As part of a money laundering investigation into the Yes Bank loan fraud case, the Enforcement Directorate (ED) conducted raids at more than 35 locations and 50 businesses connected to Anil Ambani’s Reliance Group (RAAGA Companies) on Wednesday.
The searches come in response to two FIRs filed by the CBI and information provided by the National Financial Reporting Authority (NFRA), SEBI, the National Housing Bank, and Bank of Baroda.
The ED claims that initial investigations reveal that loans totaling approximately Rs 3,000 crore that Yes Bank approved between 2017 and 2019 were purportedly transferred to shell companies and other group companies. Evidence of potential bribery of Yes Bank officials, including its promoter, has also been discovered by investigators.
Serious flaws in Yes Bank’s approval process were brought to light by the agency, including loans to companies with weak financials and common directors, backdated credit documents, and a lack of due diligence. Additionally, it discovered instances where disbursement took place on the same day as or prior to loan approvals, evergreening of accounts, and violations of loan terms.
According to the ED, 25 people and more than 50 businesses are being investigated. Concerns regarding irregularities and process violations have been raised by SEBI’s findings regarding Reliance Home Finance Ltd. (RHFL), whose corporate loan book more than doubled in less than a year.
 conducted raids at more than 35 locations and 50 businesses connected to Anil Ambani's Reliance Group (RAAGA Companies) on Wednesday.){kind=link}