The Enforcement Directorate (ED) conducted raids on multiple premises linked to industrialist Anil Ambani’s group companies in Mumbai, days after the State Bank of India (SBI) declared Reliance Communications and its promoter as ‘fraud’.
While Ambani’s personal residence remained untouched, ED teams from Delhi and Mumbai searched offices tied to Reliance Anil Dhirubhai Ambani Group (RAAGA), probing suspected money laundering and financial irregularities.
The crackdown stems from inputs provided by multiple institutions, including SEBI, NFRA, the National Housing Bank, and Bank of Baroda, alongside two FIRs filed by the CBI. The ED suspects a deliberate scheme to divert public funds, potentially misleading banks, shareholders, and public institutions.
A key focus of the probe is the alleged misuse of loans worth ₹3,000 crore granted by Yes Bank between 2017 and 2019. Officials noted suspicious fund transfers to entities linked to the bank’s promoters prior to loan disbursement to Ambani’s companies.
Adding to the gravity, SBI recently flagged Reliance Communications and Anil Ambani under RBI’s fraud risk management guidelines. The bank’s financial exposure to RCom includes a principal amount of ₹2,227.64 crore and ₹786.52 crore in bank guarantees. SBI has also initiated personal insolvency proceedings against Ambani.
The developments mark a significant escalation in regulatory scrutiny, raising pressing questions about corporate governance and financial accountability in high-profile business empires.
