ED Unveils Alleged Rs 3,000 Crore Reliance Loan Fraud
The Enforcement Directorate conducted raids concerning an alleged Rs 3,000 crore bank loan fraud involving Reliance Group companies led by Anil Ambani. The investigation targets loan diversions, undisclosed assets, and multiple alleged financial irregularities. Regulatory bodies provided reports indicating potential fraud and misuse of public funds by these entities.
- Country:
- India
The Enforcement Directorate launched comprehensive raids on Thursday, targeting various locations in connection with an alleged Rs 3,000 crore bank loan fraud linked to companies under Reliance Group chairman Anil Ambani.
Authorities are scrutinizing additional bank loans and undisclosed foreign assets associated with these companies. Raids spanned over 35 locations in Mumbai, with searches conducted under the Prevention of Money Laundering Act (PMLA), involving 50 companies and 25 individuals.
The investigation, initiated by a Delhi-based unit, examines alleged illegal loan diversions by Yes Bank to Ambani's group companies between 2017-2019. Documents suggest a network of 'bribes' linked to loan approvals, alongside the exploitation of weak financial entities and inadequate documentation.
(With inputs from agencies.)
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