ED raids on Anil Ambani’s companies for 48 hours, raids on offices even today

Mumbai: ED raids are going on for the last 48 hours on premises related to Reliance Group Chairman Anil Ambani in Delhi and Mumbai. The Enforcement Directorate has started a search operation in more than 35 places related to companies and officials of Anil Ambani’s Reliance Group in a suspected loan fraud and money laundering case of Rs 3,000 crore.

On Thursday morning, ED officials were raiding several places of Anil Ambani. Raids are still going on in Anil Ambani’s Reliance office today.

Reliance Power and Reliance Infrastructure have issued a statement saying that the ED raids are related to old cases related to other companies of the group. There is no connection with those companies or the cases under investigation. These complaints are related to allegations of loan fraud, bribery and fraud with public institutions by RAAGA companies.

According to sources, several agencies, including the National Housing Bank, Securities and Exchange Board of India, National Financial Reporting Authority and Bank of Baroda, have shared information contributing to the investigation.

Officials say that just before the loan disbursement, entities linked to Yes Bank promoters received money. This has raised questions about possible bribery and transaction arrangements between bank officials and borrowing firms. The ED is now investigating alleged collusion between Yes Bank promoters and companies linked to Anil Ambani.