Anil Ambani Under ED Lens: Reliance Power & Reliance Infra Stocks Crash Nearly 5% In Rs 3,000 Crore Loan Scam Probe

Shares of Anil Ambani-led companies tumbled sharply today following news of Enforcement Directorate (ED) raids related to an alleged Rs 3,000 crore loan diversion case.

Reliance Power Ltd dropped 4.79%, trading at Rs 59.83, down Rs 3. Reliance Infrastructure Ltd also saw a sharp fall of 4.99%, trading at Rs 360, down Rs 18.90.

The stock crash comes after the ED conducted massive search operations across more than 35 locations, targeting over 50 companies and 25 individuals. The raids are linked to illegal loans allegedly taken from Yes Bank between 2017 and 2019 and diverted through group companies, including RAAGA entities linked to the Anil Ambani group.

According to ED, the loans were approved without proper due diligence, and many red flags were ignored. The agency is also probing alleged bribery involving Yes Bank promoters and the diversion of funds to shell companies.

The investigation reveals that just before the loans were approved, the promoters of Yes Bank received funds in their group entities—raising serious concerns of bribery and corruption.

The ED's action follows FIRs filed by the Central Bureau of Investigation (CBI)—and inputs from other regulatory bodies such as the National Housing Bank, SEBI, the National Financial Reporting Authority (NFRA), and Bank of Baroda.

Also Read: ED Conducts Raids at Business Entities Connected To Anil Ambani

The case involves loans given to RAAGA companies (part of the Reliance ADA Group), where ED has found several violations. These include backdated approval documents, missing credit analysis, and disbursal of loans without proper documentation or due diligence. Many of the borrowing entities had weak financials, shared common addresses and directors, and were suspected shell companies.

Some loans were even disbursed on the same day as application or even before formal sanction, pointing to serious lapses. There’s also evidence of “evergreening”—a ”practice where fresh loans are issued to repay old ones, masking defaults.

One focus area is Reliance Home Finance Limited (RHFL), where SEBI flagged a dramatic rise in corporate loans from Rs 3,742 crore in FY18 to Rs 8,670 crore in FY19. ED is now probing irregular approvals and violations in loan processes at RHFL.

Today, ED carried out a large-scale search operation under the Prevention of Money Laundering Act (PMLA), covering over 35 locations, involving 50 companies, and over 25 individuals.

The investigation is ongoing as the ED continues to uncover links between Yes Bank officials, group companies, and financial irregularities related to Anil Ambani’s business empire.