ED raids over 35 premises, 50 companies in alleged money laundering case linked to Anil Ambani

The Enforcement Directorate on Thursday conducted raids at more than 35 premises and searched 50 companies and 25 persons as part of its money-laundering investigation into industrialist Anil Ambani’s Reliance Group companies, ANI reported.

The investigation is based on two first information reports filed by the Central Bureau of Investigation on September 19, 2022, according to the Hindustan Times. The FIRs pertained to two separate loans given by the crisis-hit Yes Bank to Reliance Home Finance Limited and Reliance Commercial Finance Limited.

It has been alleged that loans of around Rs 3,000 crore received by the companies from the bank between 2017 and 2019 were illegally diverted, reported ANI.

“ED has found that just before the loan was granted, the Yes Bank promoters allegedly received money in their accounts,” the news agency quoted an unidentified official as saying. “ED is investigating this nexus of bribe and loan. ED has found gross violations in Yes Bank loan approvals to RAAGA [Reliance Anil Ambani Group] companies.”

According to the official, the Enforcement Directorate had found that the credit approval memoranda for the loans were backdated and investments were proposed “without any due diligence or credit analysis”.

A credit approval memorandum is a document used by lenders to outline the details and justification for approving a loan.

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