On July 24, 2025, the Enforcement Directorate (ED) carried out coordinated raids across 35 locations and 50 companies associated with the Reliance Anil Ambani Group (RAAGA). The searches, held in Mumbai and Delhi, are part of a money laundering investigation into alleged ₹3,000 crore loan fraud involving Yes Bank, spanning the years 2017–2019
Alleged Scheme: Loan Diversion and Bribery
Preliminary ED findings reveal a meticulously planned scheme in which loans from Yes Bank were diverted to shell companies linked to RAAGA. Just prior to loan disbursement, funds were allegedly transferred to accounts connected with Yes Bank promoters, signaling a possible quid pro quo. Investigators also flagged back-dated credit approval documents, lack of due diligence, policy violations, and lending to financially weak firms
These irregularities raise concerns about broader systemic manipulation involving banks, shareholders, and public institutions
Multi-Agency Inputs Fueling the Investigation
Intelligence and data from several regulatory bodies—including SEBI, National Housing Bank, NFRA, and Bank of Baroda—contributed to the legal framework and guidance for the probe . Notably, SBI had earlier declared Reliance Communications and Anil Ambani as “fraud” in June 2025 before filing a related complaint with the CBI
Corporate Reaction & Market Fallout
Shares of Reliance Infrastructure and Reliance Power dropped by up to 4% following reports of the raids, signaling investor nervousness The Economic Times
RAAGA companies including R Power & R Infra issued statements affirming cooperation with authorities, denying wrongdoing, and asserting that their transactions were conducted lawfully and transparently
Why This Case Matters
- Scale & Scope: The probe covers alleged loan fraud worth ₹3,000 crore involving top-tier group entities.
- Governance Concerns: Highlights possible manipulation and misgovernance in bank-level credit approvals.
- Regulatory Momentum: Part of broader regulatory scrutiny—including a 5-year SEBI ban imposed on Ambani and 24 others in 2024 for fund diversion totaling ₹624 crore
✅ Key Takeaways
| Item | Detail |
|---|---|
| Fraud Allegation Quantum | ₹3,000 crore between 2017–2019 |
| ED Operation Scope | 35 premises, 50 companies, over 25 individuals |
| Main Offenses Under Probe | Loan diversion, bribery, back-dated approvals |
| Supporting Agencies Involved | SEBI, NHB, NFRA, Bank of Baroda, SBI, CBI |
| Corporate Response | Denial of wrongdoing and full cooperation declared |
