Mumbai (National Times): In a significant move amid growing scrutiny over financial fraud, the Enforcement Directorate (ED) on Thursday launched massive search operations at 40–50 locations linked to Reliance Group MD Anil Ambani. The raids come just days after State Bank of India (SBI) officially declared Reliance Communications and its promoter-director Anil D Ambani as “fraudulent” entities.
While Ambani’s personal residence was not searched, sources confirmed that ED teams from both Delhi and Mumbai raided premises associated with various companies under the Reliance Anil Dhirubhai Ambani Group (RAAGA).
According to official statements shared with news agency ANI, the ED initiated its probe following FIRs filed by the Central Bureau of Investigation (CBI). Multiple regulatory and financial agencies—including the National Housing Bank, SEBI, National Financial Reporting Authority (NFRA), and Bank of Baroda—have provided inputs that contributed to the widening investigation.
Allegations of Financial Misconduct and Bribery
Preliminary findings suggest a “well-planned and premeditated scheme” to siphon off public funds by deceiving banks, shareholders, investors, and public institutions. The ED is also probing allegations of bribes paid to bank officials, with particular focus on Yes Bank, whose former promoters allegedly received funds through their entities just before sanctioning high-value loans.
Investigators have uncovered back-dated credit approval memos (CAMs) and evidence of investments made without proper credit analysis or due diligence, all in alleged violation of Yes Bank’s internal lending protocols.
Implications and Growing Pressure
The ongoing raids and investigations could have wide-ranging implications for Anil Ambani, who has faced mounting legal and financial troubles in recent years. The latest action by the ED underscores the growing crackdown on corporate financial fraud and the nexus between industrial houses and banking officials.
This is not the first time Ambani’s companies have come under regulatory scrutiny. However, the declaration of fraud by SBI and the scale of the current ED operation signal a more aggressive stance by investigative agencies.
What’s Next?
While no official arrests have been made so far, ED sources indicate that the probe is likely to intensify in the coming weeks. The agency is expected to summon key officials of Reliance Group companies for questioning.
This dramatic development places Anil Ambani once again in the spotlight, raising serious questions about the financial practices of major Indian conglomerates and their ties with banking institutions.
