THE JHARKHAND STORY DESK
Mumbai, July 26: The Enforcement Directorate (ED) continued raids for the third consecutive day on Saturday at industrialist Anil Ambani’s premises in Mumbai. The action is being carried out in connection with a money laundering case involving over ₹3,000 crore.
The central agency has conducted searches at several locations linked to companies under the Reliance Group headed by Anil Ambani. The raids are related to a money laundering case associated with the Yes Bank loan fraud.
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Anil Ambani, younger brother of business tycoon Mukesh Ambani, was once among the world’s wealthiest individuals. However, many of his companies are now undergoing bankruptcy proceedings or have been sold off.
Significantly, the State Bank of India (SBI) has declared Anil Ambani and his company, Reliance Communications, as fraudulent. It is noteworthy that in 2018, the total debt of the Reliance Group, led by Anil Ambani, stood at ₹1.8 lakh crore.
Reliance Communications had a debt of ₹40,413 crore, Reliance Power ₹18,766 crore, Reliance Home Finance ₹11,540 crore, Reliance Capital ₹26,086 crore, and Reliance Naval & Engineering ₹12,800 crore. However, Reliance Infra has recently become debt-free.
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According to ED officials, Yes Bank disbursed loans worth approximately ₹3,000 crore to Anil Ambani’s company between 2017 and 2019. The ED alleges that these loans were routed through shell companies and other group firms.
Evidence collected by the agency suggests that the loan amounts were diverted elsewhere, and Yes Bank officials were allegedly bribed in the process.
