The Enforcement Directorate (ED) carried out raids at around 35 locations on Thursday as part of a money laundering investigation involving Anil Ambani’s Reliance Anil Dhirubhai Ambani Group. The action is connected to alleged loan fraud involving Reliance Home Finance Ltd (RHFL) and Reliance Commercial Finance Ltd (RCFL), with officials saying over 50 firms and 25 individuals are under scrutiny. Former Yes Bank chairman Rana Kapoor is also under investigation.
The ED is acting on two CBI FIRs filed in September 2022, which alleged irregularities in loans granted by Yes Bank to RHFL and RCFL. The investigation has since expanded with inputs from agencies like SEBI, the National Housing Bank, NFRA, and Bank of Baroda.
According to officials, around ₹3,000 crore in loans may have been illegally diverted between 2017 and 2019. Evidence suggests the loans were disbursed without proper checks, sometimes even before official approval, and often to shell companies with weak financials or links to the promoter group.
In response, Reliance Infrastructure and Reliance Power said the allegations relate to old transactions and that RCom is already under insolvency proceedings, while RHFL has been resolved as per a Supreme Court ruling.
