The Enforcement Directorate (ED) launched a sweeping operation across Mumbai, Delhi, and other cities, raiding nearly 50 locations linked to industrialist Anil Ambani and his group of companies, in connection with a ₹3,000 crore loan fraud involving Yes Bank.
The raids began early morning and continued throughout the day, targeting offices, residences, and associated firms of the Reliance ADAG (Anil Dhirubhai Ambani Group).
Background of the Case
The case pertains to alleged financial irregularities in loans sanctioned by Yes Bank during the tenure of former CEO Rana Kapoor to Reliance Group firms, which later turned non-performing.
According to officials, multiple group entities under Anil Ambani’s leadership defaulted on loan repayments worth over ₹3,000 crore, triggering a money laundering investigation under the Prevention of Money Laundering Act (PMLA), 2002.
Key Locations Raided
ED officials, accompanied by paramilitary personnel, raided:
-
Reliance ADAG headquarters in Mumbai
-
Residences of senior group executives
-
Offices of Reliance Infrastructure, Reliance Capital, and other subsidiaries
-
Chartered accountants and financial advisors linked to the transactions
Electronic devices, hard drives, transaction records, and financial documents have been seized.
Allegations by ED
The ED suspects that:
-
Loans were diverted to shell companies
-
Fake expenditure was shown to launder funds
-
Kickbacks may have been paid to Yes Bank officials
-
Several layered transactions were used to obscure the money trail
The current probe is part of a larger investigation that already saw Rana Kapoor arrested and his assets seized earlier.
Anil Ambani’s Response
So far, Anil Ambani has not issued any public statement. In previous cases, he has denied wrongdoing, citing financial challenges and market downturns for defaults. His legal team is expected to approach court if coercive action is escalated.
Regulatory Action Timeline
-
2020: Yes Bank collapse prompts probe
-
2022: ED files ECIR (money laundering equivalent of FIR)
-
2023–2024: Attachment of properties linked to Rana Kapoor
-
July 2025: Raids expand to Reliance ADAG firms, linked to Anil Ambani
Market and Political Reactions
Following the news, shares of listed Reliance ADAG firms such as Reliance Power and Reliance Capital saw a sharp dip on the stock exchanges, triggering lower circuits in intra-day trade.
Opposition parties have questioned the delay in action, while ruling party leaders said the raids prove the government’s zero-tolerance policy towards financial fraud.
Next Steps in Investigation
The ED is likely to summon key executives of Reliance Group in the coming days. Sources suggest:
-
A forensic audit is underway
-
International fund transfers are under scanner
-
Mutual legal assistance requests may be sent to offshore jurisdictions
If evidence of money laundering is found, Anil Ambani could face legal charges under PMLA and possibly arrest.
Conclusion
The ED’s multi-city raids mark a significant escalation in the Yes Bank loan fraud probe, with a direct spotlight now on Anil Ambani. With financial documents being scrutinized and key figures likely to be summoned, the case could have far-reaching implications for corporate governance and bank-lending practices in India.
