Enforcement Directorate Raids Anil Ambani Group Companies for Third Day
The Enforcement Directorate (ED) continued its searches on companies linked to Reliance Group chairman Anil Ambani for a third consecutive day in Mumbai. The raids, conducted at over 35 premises, are part of a money laundering investigation into an alleged ₹3,000 crore bank loan fraud involving Yes Bank. The probe also covers other financial irregularities, including the diversion of loans to shell companies. Investigators have seized numerous documents and computer peripherals as the probe into the decade-old transactions continues.
Unpacked:
The raids target 50 companies and 25 individuals, including senior executives of Anil Ambani Group firms. Companies reportedly include Reliance Communications Limited (RCOM) and Reliance Home Finance Limited (RHFL), with premises of other Reliance Group entities also under scrutiny.
The main allegations involve illegal diversion of around ₹3,000 crore in loans from Yes Bank to Ambani-linked companies between 2017 and 2019, along with suspected money laundering, financial irregularities, and the use of shell companies to divert funds.
Reliance Power and Reliance Infrastructure stated the raids have 'absolutely no impact' on their business or stakeholders, emphasizing that the allegations concern transactions over ten years old and not current operations.
This investigation highlights concerns about governance, due diligence, and transparency in India’s banking and corporate sectors, especially regarding large loan disbursals and the risk of misuse through shell companies. It also underscores increased regulatory scrutiny after several high-profile banking scandals in recent years.