Rs. 3000 cr fraud: ED raids sites linked to Anil Ambani

Enforcement Directorate Thursday conducted raids at multiple locations as part of an alleged Rs 3,000 crore worth bank loan fraud-linked money laundering case against the companies of Reliance Group chairman Anil Ambani, official sources said.
Some more bank loans taken by these companies apart from certain alleged undisclosed foreign assets are under the scanner of the agency.
More than 35 premises in Mumbai belonging to 50 companies and 25 people were searched under the Prevention of Money Laundering Act (PMLA). Some documents and computer peripherals have been recovered, they said.
The investigation is being carried out by a Delhi-based investigation unit of ED.
ED sources said they are primarily probing allegations of illegal loan diversion of around Rs 3,000 crore, given by Yes Bank to the group companies of Ambani between 2017-2019.
Two group companies, Reliance Power and Reliance Infrastructure, said in separate but identical regulatory filings that ED action has had “absolutely no impact” on their business operations, financial performance, shareholders, employees, or any other stakeholders.
“The media reports appear to pertain to allegations concerning transactions of Reliance Communications Limited (RCOM) or Reliance Home Finance Limited (RHFL) which are over 10 years old,” the companies said.
Sources said ED found that just before the loan was granted, Yes Bank promoters “received” money in their concerns. The federal probe agency is investigating this nexus of “bribe” and the loan.
Sources said ED is also probing allegations of “gross violations” in Yes Bank loan approvals to these companies. The loans are alleged to have been “diverted” to many group companies and “shell” (bogus) companies by the entities involved.
The money laundering case stems from at least two CBI FIRs and reports shared by National Housing Bank, SEBI, National Financial Reporting Authority (NFRA) and Bank of Baroda with the ED, they said.
Sources said these reports indicate that there was a “well-planned and thought after scheme” to divert or siphon off public money by cheating banks, shareholders, investors and other public institutions.