 30,000 crore.

Reliance Group dismisses Rahul Gandhi's charge of Anil Ambani being crony capitalist

Congress president Rahul Gandhi on Thursday launched a sharp attack on Prime Minister Narendra Modi. In a quickly organised press conference, Rahul stated that Modi is a corrupt Prime Minister and claimed that he gave away Rs 30,000 crore rupees to Ambanis.

Sharpening his attack a step further, the Congress president also accused Modi of being Ambani's Prime Minister. "PM Modi Ambani ki chowkidari kar rahe hain (PM Modi is safeguarding Ambani's interest)," Rahul said.

The attack comes in the wake of a report published by a French website Mediapart which said it has accessed an internal document of French aviation major Dassault Aviation where it was being claimed that it is imperative for the company to get into a relationship with a particular Indian counterpart, in this case the Reliance Group.

Rahul also insisted that Prime Minister is directly involved in the Rafale scam and called for an investigation by joint parliamentary committee (JPC).

The Congress has <a href="http://www.wionews.com/india-news/congress-alleges-govt-manipulated-rafale-deal-process-170698">decided to make Rafale</a> into an issue of corruption to target PM Modi. Throughout the press conference, Rahul continued to press the message that Rafale is a scam which has been instituted from top within the NDA regime. He also raised questions on defence minister Nirmala Sitaraman's visit to France.

Though French government and Dassault Aviation <a href="http://www.wionews.com/india-news/freely-chose-reliance-for-rafale-deal-dassault-aviation-issues-clarification-170776">continue to deny</a> any quid pro quo, Congress is determined to take on the government on the Rafale issue. In fact, the party has constituted a small group to focus only on the Rafale deal and turn it into an electoral issue.

Rahul Gandhi said that Dassault will say whatever the Indian government wants it to say as the company is sitting on a huge contract. Despite the best effort of the the government, controversy refuses to die down for the government which claims that it went into a deal because of urgent requirement by the Indian Air Force.

Congress president Rahul Gandhi on Thursday launched a sharp attack on Prime Minister Narendra Modi. In a quickly organised press conference, Rahul stated that Modi is a corrupt Prime Minister and claimed that he gave away Rs 30,000 crore rupees to Ambanis.

Congress president Rahul Gandhi on Thursday launched a sharp attack on Prime Minister Narendra Modi. In a quickly organised press conference, Rahul stated that Modi is a corrupt Prime Minister and claimed that he gave away Rs 30,000 crore rupees to Ambanis. Sharpening his attack a step further, the Congress president also accused Modi of being Ambani's Prime Minister. "PM Modi Ambani ki chowkidari kar rahe hain (PM Modi is safeguarding Ambani's interest)," Rahul said. The attack comes in the wake of a report published by a French website Mediapart which said it has accessed an internal document of French aviation major Dassault Aviation where it was being claimed that it is imperative for the company to get into a relationship with a particular Indian counterpart, in this case the Reliance Group. Rahul also insisted that Prime Minister is directly involved in the Rafale scam and called for an investigation by joint parliamentary committee (JPC). The Congress has decided to make Rafale into an issue of corruption to target PM Modi. Throughout the press conference, Rahul continued to press the message that Rafale is a scam which has been instituted from top within the NDA regime. He also raised questions on defence minister Nirmala Sitaraman's visit to France. Though French government and Dassault Aviation continue to deny any quid pro quo, Congress is determined to take on the government on the Rafale issue. In fact, the party has constituted a small group to focus only on the Rafale deal and turn it into an electoral issue. Rahul Gandhi said that Dassault will say whatever the Indian government wants it to say as the company is sitting on a huge contract. Despite the best effort of the the government, controversy refuses to die down for the government which claims that it went into a deal because of urgent requirement by the Indian Air Force.

Rafale deal: In a sharp attack on Modi, Rahul says PM safeguarding Ambani's interest

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

Reliance Group dismisses Rahul Gandhi's charge of Anil Ambani being crony capitalist

Rafale deal: In a sharp attack on Modi, Rahul says PM safeguarding Ambani's interest