ED's Intensive Probe: Unraveling Anil Ambani's Alleged Rs 3,000 Crore Loan Fraud
The Enforcement Directorate is investigating a Rs 3,000 crore loan fraud linked to Anil Ambani's Reliance Group. The probe scrutinizes undisclosed foreign assets and loan diversions involving Yes Bank. Despite the raids, Reliance Power and Reliance Infrastructure claim no impact on their operations, separating themselves from the implicated firms.
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The Enforcement Directorate (ED) escalated its investigation into the alleged Rs 3,000 crore bank loan fraud linked to Reliance Group chairman Anil Ambani. Multiple raids were conducted in connection with this high-profile case, which involves money laundering and undisclosed foreign assets, official sources disclosed.
The ED operation, carried out by its Delhi unit, targets over 35 locations in Mumbai connected to 50 companies and 25 individuals. It aims to uncover illegal loan diversions sanctioned by Yes Bank to Ambani's group companies from 2017 to 2019, a move considered 'grossly violative' of banking norms.
Amidst these developments, Reliance Power and Reliance Infrastructure reported no adverse impact on their business. They distanced themselves from Reliance Communications and Reliance Home Finance, the entities at the center of these allegations. The agency is also probing reports of dubious financial activities compiled by various national institutions.
(With inputs from agencies.)
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