Mumbai: The Enforcement Directorate (ED) on Thursday conducted raids on multiple locations in Mumbai connected to Anil Ambani, as part of its ongoing money laundering investigation linked to the RelianceAnil Ambani Group (RAAGA) companies.
This comes just days after the State Bank of India (SBI) classified Reliance Communications and its promoter-director Anil D Ambani as ‘fraud’.
According to reports, 35 premises, 50 companies, and over 25 individuals are under investigation. The case involves alleged laundering of approximately Rs 3,000 crore received as loans from Yes Bank between 2017 and 2019, which was diverted to shell firms and other group entities, the TOI reported.
The ED’s probe is based on two FIRs registered by the CBI and inputs received from SEBI, the National Housing Bank, Bank of Baroda, and the National Financial Reporting Authority (NFRA). Just before the loan was granted, the Yes Bank officials, including its promoter, had allegedly received money in their concerns.
“Preliminary investigation by the ED has revealed a well-planned and thought after scheme to divert/siphon off public money by cheating banks, shareholders, investors and other public institutions,” The Hindu reported, quoting a source.
Yes Bank officials, including former chairman Rana Kapoor, are also under the scanner, reports added.