ED has conducted raids in Mumbai on Anil Ambani Group companies in connection with a money laundering case. The investigation reveals irregularities in public funds, bribery, and violation of rules.
ED Raid Anil Ambani: The Enforcement Directorate (ED) has initiated a major action against Anil Ambani's companies. This action is being carried out at his business establishments and the premises of some senior officials in Mumbai. The investigating agency has taken this step based on complaints related to money laundering and misuse of funds.
This ED raid is based on financial complaints related to the National Housing Bank, SEBI, National Financial Reporting Authority (NFRA), Bank of Baroda, and two FIRs filed by the CBI.
Reason for the raid: Suspicion of loan fraud and money laundering
The ED suspects, based on preliminary investigation, that public funds have been misused by Anil Ambani's companies. The investigation has revealed that banks, shareholders, and investors were defrauded under a well-planned scheme.
Information from various sources indicates that Anil Ambani's companies took a loan of approximately ₹3,000 crore from Yes Bank between 2017 and 2019. The investigating agency suspects that these loans were used for fund diversion and other irregularities instead of genuine business purposes.
Searches at the premises of senior officials as well
Raids are being conducted not only at the companies' offices but also at the premises of senior officials associated with Anil Ambani Group companies. The investigating agency hopes to find documents and digital evidence from these locations that will further strengthen the case.
Connection to the Yes Bank case
Another important link in the case is Yes Bank. The investigating agency is also investigating the role of Yes Bank's promoters. Allegations of bribery and collusion with the bank are also being investigated. This is not the first time that Anil Ambani Group companies have faced such allegations, but this time the action appears to be more concrete and comprehensive.
SBI declared Anil Ambani a fraud
Earlier this month, the State Bank of India (SBI) declared Anil Ambani a fraud. The bank had issued a notice to his company, Reliance Communications, stating that it had not complied with the terms of its loan. SBI had sent show-cause notices three times in December 2023, March 2024, and September 2024. After reviewing the replies to these notices, the bank decided that the company had deliberately violated the terms of the loan.
Ignoring loan terms and refusing accountability
SBI also stated that Reliance Communications did not show transparency in the operation of its accounts and did not provide complete information even after repeated requests. This has increased the risk of heavy financial losses to the bank. In such a situation, the bank considered it appropriate to declare the company a fraud.
Accusation of betrayal of investors and institutions
The ED has found evidence in the investigation that several government and private institutions were defrauded in this entire process. The interests of shareholders and investors were harmed. The Anil Ambani Group is also accused of diverting funds taken from banks for its benefit to areas that were not related to the company's authorized activities.
