ED Raids Uncover Alleged Rs 3,000 Crore Money Laundering in Anil Ambani's Reliance Group
The Enforcement Directorate conducted raids on more than 35 premises linked to Anil Ambani's Reliance Group as part of a Rs 3,000 crore bank loan fraud investigation. Allegations focus on Yes Bank’s loans to Reliance companies and suspect financial activities surrounding these transactions between 2017 and 2019.
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In a high-profile financial scandal, the Enforcement Directorate (ED) launched an extensive probe into the alleged Rs 3,000 crore bank loan fraud involving companies under Anil Ambani's Reliance Group. Official sources confirmed that multiple raids were conducted across Mumbai, investigating the dubious transactions.
Initially triggered by a series of reports and CBI FIRs, the investigation targets alleged illegal loan diversions from Yes Bank to various Reliance Group companies. The loans, given between 2017 and 2019, are suspected of being channeled into other group and shell companies, circumventing regulations.
Interestingly, Reliance Power and Reliance Infrastructure have declared that these actions have no impact on their ongoing business activities. Nonetheless, regulatory filings have revealed that the connections in financial dealings among the group companies prompt significant questions regarding compliance and governance within Yes Bank and entities linked to Ambani.
(With inputs from agencies.)
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