The Enforcement Directorate (ED) on Wednesday launched an expansive raid on properties linked to industrialist Anil Ambani and entities under the Reliance ADA Group, probing suspected money laundering tied to ₹3,000 crore in unsecured loans from Yes Bank.
The ED&rsquo;s multi-city operation, which includes over 35 locations in Delhi and Mumbai, comes in the wake of two FIRs filed by the Central Bureau of Investigation (CBI), which accused Reliance-linked firms of orchestrating a calculated plan to divert public funds and mislead financial institutions.
According to sources, more than 50 firms allegedly linked to the group are under the scanner. The ED has questioned 25 individuals so far and suspects that top Yes Bank officials colluded with Reliance group entities to disburse high-risk loans without adequate due diligence.
At the core of the investigation is a series of loans provided between 2017 and 2019 to RAAGA linked companies, Reliance ADA Group affiliates allegedly facilitated through&nbsp;bribes and quid pro quo arrangements involving Yes Bank promoters. Evidence suggests that the loans were sanctioned just days after personal payments were received by senior bank personnel, raising red flags of criminal conspiracy.
Preliminary findings by the ED indicate a pattern of loan evergreening, the use of shell companies, common directors, falsified documentation, and routing of funds to unrelated entities, all pointing toward a well-planned scheme to siphon public money.
Regulatory bodies including SEBI, NFRA, NHB, and the Bank of Baroda have submitted their reports to the ED. SEBI flagged critical anomalies in Reliance Home Finance Ltd., noting that its corporate loan book more than doubled in a single fiscal year, from&nbsp;₹3,742 crore in FY18 to ₹8,670 crore in FY19.
In parallel, State Bank of India (SBI) has classified Reliance Communications (RCom) and Anil Ambani himself as &ldquo;fraud accounts&rdquo;. While a similar declaration was made in 2020, subsequent court orders halted action. However, sources say that SBI has now shared updated findings with federal investigators.
Officials close to the probe reveal that several Yes Bank officials may face interrogation for allegedly accepting personal kickbacks to clear risky loans without collateral. Some of these funds are believed to have been routed through privately held firms and layered accounts, making tracking difficult without forensic assistance.
While Anil Ambani&rsquo;s Reliance Group has not officially responded to the fresh raids, previous statements have denied wrongdoing and affirmed cooperation with regulatory authorities.
The raids mark yet another high-profile financial probe involving the Reliance ADA Group and may significantly impact the conglomerate&rsquo;s reputation in capital markets. Shares of Reliance Infrastructure and Reliance Power saw mild dips amid market uncertainty.
The investigation remains ongoing, with the ED expected to summon senior executives and audit trails in the coming days.

ED Raids Anil Ambani Firms in ₹3,000 Cr Loan Probe

Reliance Group entities under ED scanner over alleged diversion of Yes Bank loans

ED Raids Anil Ambani Firms in ₹3,000 Cr Loan Probe

Reliance Group entities under ED scanner over alleged diversion of Yes Bank loans

July 24, 2025 | 16:57 IST