ED Raids Anil Ambani Group Firms for Third Day in Rs 3,000 Crore Loan Fraud Probe

Mumbai, Jul 26 (PTI) The Enforcement Directorate’s (ED) searches against companies of Reliance Group chairman Anil Ambani continued for the third consecutive day on Saturday, with investigators seizing documents and digital devices from multiple locations in Mumbai. The raids are linked to a Rs 3,000 crore bank loan fraud and other alleged financial irregularities involving several group companies.

The searches, conducted under the Prevention of Money Laundering Act (PMLA), were launched on July 24 and have so far covered more than 35 premises associated with over 50 companies and 25 individuals, including senior executives of Anil Ambani-led firms.

According to sources, the investigation focuses on alleged diversion of loans sanctioned by Yes Bank to Reliance Group companies between 2017 and 2019. The ED is also probing suspected violations in Yes Bank’s loan approval process, including claims of back-dated credit approvals and investments made without adequate due diligence.

Reliance Power and Reliance Infrastructure, in stock exchange filings on Thursday, acknowledged the ED’s actions but clarified that the raids have “absolutely no impact” on their business operations, financial performance, or stakeholders. The companies also stated that Anil Ambani is not on the boards of either company and has no financial linkages with Reliance Communications (RCOM) or Reliance Home Finance Limited (RHFL), which are central to the probe.

The ED’s investigation stems from CBI FIRs and reports from the National Housing Bank, SEBI, the National Financial Reporting Authority (NFRA), and Bank of Baroda. These reports allege a deliberate scheme to siphon public funds, cheat investors, and divert loans through shell companies.

The agency is also examining a Rs 1,050 crore fraud between RCOM and Canara Bank and possible undisclosed foreign assets. Reliance Mutual Fund’s investment of Rs 2,850 crore in high-risk AT-1 bonds is under scrutiny, with the ED suspecting a quid pro quo arrangement.

Additional Tier-1 (AT-1) bonds, which are perpetual in nature and carry higher risks, have been flagged as part of the broader Rs 10,000 crore loan fund diversion under investigation.