ED raids Anil Ambani firms over loan fraud

The Enforcement Directorate (ED) on Thursday raided multiple locations in connection with loan fraud cases against companies of the Reliance Anil Dhirubhai Group chaired by Anil Ambani, people familiar with the development said.

- HT Correspondent

Officers said 35 premises of 50 companies and 25 individuals in Delhi and Mumbai were raided under the Prevention of Money Laundering Act after the agency took over two cases registered by the Central Bureau of Investigation (CBI) on September 19, 2022. They related to two separate loans given by Yes Bank to Reliance Home Finance Limited (RHEL) and Reliance Commercial Finance Ltd (RCFL). In both cases, CBI had named former Yes Bank chairman Rana Kapoor as an accused. “Preliminary investigations have revealed a well-planned and thought-after scheme to divert or siphon off public money by cheating banks, shareholders, investors, and other public institutions,” said the officer.