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ED raids Anil Ambani-linked firms over suspected ₹3,000 cr loan fraud
The sources further said that other agencies and institutions had also shared information with the ED, including the National Housing Bank, Securities and Exchange Board of India (SEBI), National Financial Reporting Authority (NFRA), and Bank of Baroda.
'Preliminary investigation by ED has revealed a well-planned and thought-after scheme to divert or siphon off public money by cheating banks, shareholders, investors and other public institutions. The offence of bribing bank officials, including the promoter of Yes Bank Ltd, is also under scanner,' said ED sources.
The source added that the investigation has revealed illegal loan diversion of around ₹3,000 crore from Yes Bank during 2017–19. The ED found that just before the loan was granted, the Yes Bank promoters received money in their concerns. The agency is investigating this nexus between bribes and loans.
'ED has found gross violations in Yes Bank loan approvals to RAAGA companies, such as Credit Approval Memorandums (CAMs) being back-dated and investments being proposed without any due diligence or credit analysis, in violation of the bank's credit policy,' the source noted.
The source further said that in violation of loan terms, the funds were diverted to multiple group and shell companies. 'Some red flags found by ED include: loans given to entities with weak financials; no proper documentation of loans; no due diligence; borrowers with common addresses and directors; diversion of loans to promoter group entities; evergreening of GPC loans; loans onward lent on the same date; loans disbursed on the same day as the application date; loans disbursed prior to sanction; and misrepresentation of financials,' the source added.
The SEBI is also learnt to have shared its findings with the ED in the case of Reliance Home Finance Ltd (RHFL). A dramatic rise in corporate loans by RHFL—from ₹3,742.60 crore in FY18 to ₹8,670.80 crore in FY19—is under scrutiny. Issues of irregular and expedited approvals, process deviations and several other illegalities have been flagged.
Earlier this week, the State Bank of India (SBI) classified Reliance Communications, along with promoter-director Anil D Ambani, as 'fraud', and is also in the process of lodging a complaint with the Central Bureau of Investigation (CBI), Parliament was informed on Monday. The entities were classified as fraud on 13 June 2025, in accordance with the Reserve Bank of India's Master Directions on Fraud Risk Management and the bank's board-approved policy on classification, reporting and management of frauds, Minister of State for Finance Pankaj Chaudhary said in a written reply in the Lok Sabha.
'On 24 June 2025, the bank reported classification of fraud to the RBI and is also in the process of lodging a complaint with the CBI,' he said.
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