ED Raids Anil Ambani’s Mumbai Properties After SBI Calls Him A Fraud

The Enforcement Directorate (ED) on Thursday carried out searches at 40 to 50 premises associated with businessman Anil Ambani, as part of its ongoing investigation into the Yes Bank loan fraud case.

The raids follow two FIRs registered by the Central Bureau of Investigation (CBI), along with inputs received from regulatory bodies and financial institutions such as SEBI, the National Housing Bank, Bank of Baroda, and the National Financial Reporting Authority (NFRA). According to the ED, preliminary findings indicate that loans worth approximately ₹3,000 crore, disbursed by Yes Bank between 2017 and 2019, were allegedly routed to shell companies and related group entities.

Investigators have also uncovered indications of possible bribery involving Yes Bank officials, including its promoter. The agency has flagged numerous irregularities in the bank's loan sanction process-such as back-dated credit documentation, a lack of proper due diligence, and the approval of loans to companies with poor financial health and overlapping directorships.

Further violations reportedly include breaches of loan conditions, evergreening of accounts, and cases where funds were released on or even before the actual loan approval dates. More than 50 companies and 25 individuals are currently under investigation in the case.

Additionally, SEBI has submitted a report concerning Reliance Home Finance Ltd (RHFL), highlighting that its corporate loan book more than doubled within a single year. This unusual surge has raised red flags about procedural lapses and potential irregularities.

The ED's raids are being conducted under Section 17 of the Prevention of Money Laundering Act (PMLA).