'Well-planned scheme to siphon off public money': ED raids Anil Ambani; bribery angle under scanner

Time of India

2 days ago

NEW DELHI: The
Enforcement Directorate
(
ED
) on Thursday conducted searches at the premises of industrialist
Anil Ambani
in connection with an ongoing money laundering investigation.
Sources told TOI that the case involves alleged laundering of approximately Rs 3,000 crore received as loans from Yes Bank between 2017 and 2019. The ED's probe is based on a CBI FIR in the Yes Bank case and centres around the financial dealings of RAAGA companies — firms under the
Reliance
Anil
Ambani
Group.
"Preliminary investigation by ED has revealed well-planned and thought after scheme to divert/ siphon off public money by cheating banks, shareholders, investors and other public institutions. The offence of bribing bank officials including promoter of Yes Banks Limited is also under scanner," sources told TOI.
"Preliminary investigation reveals illegal loan diversion of around Rs. 3000 Crores from Yes Bank (period 2017 to 2019). ED has found that just before the loan was granted, the Yes Bank promoters received money in their concerns. ED is investigating this nexus of bribe and the loan," sources added.
According to officials, multiple agencies, including the National Housing Bank, SEBI, National Financial Reporting Authority (NFRA), and Bank of Baroda, have shared relevant information with the ED.