Anil Ambani at Center of Massive ₹3,000 Crore Yes Bank-Raaga Loan Scam Involving Bribery and Money Laundering: Sources

The Enforcement Directorate (ED) has unearthed what officials are calling a "well-planned scheme" to divert and siphon off public funds through fraudulent loans from Yes Bank to companies within the Raaga group, part of the Reliance Anil Ambani Group, between 2017 and 2019, according to sources.

According to highly placed investigative sources, the probe, triggered by FIRs recorded by the CBI, has found that just before substantial loans—amounting to nearly ₹3,000 crore—were disbursed to Raaga and its associate companies, related entities connected to Yes Bank promoters received suspicious financial transfers. This raises serious concerns of a quid pro quo, and the ED is actively scrutinizing possible bribery involving senior bank officials and the promoter of Yes Bank.

Preliminary findings reveal gross violations of banking protocol: backdated Credit Approval Memorandums, investments cleared without proper due diligence, and sanctions granted in blatant violation of the bank’s credit policy. Loans were frequently routed onwards to shell companies and group entities, sometimes even disbursed before official sanction, and often to companies showing weak financials and sharing common directors or addresses—classic indicators of round-tripping and loan evergreening.

Supporting agencies, including SEBI, the National Housing Bank, NFRA, and Bank of Baroda, have shared critical information with the ED about these irregularities, with SEBI specifically flagging a dramatic spike in Reliance Home Finance’s (RHFL) corporate loan book from ₹3,742.60 crore in FY 2017–18 to ₹8,670.80 crore in FY 2018–19—now subject to close regulatory scrutiny.

The sweeping enforcement operation covers over 35 premises, 50 companies, and more than 25 individuals and is being carried out under Section 17 of the Prevention of Money Laundering Act, which empowers investigators to search and seize evidence without prior notice.

Sources further confirm that the ED is also probing undisclosed foreign bank accounts and assets linked to the group, and further revelations are expected as the investigation deepens.

Also Read: GNG Electronics IPO Day 2: GMP, Price Band, Key Dates, Other Details