ED Conducts Raids in Delhi and Mumbai
The Enforcement Directorate (ED) searched several offices of industrialist Anil Ambani. These searches took place in both Delhi and Mumbai. ED officials did not visit Ambani’s personal home. The investigation involved around 35 different locations.
ED Targets Money Laundering Accusations
They are linked to the allegations that firms belonging to the Reliance Anil Ambani Group indulged in money laundering. Till date, ED officers have interrogated 25 people.
Loans from Yes Bank Under Scrutiny
As per an early report, in the period between 2017 and 2019, Ambani companies are said to have diverted loans worth ₹3,000 crore from Yes Bank. The loans were purportedly misused, the ED says. It is also suggested that Yes Bank's former promoters were bribed.
Prior Investigation Connections
In 2020, Anil Ambani had testified before the ED. It was as a part of a wider case pertaining to former Yes Bank MD Rana Kapoor. Public money is suspected to have been misused through a calculated effort by the ED.
Regulatory Body Inputs Trigger Action
The recent move comes on the basis of reports from a number of institutions. They include the National Housing Bank, SEBI, National Financial Reporting Authority, Bank of Baroda, and the rest. The CBI has also registered two FIRs in the case.
SBI Flags RCom Loan as Fraud
The ED involvement also pertains to another case. The State Bank of India (SBI) recently marked a loan availed by Reliance Communications (RCom) as fraud. This led to further ED focus.
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