Money laundering probe: ED raids 50 sites linked to Anil Ambani

Nearly 50 companies, at over 35 premises, linked to Anil Ambani's Reliance Group (RAAGA companies), have been raided by the ED (Enforcement Directorate) on Thursday in connection with a money laundering probe related to the Yes Bank Loan Fraud case. 

The search probe comes after registration of two FIRs by the CBI, and further inputs of agencies, SEBI, National Housing Bank, Bank of Baroda, and the National Financial Reporting Authority (NFRA). 

Preliminary investigations conducted by the ED reveal that loans of Rs 3000 crore, which were sanctioned by Yes Bank during 2017 to 2019, were allegedly diverted to shell firms and other group entities. Evidence also suggests that Yes Bank officials were bribed, including the promoter. 

ED found severe lapses in Yes Bank's functioning. In the approval process, which included back-dated credit documents, a lack of due diligence, and loans provided with weak financials and common directors. Moreover, the agency also found violations of term loans, evergreening of accounts, and amount disbursal on the same day, even before the approval of the loan. 

ANI reported, "ED has found gross violations in Yes Bank loan approvals to RAAGA companies."

The fresh probe by ED has around 50 companies and 25 individuals under scrutiny. SEBI's findings related to Reliance Home Finance Limited (RHFL) reveal that the corporate loan book has reached more than double within an year. This raised concerns over process violations and irregularities. 

ED is conducting the searches under Section 17 of the Prevention of Money Laundering Act (PMLA).