ED Raids Intensify on Anil Ambani’s Firms in Yes Bank Fraud Probe

Mumbai, July 26 — The Enforcement Directorate (ED) has increased its raids on locations linked to Anil Ambani’s Reliance Group (RAAGA Companies). The raids happened in Mumbai and Delhi, where officers collected many documents, hard drives, and digital records.

These raids are part of a bigger investigation into a money laundering case connected to the Yes Bank loan fraud. The operation started on Thursday and is being carried out along with the Central Bureau of Investigation (CBI).

The case involves financial irregularities of over ₹24,000 crore. Authorities believe there may have been misuse of bank loans, illegal transfer of funds, and bribery.

The ED is checking if funds from Yes Bank were passed through fake companies (called shell companies) and then used illegally by RAAGA firms. At the same time, the CBI has started its own investigation into other companies under Anil Ambani’s group.

After the CBI filed formal complaints (FIRs), the ED began investigating the RAAGA companies under the Prevention of Money Laundering Act (PMLA). Other government bodies, such as the National Housing Bank, SEBI, NFRA, and Bank of Baroda, also gave the ED important information.

The ED’s early investigation shows a planned effort to cheat banks, shareholders, and public institutions. It also suggests bribes were paid to Yes Bank officials, including its promoter.

From 2017 to 2019, loans worth ₹3,000 crore from Yes Bank were reportedly misused. The ED found that the bank promoters received money in their accounts just before the loans were approved, pointing to a possible bribery link.

Yes Bank’s loan process also showed serious rule-breaking. Some approval documents were backdated, and large investments were made without proper checks or risk assessments.

SEBI has also shared its findings with ED in the RHFL case. RHFL’s corporate loans jumped from ₹3,742 crore in 2017–18 to ₹8,671 crore in 2018–19. This sudden rise is also being reviewed by ED.