Enforcement Directorate Raids Rock Anil Ambani & Yes Bank

The Enforcement Directorate conducted raids in Mumbai and Delhi in a money laundering probe linked to a Rs 3,000 crore bank loan fraud involving Anil Ambani group companies and Yes Bank. Over 35 locations were searched under the Prevention of Money Laundering Act. Investigations focus on illegal loan diversions and alleged corruption.

The Enforcement Directorate executed comprehensive raids in Mumbai and Delhi as part of an expansive investigation into a Rs 3,000 crore bank loan fraud implicating Anil Ambani's group companies and Yes Bank, as per official reports.

Around 35 premises associated with 50 companies and multiple individuals were searched under the provisions of the Prevention of Money Laundering Act, revealing a large-scale probe into the affairs between 2017 and 2019. It was disclosed that Yes Bank promoters allegedly received financial gains prior to loan sanctions.

The agency is meticulously examining claims of 'gross violations' in the sanctioning of loans to Reliance Anil Ambani Group entities, including drafting of back-dated credit approval documents without proper diligence, a potential breach of financial norms. The investigation follows two CBI FIRs and data from regulatory entities like the SEBI and Bank of Baroda.

(With inputs from agencies.)