(Image source from: ETMarkets.com)
The Enforcement Directorate searched many places in Mumbai linked to Anil Ambani on Thursday, July 24, shortly after the State Bank of India called him a fraud account holder. They are checking around 35 places, 50 businesses, and over 25 people based on the rules against moving dirty money. According to ANI, using information from ED sources, "After the CBI filed initial reports, the ED started looking into the possible money moving activity involving RAAGA Companies (Reliance Anil Ambani Group Companies). Other groups and people, like the National Housing Bank, SEBI, National Financial Reporting Authority (NFRA), and Bank of Baroda also gave information to the ED." “The ED's first looks show there was a careful plan to take public money by tricking banks, shareholders, investors, and other public groups. The issue of bribing bank workers, including the Person in Charge of Yes Bank Limited, is also being checked.”
“The check also points to a claimed illegal movement of about Rs 3000 crore in loans from Yes Bank during the years 2017 to 2019. The ED found that right before the loans were approved, Yes Bank leaders are thought to have gotten money in their accounts. The ED is checking this link between bribes and loans. They found serious errors in the loan approvals for RAAGA companies at Yes Bank, like dating Credit Approval Memorandums (CAMs) back and plans for investments without any full checks or credit study against the Bank's Credit Policy, among other things”. “In this way, over 35 places, 50 businesses, and more than 25 people are part of the search started today by the ED under section 17 of the rules against moving dirty money,” other sources said.
At the same time, the State Bank of India called Reliance Communications and its main leader Anil D Ambani a ‘fraud’ and is getting ready to file a complaint with the CBI, as was said to Parliament on Monday. Minister of State for Finance Pankaj Chaudhary said in a written answer in the Lok Sabha that these groups were called frauds on June 13, 2025, based on the RBI's main rules on fraud risk handling and the plan approved by the Bank's Board about Sorting, Reporting, and Handling Frauds. “On June 24, 2025, the bank told RBI about the fraud type and is also moving ahead with a complaint to the CBI,” he said. Also, on July 1, 2025, following rules about sharing details, the Person in Charge of RCom told the Bombay Stock Exchange about the fraud type given by the bank. He said that SBI's credit risk in RCom is an unpaid fund-based amount of Rs 2,227.64 crore, along with interest and costs from August 26, 2016, and a non-fund-based Bank Promise of Rs 786.52 crore.
