How Anil Ambani’s Companies Cheated Banks, Shareholders & Investors—And What’s Next In Rs 3,000 Cr ED Probe

The Enforcement Directorate (ED) on Thursday launched a major crackdown across 35 premises, covering 50 companies and over 25 individuals, in connection with a money laundering case involving the Reliance Anil Dhirubhai Ambani Group (RAAGA Companies).

According to official sources quoted by ANI, the search operations are part of an ongoing probe into an alleged Rs 3,000 crore loan diversion from Yes Bank between 2017 and 2019. The investigation was triggered after the Central Bureau of Investigation (CBI) filed a First Information Report (FIR), which led the ED to begin its money laundering inquiry.

Multiple Agencies Share Evidence with ED

Several regulatory bodies, including the National Housing Bank, SEBI, National Financial Reporting Authority (NFRA), and Bank of Baroda, have also provided information to the ED. These inputs have strengthened the case, revealing what investigators believe to be a well-planned and deliberate scheme to divert public money.

"Preliminary investigation by ED has revealed a well-planned and thought-out scheme to divert and syphon off public money by cheating banks, shareholders, investors, and other public institutions," said officials familiar with the matter. “The offence of bribing bank officials, including the promoter of Yes Bank Limited, is also under the scanner.”

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Bribes, Fake Documents, and Shell Companies

The ED has found gross violations in how Yes Bank loans were approved for RAAGA companies. According to sources, "ED has found gross violations in Yes Bank loan approvals to RAAGA companies, such as Credit Approval Memorandums (CAMs) were back-dated, and investments were proposed without any due diligence and credit analysis in violation of the bank's credit policy, inter alia," said the officials.

In violation of the loan terms, the officials said, these loans were further diverted to many group companies and shell companies.

Officials added, “Some red flags include loans given to entities with weak financials, no proper documentation, common addresses and directors among borrowers, misrepresentation of financials, and loans disbursed even before formal sanction.”

The ED also flagged practices such as evergreening of loans and suspicious activity where loans were onwardly lent or disbursed on the same day as application, or even earlier.

RHFL Also Under ED’s Scanner

The Securities and Exchange Board of India (SEBI) has also shared key findings with the ED concerning Reliance Home Finance Limited (RHFL). Investigators are looking into the sudden jump in RHFL's corporate loan book—from Rs 3,742.60 crore in FY 2017–18 to Rs 8,670.80 crore in FY 2018–19.

Officials say this sharp rise is accompanied by irregularities, expedited approvals, process deviations, and other illegalities.

What Lies Ahead

The ED’s investigation is ongoing and could lead to more revelations in the coming days. The focus remains on establishing clear links between the diverted funds, the role of Yes Bank officials, and the involvement of RAAGA group executives, including the possible accountability of Anil Ambani.

As of now, no formal charges have been filed against Ambani personally, but the scale and depth of the probe suggest that more action could follow as authorities dig deeper into one of India’s most high-profile financial investigations in recent years.