ED Raids 35 Locations Linked to Reliance Anil Ambani in

The Enforcement Directorate (ED) conducted extensive raids on Wednesday at 35 locations linked to the Reliance Anil Ambani Group (RAAGA) as part of a money laundering investigation involving alleged loan fraud worth ₹3,000 crore. This large-scale operation targeted over 50 companies and more than 25 individuals associated with the group, spanning Mumbai and Delhi and focusing on suspicious financial transactions connected to Yes Bank loans granted between 2017 and 2019.

According to official sources, the probe centers on allegations of illegal diversion and siphoning off of public money through a complex and well-planned scheme. It appears that loans from Yes Bank, totaling around ₹3,000 crore, were granted under questionable circumstances, including gross violations in the loan approval process. The ED’s preliminary investigation noted issues like backdated Credit Approval Memorandums (CAMs), insufficient due diligence on borrower companies, and multiple breaches of Yes Bank’s own lending policies.

One critical concern raised by the investigation is a possible nexus between bank officials and the borrowers. The ED has found that just before these large loans were approved and disbursed, significant funds were allegedly transferred into personal accounts associated with Yes Bank promoters, pointing to a potential quid pro quo or bribery arrangement. This aspect of the case suggests that the lending process may have been manipulated to favor the Reliance Anil Ambani group companies improperly.

In addition to Yes Bank, the ED's investigation is informed by inputs from several regulatory agencies including the Securities and Exchange Board of India (SEBI), the National Housing Bank, the National Financial Reporting Authority (NFRA), and Bank of Baroda. These entities have reportedly shared intelligence that indicates financial irregularities and governance issues in companies under the Anil Ambani umbrella, such as Reliance Home Finance Ltd., which saw a large, unexplained surge in corporate loans during the relevant period.

The investigation also surfaces allegations of “evergreening,” a practice where loans are repeatedly refinanced or restructured to appear current while hiding underlying defaults. Loans were apparently routed through multiple shell companies that had common directors or addresses, further obscuring the trail of money and complicating the audit trail. Such actions raise serious concerns about transparency and regulatory compliance within the borrowing entities.

From a broader perspective, this case highlights complex challenges faced by India’s banking and regulatory systems in enforcing rigorous lending standards and preventing misuse of public and shareholder funds. It underscores the importance of strong institutional checks, transparent credit approval mechanisms, and accountability to prevent similar alleged scams that can severely affect investor trust and economic stability.

The SBI's prior labeling of Reliance Communications and its promoter Anil Ambani as "fraud" in mid-June 2025, along with ongoing insolvency proceedings against RCom, contextualizes the Enforcement Directorate's intensified scrutiny of Anil Ambani’s business dealings. The ED’s current probe complements ongoing regulatory and legal actions that scrutinize financial practices within the group.

While the raids and investigation are in progress, the Reliance Anil Ambani Group has not yet issued any official public statements commenting on the allegations or the ED’s actions. The case remains under active investigation, with further developments expected as authorities delve deeper into the financial transactions and corporate governance of the group.

The outcome will depend on the evidence gathered and interpreted by investigative agencies and the judicial system. For observers and stakeholders, it serves as a reminder of the ongoing need for transparency, prudent financial management, and regulatory vigilance in corporate India.

This detailed probe underscores the critical role of financial regulation and enforcement in upholding transparency and trust in India’s economic framework, with outcomes that could have far-reaching effects on corporate accountability and banking practices.

With inputs from agencies

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