In a dramatic development shaking India’s corporate and financial sectors, the Enforcement Directorate (ED) on Wednesday carried out multiple raids at locations linked to industrialist Anil Ambani in connection with a high-stakes money laundering probe involving Yes Bank and a ₹3,000 crore loan scandal.
According to sources cited by NDTV and Times of India, the investigation focuses on allegations that Ambani’s group companies received loans from Yes Bank in a fraudulent manner, with ED probing a potential bribery angle involving bank officials.
The Raid Operation: What Happened?
On July 24, ED officials conducted searches across Mumbai and Delhi at premises associated with Anil Ambani’s Reliance ADA Group (Anil Dhirubhai Ambani Group). The raids targeted companies that had received significant loans from Yes Bank between 2017 and 2019, a period under scrutiny since the downfall of Yes Bank’s former CEO Rana Kapoor.
Sources from the ED revealed that some of these loans were sanctioned despite the companies being in poor financial health, and much of the disbursed amount allegedly diverted or siphoned off through shell companies.
“This appears to be a well-planned scheme to siphon off public money using the banking system and corporate fronts. Investigations are pointing to possible quid pro quo and misuse of public trust,” an ED official said.
Bribery Angle: Did Yes Bank Officials Take Kickbacks?
One of the most explosive aspects of the case is the bribery allegations. NDTV’s investigative sources indicate that bribes may have been paid to Yes Bank officials in exchange for approving large unsecured loans. ED is now examining money trail links, financial records, and suspicious transactions to trace if kickbacks were routed to decision-makers within the bank.
The agency has also questioned former senior executives of Yes Bank, and further action may include summons or arrests of key Reliance ADA Group executives.
How Did the Case Begin?
This ED probe stems from a wider money laundering case involving Rana Kapoor, the disgraced former Yes Bank MD and CEO. Kapoor was arrested in 2020 for granting loans to companies in exchange for personal benefits, including property and cash. Anil Ambani’s companies had received ₹12,800 crore in total loans from Yes Bank during Kapoor’s tenure, of which ₹3,000 crore is now under direct scrutiny.
In 2020, Ambani was also questioned by ED under the Prevention of Money Laundering Act (PMLA), but the recent raids indicate fresh leads and documents have prompted renewed action.
Anil Ambani’s Response
As of now, Anil Ambani has not issued any official statement regarding the raids. However, the Reliance ADA Group has previously denied any wrongdoing and claimed all transactions were lawful and in line with financial norms.
With investigations intensifying, sources expect that Anil Ambani or his top aides may soon be summoned again by the ED for fresh rounds of questioning.
What’s Next?
ED is likely to file a supplementary chargesheet if evidence of misappropriation, fraud, or bribery is confirmed. The raids have also rattled investor sentiment, with shares of companies linked to the Ambani group seeing volatility.
More significantly, this case may set a precedent in India’s crackdown on corporate loan frauds, particularly those involving public-sector banks and high-profile industrialists.
Why This Case Matters
- It highlights vulnerabilities in India’s banking system, especially regarding large corporate loans.
- Brings back focus on corporate-political nexus and regulatory loopholes.
- Sends a message that no industrialist is above the law, especially amid growing scrutiny from financial watchdogs.
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