New Delhi, July 24, 2025 : The Enforcement Directorate (ED) on Thursday launched a massive crackdown across 35+ locations linked to Anil Ambani’s Reliance Group (RAAGA Companies) in connection with a ₹3,000 crore money laundering case.
The searches—carried out under Section 17 of the Prevention of Money Laundering Act (PMLA)—span over 50 companies and 25 individuals, as part of a probe built on CBI FIRs and inputs from SEBI, NHB, NFRA, and Bank of Baroda.
Allegations & Findings:
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Fraudulent diversion of public funds from Yes Bank between 2017–2019, with loans worth nearly ₹3,000 crore issued to shell and promoter-linked companies.
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Evidence suggests bribery and quid pro quo involving Yes Bank promoters.
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CAMs (Credit Approval Memorandums) were allegedly backdated, and loans disbursed without due diligence, violating core banking norms.
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Red flags include:
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Loans to financially weak or connected entities
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Common directors/addresses across borrowers
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“Evergreening” of loans to hide defaults
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Funds diverted to promoter group firms
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Misrepresented financial statements
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RHFL Under Lens:
The ED is also probing Reliance Home Finance Ltd (RHFL), following SEBI’s alerts about corporate loan surges from ₹3,742.60 crore in FY18 to ₹8,670.80 crore in FY19, amid irregular loan approvals and documentation lapses.
A senior ED official called it a “systematic scheme to cheat banks, shareholders, and financial institutions” using layered transactions and shell firms.
This is one of the largest enforcement actions by ED in recent years involving a top industrial house and could widen further as digital and financial evidence is examined.
