Overview

• Over 35 premises, 50 companies and 25 individuals tied to the Reliance Anil Ambani Group were searched under the Prevention of Money Laundering Act.
• The probe centers on an alleged ₹3,000 crore diversion of Yes Bank loans to RAAGA entities between 2017 and 2019 that routed funds through shell companies.
• Preliminary ED findings cite backdated credit approval memorandums, absent due diligence, evergreening practices and suspected payments to Yes Bank promoters.
• The investigation builds on two Central Bureau of Investigation FIRs and evidence provided by SEBI, the National Housing Bank, NFRA and Bank of Baroda.
• State Bank of India’s fraud designation of Anil Ambani and Reliance Communications has prompted preparations for a formal CBI complaint.