Thu Jul 24 10:30:00 UTC 2025: **Enforcement Directorate Raids Anil Ambani’s Reliance Group Over Alleged ₹3,000 Crore Loan Fraud**

**Mumbai/Delhi:** The Enforcement Directorate (ED) has conducted raids at over 35 locations linked to Anil Ambani’s Reliance Group and its executives in connection with a suspected ₹3,000 crore loan fraud and money laundering case. The raids, carried out under Section 17 of the Prevention of Money Laundering Act (PMLA), follow two FIRs filed by the CBI based on complaints alleging loan diversions, bribery, and cheating involving Reliance Anil Dhirubhai Ambani Group (RADAG) companies.

Sources indicate that agencies including the National Housing Bank, SEBI, NFRA, and Bank of Baroda have provided findings and input to aid the investigation. Initial ED findings suggest that Reliance companies were involved in a deliberate scheme to misappropriate public funds and mislead financial institutions, allegedly involving the fraudulent diversion of approximately ₹3,000 crore in loans from Yes Bank between 2017 and 2019.

Authorities are scrutinizing alleged kickbacks and quid-pro-quo arrangements, with investigations revealing that entities linked to Yes Bank promoters received funds just before loan disbursements. The ED is currently investigating a potential nexus between Yes Bank promoters and Anil Ambani’s companies.

The investigation has revealed irregularities in Yes Bank’s loan approvals, including backdated Credit Approval Memorandums (CAMs), investments made without due diligence or credit analysis, and violations of the bank’s credit policy. In several instances, loan disbursements occurred before formal approval, with funds released the same day applications were submitted. Concerns have also been raised about the financial health of recipient firms, their shared addresses and directors, and a lack of proper documentation, raising suspicions of shell companies and round-tripping.

Reliance Home Finance Limited (RHFL) is a key entity under scrutiny. SEBI shared its findings with the ED after observing a significant surge in corporate loans extended by RHFL, which increased from ₹3,742.60 crore in FY18 to ₹8,670.80 crore in FY19. The ED is probing whether this increase was linked to a larger loan diversion scheme.

The raids come shortly after the State Bank of India (SBI) declared Reliance Communications (RCom) and its promoter Anil D. Ambani as ‘fraud’ under RBI guidelines. The bank has reported the fraud to the RBI and is preparing to file a complaint with the CBI.

SBI’s loan to RCom includes ₹2,227.64 crore in fund-based loans and ₹786.52 crore in bank guarantees. The company is currently undergoing insolvency proceedings and awaiting a final decision from the National Company Law Tribunal (NCLT).

Minister of State for Finance Pankaj Chaudhary recently informed Parliament that SBI has also initiated individual insolvency proceedings against Anil Ambani under the Insolvency and Bankruptcy Code (IBC).

The ED’s actions on Thursday involved searches at over 35 premises, including locations linked to over 50 companies, and the questioning of over 25 individuals connected to the case. The raids were conducted in Mumbai and Delhi and encompassed offices and establishments associated with Anil Ambani’s business operations, although his personal residence has not yet been searched.

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