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ED Searches 35 Locations Linked to Reliance Group
Mint Bangalore
|July 25, 2025
India's financial crime-fighting agency searched 35 locations linked to Reliance Anil Ambani Group as part of an investigation into alleged money laundering and siphoning of public funds, a person in the know of the development said on Thursday.
The enforcement directorate alleges the group orchestrated a "well-planned" scheme to siphon ₹30 billion ($350 million) in loans from YES Bank to many shell companies between 2017 and 2019, the person said on the condition of anonymity, as he was not authorized to speak to the media.
Anil Ambani's Reliance group entities are accused of paying bribes to Yes Bank officials before loans were disbursed, the source said, adding that loan approvals violated the bank's processes.
Dit verhaal komt uit de July 25, 2025-editie van Mint Bangalore.
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