₹3,000 Crore Scam: ED Raids Anil Ambani’s Companies

New Delhi:

The Enforcement Directorate (ED) on Wednesday launched large scale search operations at multiple premises linked to Reliance Group chairman Anil Ambani in connection with an ongoing money laundering investigation. The raids were conducted across approximately 35 locations in Delhi and Mumbai.

According to official sources, the ED action stems from two FIRs filed by the Central Bureau of Investigation (CBI), which alleged major financial irregularities involving companies under the Reliance Anil Dhirubhai Ambani Group (RAAGA). The CBI’s complaints have reportedly revealed a complex scheme to siphon off public funds through manipulation of banking processes and corporate structures.

As part of the operation, more than 50 companies suspected to be connected to the case were searched, while over 25 individuals were questioned by the ED. Sources said, “Preliminary findings suggest a well-planned and deliberate mechanism to defraud banks, investors, and public institutions through systematic misrepresentation and bribery.”

One of the central allegations involves a suspected quid pro quo arrangement between RAAGA firms and senior executives of Yes Bank Ltd. Between 2017 and 2019, Yes Bank reportedly disbursed loans amounting to approximately ₹3,000 crore to RAAGA companies. The ED suspects that payments were routed to private firms owned by the bank’s promoters shortly before the loans were sanctioned.

The probe has highlighted several red flags, including the issuance of large unsecured loans to companies with weak financial profiles, missing documentation in sanction files, and overlapping directors and addresses among borrowing firms. There is also evidence of “loan evergreening”, a practice where fresh loans are given to repay old ones, thereby concealing defaults.

Investigators believe that some Yes Bank executives and promoters may have received personal gains in exchange for facilitating the loans. “There is growing evidence of corruption at high levels within the financial system,” an official close to the investigation said.

The ED is also working in coordination with several financial regulators. The National Housing Bank (NHB), the Securities and Exchange Board of India (SEBI), the National Financial Reporting Authority (NFRA), and the Bank of Baroda have submitted their findings. SEBI, in particular, flagged serious discrepancies in the corporate loan portfolio of Reliance Home Finance Limited (RHFL), which grew from ₹3,742 crore in 2017–18 to ₹8,670 crore in 2018–19 without clear justification.

Separately, the State Bank of India (SBI) has classified Reliance Communications (RCom), a group company, and Anil Ambani himself as “fraud” accounts. This classification is not new, SBI had first labelled them fraudulent in November 2020 and lodged a complaint with the CBI on January 5, 2021. However, the Delhi High Court issued a status quo order the following day, prompting a temporary withdrawal of the complaint.

The ED’s investigations are ongoing, and further action is expected in the coming weeks as more evidence is examined and statements are recorded.