Enforcement Directorate Raids Unravel Rs 3,000 Crore Loan Fraud
The Enforcement Directorate conducted raids targeting companies tied to Anil Ambani amid allegations of a Rs 3,000 crore bank loan fraud. Over 35 premises were searched, as the agency investigates claims of loan diversion involving Yes Bank loans to Ambani's companies. Reports hint at serious financial misconduct.
- Country:
- India
The Enforcement Directorate launched a series of raids Thursday in connection with a bank loan fraud case, valued at Rs 3,000 crore, involving companies led by Reliance Group chairman Anil Ambani, official sources disclosed.
Officials raided more than 35 premises linked to 50 companies and over 25 individuals under the Prevention of Money Laundering Act (PMLA).
The probe is being spearheaded by the Delhi-based investigation unit of the ED, which seeks to uncover allegations of illegal loan diversion to Ambani's companies, along with possible complicity by Yes Bank.
(With inputs from agencies.)
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