Investigation Unveils Massive Financial Scandal Involving Reliance Group

India's financial crime enforcement agency has conducted searches at 35 sites associated with the Reliance Anil Ambani Group as part of a significant investigation into alleged financial misconduct, including money laundering and public fund siphoning.

According to a government source, the company is accused of orchestrating a complex scheme to redirect bank loans totaling 30 billion rupees, issued between 2017 and 2019, to several 'shell' companies. Additionally, it is alleged that Reliance paid bribes to officials at Yes Bank to secure these loans, contravening the bank's standard procedures.

These revelations highlight a controversial chapter in Indian corporate governance. The Reliance Group has not yet commented on these developments, leaving many questions unanswered.

(With inputs from agencies.)