ED raids Anil Ambani group companies in Yes Bank loan 'fraud' case
Preliminary investigation by ED has revealed a well-planned and thought-out scheme to divert/siphon public money by cheating banks, shareholders, investors and other public institutions
The Enforcement Directorate (ED) on Thursday (July 24) conducted simultaneous raids as part of a money laundering investigation linked to an alleged bank loan fraud of Rs 3,000 crore against Anil Ambani group companies and Yes Bank.
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More than 35 premises in Mumbai and Delhi of 50 companies and about 25 persons are being searched under the Prevention of Money Laundering Act (PMLA), official sources said.
FIRs by CBI
Subsequent to filing of FIRs by CBI, ED started investigating the alleged offence of Money Laundering by RAAGA Companies (Reliance Anil Ambani Group Companies). Other agencies & institutions also shared information with ED, such as, The National Housing Bank, SEBI, National Financial Reporting Authority (NFRA), Bank of Baroda, they said.
Preliminary investigation by ED has revealed a well-planned and thought-out scheme to divert/siphon public money by cheating banks, shareholders, investors and other public institutions. The offence of bribing bank officials including Promoter of Yes Banks Limited, is also under scanner, they added.
ED sources said they are probing allegations of illegal loan diversion of around Rs 3,000 crore from Yes Bank between 2017 and 2019.
Nexus of 'bribe'
The ED has found that just before the loan was granted, Yes Bank promoters received money in their concerns, the sources said.
The agency is investigating this nexus of "bribe" and the loan.
The federal agency is probing allegations of "gross violations" in Yes Bank loan approvals to Reliance Anil Ambani Group companies, such as back-dated credit approval memorandums (CAMs), investments proposed without any due diligence/credit analysis in violation of banks credit policy, the sources said.
The money laundering case stems from at least two CBI FIRs and reports shared by the National Housing Bank, SEBI, National Financial Reporting Authority (NFRA) and Bank of Baroda, they said.