ED raids on Anil Ambani companies

The Enforcement Directorate Thursday conducted raids at multiple locations as part of an alleged %3,000 crore worth bank loan fraud-linked money laundering case against the companies of Reliance Group chairman Anil Ambani, official sources said.

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Some more bank loans taken by these companies apart from certain alleged undisclosed foreign assets are under the scanner of the agency. More than 35 premises in Mumbai belonging to 50 companies and 25 people were searched under the Prevention of Money Laundering Act (PMLA). Some documents and computer peripherals have been recovered, they said.

The investigation is being carried out by a Delhi-based investigation unit of the ED. ED sources said they are primarily probing allegations of illegal loan diversion of around %3,000 crore, given by the Yes Bank to the group companies of Ambani between 2017-2019.

Two group companies, Reliance Power and Reliance Infrastructure, said in separate but identical regulatory filings that the ED action has had “absolutely no impact” on their business operations, financial performance, shareholders, employees, or any other stakeholders.