ED raids 35 locations in ₹3,000 crore Yes Bank loan fraud linked to Anil Ambani
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New Delhi: The Enforcement Directorate (ED) on Thursday conducted raids at over 35 locations tied to more than 50 companies and 25 individuals associated with Anil Ambani’s Reliance Group (RAAGA companies), as part of an ongoing money laundering investigation into the ₹3,000 crore Yes Bank loan fraud case.
The probe, initiated following FIRs registered by the Central Bureau of Investigation (CBI), is being carried out under the Prevention of Money Laundering Act (PMLA). According to sources, several institutions including the National Housing Bank, SEBI, the National Financial Reporting Authority (NFRA), and Bank of Baroda have shared information with the ED to aid the investigation.
Preliminary findings suggest a systematic and deliberate scheme to siphon off public funds by defrauding banks, investors, shareholders, and other financial entities. The ED is also examining allegations of bribes paid to bank officials, including to Yes Bank’s former promoters.
The investigation has so far uncovered illegal diversion of loans amounting to around ₹3,000 crore between 2017 and 2019. According to ED sources, money was transferred to entities linked to the bank's promoters shortly before the loans were sanctioned, raising concerns of a possible bribery-loan nexus.
Serious irregularities have been identified in the loan approval process. Credit Approval Memorandums (CAMs) were reportedly back-dated, and investments were made without proper due diligence or credit analysis, violating Yes Bank’s own credit policy.
Funds were allegedly diverted in breach of loan terms to various group and shell companies. Key red flags include loans granted to financially weak entities, missing documentation, lack of due diligence, and repeated use of common directors and addresses. Some loans were disbursed on the very day of application or even before formal sanction.
SEBI has also reportedly submitted its findings related to Reliance Home Finance Limited (RHFL), particularly highlighting a dramatic surge in corporate loans, from ₹3,742.60 crore in FY 2017–18 to ₹8,670.80 crore in FY 2018–19, which is now under the ED's scrutiny.
The investigation is ongoing as the ED continues to trace links between Yes Bank executives, group companies, and financial misconduct connected to Anil Ambani’s business interests.
