The Enforcement Directorate (ED) raided more than 35 locations on Wednesday, all linked to companies under Anil Ambani’s Reliance Group. The reason? A suspected ₹3,000 crore loan fraud involving Yes Bank.
This wasn’t just a few knocks on the door. We’re talking about a sweeping search across offices and properties tied to around 50 firms. The ED also brought in 25 people for questioning. They’re trying to understand how a huge amount of public money moved from bank accounts to places it was never supposed to go.
What’s the Real Story?
Between 2017 and 2019, Yes Bank gave out big loans to firms tied to Anil Ambani. The loans were meant for business use. But that’s not where all the money ended up. Investigators believe a large chunk was moved to shell companies or entities connected to group promoters.
The numbers are big. The alleged fraud crosses ₹3,000 crore. And that’s just what’s on paper. Some of the money was likely sent out even before the loans were officially approved. There are reports of backdated memos, zero checks on where the money was going, and poor loan documentation.
So far, the entire setup looks like it was built to dodge rules.
Reports Back It Up
Agencies like SEBI, NHB, NFRA, and Bank of Baroda have all shared documents that support what the ED is seeing. According to SEBI, Reliance Home Finance Ltd (RHFL) drastically increased its corporate lending from ₹3,742 crore in FY18 to ₹8,670 crore in FY19.
Why the sudden jump? That’s one of the big questions.
The Bribe Angle
This isn’t just about poor paperwork. Investigators think there was more going on behind closed doors. Some payments were made to Yes Bank insiders right before the loans got cleared. That smells like bribery, and the ED wants to know who benefited and why.
Markets React Fast
Within hours of the news breaking, Reliance Power and Reliance Infrastructure shares nosedived. Both stocks hit their 5% lower circuit. Over the past few days, investors have already seen a 7–9% drop.
People are pulling out. The panic is visible.
Companies Push Back
In a quick response, Reliance Power and Reliance Infrastructure put out statements. They say they’re separate from RHFL and Reliance Communications. According to them, the ED’s raids won’t change how their businesses run.
That’s a bold claim. Investors might not buy it so easily.
Not the First Time
This isn’t Anil Ambani’s first run-in with regulators. Just last year, SEBI banned him and 24 others from the stock market for five years. They were accused of moving over ₹2,000 crore illegally from RHFL. Penalties hit a total of ₹624 crore.
Add this new probe to that pile, and things aren’t looking good for the group.
What Happens Next?
This case is growing. The ED’s raids show they believe there’s more to uncover. If the flow of money was as shady as it looks, we could see more names, more charges, and maybe even arrests in the coming months.
Anil Ambani was once seen as one of India’s top business leaders. Today, he’s at the center of a money-laundering case that could reshape how people view his companies.
Stay with moneyphobia.in as we track every update from this story. This one’s not fading anytime soon.
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