ED Raids 50 Locations Linked to Anil Ambani in ₹3,000 Crore Yes Bank Loan Scam Probe
The raids are part of an ongoing investigation into financial irregularities involving unsecured loans issued by Yes Bank between 2017 and 2019.
MUMBAI/NEW DELHI – In a sweeping crackdown, the Enforcement Directorate (ED) conducted searches at 35–50 locations across Mumbai and Delhi on Thursday in connection with an alleged ₹3,000 crore money laundering case linked to businessman Anil Ambani and his Reliance Anil Dhirubhai Ambani Group (RAAGA) companies.
The raids are part of an ongoing investigation into financial irregularities involving unsecured loans issued by Yes Bank between 2017 and 2019. The searches were carried out under Section 17 of the Prevention of Money Laundering Act (PMLA) and targeted over 50 firms and 25+ individuals, including top RAAGA executives.
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The probe stems from two FIRs filed by the Central Bureau of Investigation (CBI), citing alleged bribery, loan diversion, and fraudulent practices by Yes Bank officials and RAAGA entities. Supportive intelligence from SEBI, NFRA, NHB, and Bank of Baroda further strengthened the case.
According to preliminary findings, the ED has uncovered a “well-orchestrated scheme” where Yes Bank allegedly disbursed ₹3,000 crore in unsecured loans to financially weak entities including Reliance Home Finance Ltd (RHFL) and Reliance Communications (RCom). Multiple red flags emerged:
- Loans to shell companies
- Repeated use of same directors and addresses
- Loan evergreening practices
- Missing paperwork in loan files
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The crackdown follows the State Bank of India (SBI) declaring RCom and Anil Ambani as “fraud” accounts on June 13, 2025, with ₹3,000+ crore in exposure. SBI has informed the RBI and is preparing to lodge a formal CBI complaint.
Sources confirm that Anil Ambani’s personal residence was not searched during the operation.
Investigators have also uncovered potential quid pro quo deals, where Yes Bank promoters allegedly received payments in their private companies just prior to sanctioning loans to Ambani’s firms. Violations under the Foreign Exchange Management Act (FEMA) are also being investigated.
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In a statement, Reliance Power and Reliance Infrastructure claimed they are not linked to the matter and distanced themselves from the entities under probe. Anil Ambani and the Reliance Group have yet to issue an official response.
As the ED tightens its grip, the probe could result in asset seizures, arrests, or formal charges under the PMLA. The operation has sent ripples through India’s corporate and financial worlds, reigniting debate over high-level financial fraud and regulatory oversight.
