What’s the Matter Behind ED’s Raid on Anil Ambani-Linked Premises After SBI’s ‘Fraud’ Tag?
The ED has raided over 35 premises linked to Anil Ambani after SBI labelled a ₹3,000 crore loan to RCom as fraud. The probe reveals alleged fund diversion, bribery, and misuse of loans from Yes Bank and RHFL, with over 50 firms and 25 individuals now under the scanner.
The Enforcement Directorate (ED) on Thursday carried out massive search operations at over 35 locations connected to industrialist Anil Ambani and his group companies. The raids come days after the State Bank of India (SBI) officially declared its Rs 3,000 crore exposure to Reliance Communications (RCom) as a “fraudulent account.”
It has been learnt from sources that raids are part of a larger money laundering investigation that stems from two FIRs filed by the CBI in 2022. The ED is probing what it calls a “well-planned scheme” by Reliance Anil Dhirubhai Ambani Group (RAAGA) firms to divert public money, cheat banks, and mislead regulators.
The Yes Bank angle: loans, bribes & shell firms
According to the ED, the fraud trail leads back to loans worth nearly Rs 3,000 crore given by Yes Bank to RAAGA companies between 2017 and 2019. Investigators believe these loans were granted in gross violation of lending norms — with credit approvals allegedly backdated, little to no due diligence, and clear signs of favoritism, as per ED's claims.
In a recent revelation. ED sources said money was transferred to firms linked to Yes Bank’s promoters shortly before loan approvals — raising red flags of a potential bribe-for-loan arrangement.
The loans, once disbursed, were reportedly routed to multiple group entities and shell companies. Many of these had weak financials, shared addresses, and common directors — classic signs of a fund diversion network.
SBI’s role & SEBI’s red flags
It may be recalled that SBI had first declared the RCom loan a fraud in 2020, but the move was stayed by the Delhi High Court. After a Supreme Court ruling in 2023 clarified the procedure, SBI resumed the process and reclassified the account in June 2025.
In parallel, SEBI flagged suspicious lending patterns at Reliance Home Finance Ltd (RHFL). Its corporate loan book more than doubled in just a year — from Rs 3,700 crore in FY18 to Rs 8,600 crore in FY19. Investigators are now probing irregular approvals and misuse of investor funds.
The bigger picture
Over 50 companies and 25 individuals — including senior executives and advisors — are under the scanner. The ED’s case extends far beyond RCom and could widen into one of the largest financial crime investigations involving a top Indian industrialist. A source involved in the probe also stated that this is not just a case of bad loans but about how the system was gamed, with rules bent and public money siphoned off.
As the investigation deepens, Anil Ambani’s business empire faces its most serious legal challenge yet — one that could reshape regulatory oversight of corporate lending in India.
Published By : Avishek Banerjee
Published On: 24 July 2025 at 11:49 IST