ED raids Anil Ambani group in ₹3,000-crore bank loan fraud case
THE JHARKHAND STORY DESK Mumbai, July 24: The Enforcement Directorate (ED) has launched a major crackdown against Anil Ambani, his Reliance…
THE JHARKHAND STORY DESK
Mumbai, July 24: The Enforcement Directorate (ED) has launched a major crackdown against Anil Ambani, his Reliance Group companies and Yes Bank in connection with an alleged ₹3,000-crore bank loan fraud.
Since Thursday morning, the agency has been conducting raids at over 35 locations in Mumbai and Delhi. According to ED sources, searches are being carried out at premises linked to around 50 companies and 25 individuals under the Prevention of Money Laundering Act (PMLA).
Preliminary investigations indicate that Yes Bank granted loans worth approximately ₹3,000 crore to certain Anil Ambani Group companies between 2017 and 2019.
It is alleged that these funds were diverted for purposes other than those stated in the loan agreements, causing significant losses to the banking system.
The ED is probing who benefited from this fund diversion, where the money went, and the individuals involved.
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Probe Expanded After Two CBI FIRs
The case escalated after the CBI registered two FIRs alleging fraud, embezzlement, and obtaining loans from banks through fraudulent means. Following this, the ED initiated its probe from a money-laundering perspective, uncovering large-scale irregularities.
Initial findings suggest that banks, investors, and government institutions were deceived through a well-planned conspiracy. Loans from Yes Bank were allegedly diverted illegally to promoters and other group companies.
Backdated Documents and Shocking Findings
One of the most startling revelations was that between 2017 and 2019, Yes Bank sanctioned loans to Reliance Anil Dhirubhai Ambani Group (RAAGA) without proper valuation.
Investigations revealed that some funds were allegedly routed to bank officials through private companies even before loan approvals were granted.
Documents such as Credit Approval Memorandums (CAM) were allegedly backdated. The loan approvals lacked any credit analysis or due diligence.
Furthermore, loans were transferred to shell companies sharing the same address, directors, and weak balance sheets. In several cases, funds were disbursed first and approvals granted later.
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Massive Irregularities in RHFL, SEBI Flags Concerns
The Securities and Exchange Board of India (SEBI) has also shared details with the ED regarding anomalies in Reliance Home Finance Limited (RHFL). Reports indicate that RHFL sanctioned corporate loans worth ₹3,742.60 crore in 2017-18, which jumped to ₹8,670.80 crore in 2018-19.
The loan sanctioning process reportedly lacked essential documentation and financial checks. A significant portion of these funds was allegedly diverted to promoter group companies, raising serious concerns of misuse.
