Anil Ambani Raided: Inside the ₹3,000 Crore Yes Bank Scandal

You’ve probably seen the headlines buzzing, and let me tell you, it's a big deal. The Enforcement Directorate, or ED, has launched a massive series of raids on premises linked to industrialist Anil Ambani across both Delhi and Mumbai. This isn't just a routine check-in; it's a full-blown investigation into a complex money laundering case with some staggering numbers attached.

Key Highlights

• ✓ The Enforcement Directorate (ED) raided nearly 35 premises linked to Anil Ambani in Delhi and Mumbai.
• ✓ The investigation centers on an alleged money laundering scheme involving around ₹3,000 crore in loans from Yes Bank.
• ✓ The ED alleges a "well-planned scheme to siphon off public money" and is probing a bribery angle involving senior bank officials.
• ✓ The State Bank of India (SBI) has officially classified Anil Ambani and his company, Reliance Communications (RCom), as "fraud" accounts.
• ✓ Multiple agencies, including SEBI and the National Financial Reporting Authority (NFRA), are sharing information with the ED.

A Coordinated Strike: What We Know About the Raids

This operation is sweeping. We're talking about search operations at nearly 35 locations, with some reports mentioning up to 50. The investigation is digging into the records of over 50 companies and has involved questioning more than 25 individuals. It’s clear the ED is casting a wide net to understand the full scope of what they believe is a major financial irregularity.

This whole probe didn't just pop up overnight. It's rooted in two First Information Reports (FIRs) filed by the Central Bureau of Investigation (CBI), which pointed to large-scale financial issues. The ED's involvement is to follow the money trail under the Prevention of Money Laundering Act (PMLA), and what they've uncovered so far is pretty damning.

According to sources close to the investigation, the preliminary findings point to a "well-planned and thought-out scheme to siphon off public money." The alleged wrongdoing isn't just about shuffling funds; it’s about cheating banks, investors, shareholders, and other public institutions on a massive scale.

💡 What's Interesting: The ED is investigating a potential "nexus of bribe and loan." They've found evidence that just before the massive loans were granted, the promoters of Yes Bank allegedly received payments into their own privately held companies.

The Heart of the Matter: The Yes Bank Connection

So, what's at the core of all this? It boils down to a massive amount of money loaned out by Yes Bank. Between 2017 and 2019, the bank allegedly disbursed approximately ₹3,000 crore in loans to what are being called "RAAGA companies"—entities that fall under the Reliance Anil Ambani Group. This is where the story gets really tangled.

The ED suspects an illegal quid pro quo arrangement. Essentially, the allegation is that senior officials and promoters at Yes Bank received personal payments or benefits in exchange for approving these huge, unsecured loans. This isn't just bad business; if proven, it's straight-up bribery and corruption, which is a major focus of the investigation.

Red Flags Everywhere

When investigators started digging, they found a trail of red flags that would make any auditor's head spin. The loan approvals to the RAAGA companies were allegedly riddled with violations of standard banking policies. For example, some Credit Approval Memorandums (CAMs), which are crucial documents for loan sanctioning, were reportedly back-dated.

Other serious issues have come to light. Loans were reportedly issued to companies with poor or completely unverified financial health. There was a suspicious use of common directors and addresses across multiple borrowing entities, a classic tactic to obscure ownership and control. On top of that, essential documentation was often missing from the loan files, and there’s evidence that funds were routed through shell entities. They even found instances of "loan evergreening," a practice where new loans are given just to repay old, struggling ones, kicking the can down the road and hiding the true extent of the problem.

A Multi-Agency Probe and the SBI "Fraud" Tag

This investigation isn't happening in a vacuum. The ED is getting help from several other regulatory and financial bodies that have been looking into the group's activities. The National Housing Bank (NHB), the Securities and Exchange Board of India (SEBI), the National Financial Reporting Authority (NFRA), and even Bank of Baroda have all shared their findings with the ED.

One particularly damning piece of evidence comes from a SEBI report on Reliance Home Finance Limited (RHFL), another group company. The report highlighted some serious irregularities, pointing out that the firm's corporate loan portfolio nearly doubled in a single year—from ₹3,742 crore in FY 2017-18 to a staggering ₹8,670 crore in FY 2018-19. That kind of rapid expansion often raises red flags for regulators.

But the story doesn't end there. In a huge development, the State Bank of India (SBI) has officially classified Reliance Communications (RCom), another of Ambani's companies, and Anil Ambani himself as "fraud" accounts. This isn't the first time; SBI had done the same thing back in November 2020 and even filed a complaint with the CBI in January 2021. However, a Delhi High Court order forced a status quo, and the complaint was withdrawn. The fact that SBI is re-classifying the account as fraud and is once again in the process of lodging a complaint with the CBI is a major escalation.

The numbers involved with SBI alone are substantial. The bank's credit exposure to RCom includes a principal outstanding amount of ₹2,227.64 crore, plus accrued interest, and a non-fund-based Bank Guarantee of ₹786.52 crore. This move by India's largest public sector bank adds significant weight to the allegations swirling around the group.

Conclusion

So, where does this all leave us? The ED raids on Anil Ambani and his companies are clearly part of a deep, multi-agency investigation into what appears to be a highly complex financial web. The allegations are incredibly serious, ranging from a "well-planned scheme" to siphon off thousands of crores in public money to bribing bank officials for favorable loans.

The connection to the Yes Bank saga and the formal "fraud" classification by SBI paint a very grim picture. With so many agencies involved and a mountain of alleged irregularities, this is a story that is far from over. It's a stark reminder of the intricate connections between corporate lending, regulatory oversight, and the potential for massive financial wrongdoing.