ED conducts pan-India raids in Yes Bank loan fraud linked to Anil Ambani Group

Mumbai: The Enforcement Directorate (ED) on Thursday launched extensive searches across the country in connection with the Yes Bank loan fraud case, targeting multiple properties linked to a prominent Mumbai-based industrialist. Around 40 locations were searched simultaneously by ED teams from Delhi and Mumbai, including the industrialist's personal residence.

The raids focused on offices of companies under the Reliance Anil Dhirubhai Ambani Group (ADA Group), as part of a larger money laundering probe.

Official sources confirmed the operation is directly linked to the ongoing probe into the Yes Bank loan fraud case, alongside other financial investigations concerning companies under the industrialist's Reliance Anil Dhirubhai Ambani Group (ADA Group) umbrella.

The searches specifically focused on offices of ADA Group companies.The action was based on inputs from multiple agencies, including the Securities and Exchange Board of India (SEBI), the National Housing Bank (NHB), the National Financial Reporting Authority (NFRA), Bank of Baroda, and two separate Central Bureau of Investigation (CBI) First Information Reports (FIRs).

At the centre of investigation is the alleged illegal diversion of approximately Rs 3,000 crore in loans sanctioned by Yes Bank between 2017 and 2019. Officials suspect the funds were channeled through entities linked to the bank’s promoters before reaching ADA Group companies. Reliance Home Finance Ltd (RHFL), in particular, is under scrutiny for a sharp jump in loan disbursals, from Rs 3,742.6 crore in FY18 to Rs 8,670.8 crore in FY19.

The ED is also examining possible bribery links involving former Yes Bank officials and the suspected role of ADA Group executives. Several senior personnel are reportedly being questioned. No official statement has been issued yet.

The raids come weeks after the State Bank of India (SBI) declared both the industrialist and Reliance Communications (RCom) as "fraud" accounts under RBI norms. On June 13, 2025, SBI formally reported the matter to the central bank and is preparing to file a complaint with the CBI.

RCom, currently undergoing Corporate Insolvency Resolution Process (CIRP), owes SBI Rs 2,227.64 crore in principal and an additional Rs 786.52 crore in guarantees. The bank has also initiated personal insolvency proceedings against the industrialist.