Enforcement Directorate (ED) on July 23 carried out searches at properties linked to Anil Ambani’s Reliance Group across Mumbai and Delhi. India’s financial watchdog raided nearly 35 premises, and 50 companies linked to Reliance Group. The searches carried out by ED were in connection with a money laundering investigation related to the Yes Bank loan fraud case, the Economic Times reported.
The move by the watchdog came after two FIRs filed by the CBI and information shared by agencies, including the Securities and Exchange Board of India, the National Housing Bank, Bank of Baroda, and the National Financial Reporting Authority (NFRA).
ED carried out raids at properties linked to Reliance Group under section 17 of the Prevention of Money Laundering Act (PMLA). The section deals with the search and seizure of property. Nearly 50 companies and 25 individuals are reportedly under ED’s radar.
What Does ED Initial Probe Reveal?
The watchdog in its initial investigations found that loans worth around ₹ 3,000 crore sanctioned by the Yes Bank between 2017 and 2019 were allegedly moved to shell companies and other Reliance Group entities, ET reported. In its preliminary findings, ED found evidence that suggested potential bribery of bank officials, including its promoters.
The enforcement agency found serious irregularities in Yes Bank’s approval process, including key documents such as Credit Approval Memorandums (CAMs) back-dated credit documents, absence of due diligence, and loans given to companies with weak financials and common directors. ED reportedly also found that loan conditions were breached, accounts were evergreened. Additionally, it also found instances where disbursal happened on the same day or before loan approvals.
The development against the Anil Ambani-led Reliance Group comes weeks after SBI declared Ambani and his company, Reliance Communications (RCom), as ‘fraud’. SBI flagged concerns with both the promoter and the company on June 13, 2025, under the Reserve Bank of India’s guidelines on fraud risk management. The concerns flagged by SBI were disclosed by the resolution professional for RCom on BSE on July 1. Presently, RCOM is under insolvency proceedings, awaiting final approval from the NCLT.
