Mumbai, July 24: The Enforcement Directorate (ED) on Thursday launched massive raids across Mumbai and Delhi in connection with a ₹3,000 crore bank loan fraud involving Anil Ambani group companies and Yes Bank.
As per official sources, more than 35 premises linked to 50 companies and 25 individuals are being searched under the Prevention of Money Laundering Act (PMLA). The investigation focuses on suspicious loans issued by Yes Bank between 2017 and 2019, allegedly routed through shell entities and misused for illegal purposes.
ED officials said the probe uncovered a questionable nexus where Yes Bank promoters received funds in related concerns shortly before large loans were sanctioned to the Anil Ambani group. The agency suspects bribes were paid in exchange for backdated credit approvals and loan clearances issued without proper due diligence, in clear violation of banking norms.
The case is based on CBI FIRs and findings from regulatory bodies including SEBI, the National Housing Bank, Bank of Baroda, and the National Financial Reporting Authority (NFRA).
The raids are seen as a key development in the government’s crackdown on high-profile financial crimes and corporate loan defaults.
Further details are awaited as investigations continue. (Agencies)
