ED searches premises of Anil Ambani in connection with money laundering investigation

The Enforcement Directorate (ED) on Thursday conducted searches at the premises of industrialist Anil Ambani in connection with an ongoing money laundering investigation.

According to the reports, the case involves alleged laundering of approximately Rs 3,000 crore received as loans from Yes Bank between 2017 and 2019.

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The ED’s probe is based on a CBI FIR in the Yes Bank case and centres around the financial dealings of
Reliance Anil Ambani Group (RAAGA) companies.

Over 35 premises in Mumbai and Delhi of 50 companies and about 25 people are being searched under the Prevention of Money Laundering Act (PMLA), the report said.

The ED is probing allegations of illegal loan diversion of around Rs 3,000 crore from Yes Bank between 2017 and 2019.

The ED has found that just before the loan was granted, Yes Bank promoters received money in their concerns.

Multiple agencies, including the National Housing Bank, SEBI, National Financial Reporting Authority (NFRA), and Bank of Baroda, have shared relevant information with the ED.

Recently, Minister of State for Finance Pankaj Chaudhary had stated in Parliament that the State Bank of India (SBI) has classified Reliance Communications Limited (RCOM), along with Promoter Director Anil Ambani, as “Fraud” in accordance with the Reserve Bank of India’s Master Directions on Fraud Risk Management and the bank’s board-approved policy on Classification, Reporting & Management of Frauds.

The bank is now in the process of filing a complaint with the Central Bureau of Investigation (CBI), the minister has informed.