The ED has unearthed an alleged quid pro quo arrangement between Yes Bank and Anil Ambani’s RAAGA companies, involving ₹3,000 crore in suspicious loans.
BY PC Bureau
New Delhi, July 24, 2025 —The Enforcement Directorate (ED) on Thursday launched a sweeping crackdown on properties associated with Reliance Group chairman Anil Ambani in Delhi and Mumbai, as part of a large-scale money laundering investigation. The raids are linked to two FIRs filed by the Central Bureau of Investigation (CBI), which allege major financial irregularities involving public sector banks and private institutions.
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Sources said that the ED is conducting coordinated search operations at over 35 locations across the two cities. The case centres around allegations that between 2017 and 2019, Yes Bank disbursed nearly ₹3,000 crore in unsecured loans to entities under the RAAGA group, part of the Reliance Anil Ambani Group.
According to preliminary findings, investigators have uncovered what they describe as a “well-planned and calculated scheme” to siphon off public funds. The modus operandi involved cheating banks, investors, shareholders, and public financial institutions through a combination of fraudulent loans, shell companies, and quid pro quo arrangements.
🚨🚨🚨BREAKING- ED is conducting searches at 35 premises linked to Anil Ambani RHFL, covering 50 companies and 25 individuals #AnilAmbani pic.twitter.com/JSu8o6fdAr
— Rosy (@rose_k01) July 24, 2025
Investigators claim that former promoters of Yes Bank approved large unsecured loans to RAAGA group companies shortly after receiving payments in privately held concerns—raising strong suspicions of bribery and collusion.
Red Flags in Loan Practices
The probe has flagged a series of irregular practices, including:
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Loans granted to companies with poor or unverifiable financials.
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Use of common directors and registered addresses across borrowing firms.
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Missing documentation in loan approval files.
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Diversion of funds to shell entities.
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Instances of loan evergreening, where new loans were issued to repay old debts.
Officials say these findings indicate systemic efforts to bypass regulatory scrutiny while maintaining the illusion of financial compliance.
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Bribery Allegations and Regulatory Alerts
The investigation is also focusing on the role of senior Yes Bank executives and former promoters, who are suspected of receiving personal benefits in exchange for facilitating these loans.
Multiple regulatory and financial institutions have shared independent reports with the ED. These include:
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The National Housing Bank (NHB)
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The Securities and Exchange Board of India (SEBI)
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The National Financial Reporting Authority (NFRA)
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The Bank of Baroda
SEBI has submitted a particularly damning report on Reliance Home Finance Limited (RHFL), one of the group’s flagship companies. The report notes that RHFL’s corporate loan book more than doubled from ₹3,742 crore in 2017-18 to ₹8,670 crore in 2018-19, amid significant irregularities in lending standards and fund usage.
While Anil Ambani has not been officially named as an accused, the scale and scope of the ED raids signal a major escalation in scrutiny of his business empire. Over 50 companies and 25 individuals are under the scanner.
Further action, including possible arrests or asset seizures, is likely after investigators complete their evaluation of seized documents, digital records, and bank transactions.
The case marks a renewed push by federal agencies to crack down on high-profile financial frauds and restore confidence in India’s banking system.
