ED raids 50 locations linked to Anil Ambani in Rs 3,000 crore Yes Bank fraud probe: Sources

On Thursday, the Enforce Directorate launched a comprehensive inspection process across 40 to 50 sites connected to businessman Anil Ambani and his group companies regarding the fraud of an alleged loan of 3000 rupees that include yes bank.

According to ED sources, the raids were conducted under the law of Money Laundering and followed two fir registered by the Central Bureau of Investigation against Companies at the Ryleins Anil Ambani Group (Raaga).

“Ed is looking at a bank loan for Anil Ambani group companies,” Redboxglobal India posted on X. In a separate update, the platform also noticed: “Ed Raids Anili in the bank fraud case.”

The issue depends on a series of complaints and intelligence inputs of multiple agencies, including Sebi, the National Housing Bank, Barouda Bank, and the National Financial Reports Authority (NFRA), according to reports.

Money laundering, bribes and loans transfer

The sources claimed that the initial investigation of ED revealed what officials describe as “a good plan and well studied to transfer/siphon from public funds by cheating on banks, shareholders, investors and other public institutions.”

According to the investigators, fraud occurred during the period between 2017 and 2019, when yes, the loan penalty for Raaga companies. Immediately before the exchange of loans, Ed found, “Yes, a bank promoter received money in their fears,” indicating the presence of the suspect quo QUO. The agency added: “The crime of bribery bank officials, including the Yes Bank Limited, under the scanner,” the agency added.

ED claims that internal operations have been manipulated in Yes Bank to pay loans. This included the notes of credit rear credit (CAMS), investments without due care or credit analysis, and the bank’s credit policy violations, according to reports. The source said: “The loans were granted to entities with weak financial statements, without appropriate documents, and they are often disbursed in or even before the date of the request.”

Moreover, it was claimed that the funds were transferred to the group and failed companies. She informed Ed of multiple red flags, including ordinary directors and addresses between the borrower’s entities, excessive GPC loans, and the proposal on the same date.

SEBI results and exposure to RHFL

Separately, SEBI is said to have shared the results it reached with ED regarding the Rellence Home Finance Ltd (RHFL), a company under the ABani group, according to reports. RHFL Loan Book of Rhfl witnessed a dramatic leap, from 3,742.60 rupees in the fiscal year 2017-18 to 8,670.80 rupees in the fiscal year 2018-19, which is now under the ID scanner. Officials were martyred with “irregular and confidential approvals” and “process deviations” as interest areas.

According to what was reported, more than 35 companies, 50 companies and 25 people were covered in the Thursday operation under Article 17 of the Money Laundering Law.