ED Raids Anil Ambani-Linked Entities In Delhi, Mumbai Over Rs 3,000 Cr Loan Fraud; All About The Case

The Enforcement Directorate (ED) on Thursday conducted raids at multiple entities in Delhi and Mumbai as part of a money laundering investigation linked to an alleged bank loan fraud of Rs 3,000 crore against Anil Ambani group companies and Yes Bank. The federal agency is probing allegations of illegal loan diversion from Yes Bank between 2017 and 2019. Searches are being conducted at more than 35 premises of 50 companies. Along with this, about 25 persons are under scanner.

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Preliminary investigation by ED has revealed a well-planned and thought after scheme to divert/ siphon off public money by cheating banks, shareholders, investors and other public institutions. The offence of bribing bank officials including Promoter of Yes Banks Limited is also under scanner, news agency ANI reported quoting official sources.

ED is probing allegations of "gross violations" in Yes Bank loan approvals to Reliance Anil Ambani Group companies, such as back-dated credit approval memorandums (CAMs), investments proposed without any due diligence/credit analysis in violation of banks credit policy, the sources said, as quoted by PTI.

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The money laundering case stems from at least two CBI FIRs and reports shared by the National Housing Bank, SEBI, National Financial Reporting Authority (NFRA) and Bank of Baroda, they said.

(With Agency Inputs)