ED raids 35 locations linked to Anil Ambani's Reliance Group in Rs 3,000 crore money laundering probe
(You can now subscribe to our
(You can now subscribe to our Economic Times WhatsApp channel
The Enforcement Directorate (ED) on Thursday launched a large-scale search operation at premises linked to RAAGA companies (Reliance Anil Ambani Group Companies) or the Reliance Group (ADAG) as part of its ongoing investigation into alleged money laundering offences, sources told The Economic Times.Searches are currently underway at 35 locations, covering over 50 companies and more than 25 individuals, under Section 17 of the Prevention of Money Laundering Act (PMLA). Notably, the Mumbai residence of businessman Anil Ambani is not part of the search operation, sources clarified.The Reliance Group (ADAG) did not respond immediately to requests for comment.Several investigative agencies, including the Central Bureau of Investigation (CBI), Income Tax Department, and the Securities and Exchange Board of India (SEBI), are reportedly probing companies linked to Anil Ambani for various alleged financial irregularities. The ED is also investigating Ambani in a separate case under the Foreign Exchange Management Act (FEMA) for suspected foreign exchange violations.According to sources, the current ED investigation has been initiated based on inputs received from multiple institutions, including the National Housing Bank, SEBI, the National Financial Reporting Authority (NFRA), and the Bank of Baroda At the heart of the investigation is an alleged fraud involving Yes Bank Ltd , where the ED has uncovered evidence pointing to a diversion of approximately ₹3,000 crore in loans between 2017 and 2019. ED's probe suggests that just before these loans were disbursed, Yes Bank promoters received money in their affiliated entities, indicating a possible quid pro quo arrangement.The ED has reportedly found serious violations in the loan approval process, including backdated Credit Approval Memorandums (CAMs), lack of due diligence, and non-compliance with internal bank credit policies. Loans were allegedly disbursed without proper credit analysis and were subsequently routed to shell companies and group entities, violating the terms of the loan agreements.Among the red flags cited by investigators include loans sanctioned to companies with poor financial health, use of common directors and addresses among borrower entities , loans disbursed on the same day as the application. Also, loans disbursed before formal approvals? evidence of 'evergreening' through onward lending and misrepresentation of financials and lack of documentation and due process, sources explained .SEBI has reportedly shared its findings regarding Reliance Home Finance Ltd. (RHFL) with the ED. One red flag involved a sharp surge in corporate loans, from ₹3,742.60 crore in FY 2017–18 to ₹8,670.80 crore in FY 2018–19.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
32 minutes ago
- Time of India
RBI governor debunks 'dead eco' remark, flags tariff risks
MUMBAI: on Wednesday dismissed 's comment that India is a "dead economy", highlighting the country's strong growth contribution to the world. "I am not the right person to react to the US President," governor Sanjay Malhotra said, adding that India's growth was "robust at 6.5% versus 4% for the world. Tired of too many ads? go ad free now " He noted: "We are contributing about 18% to the total global growth which is more than US where the contribution is expected to be much lesser, I think about 11% or something. So we are doing very well and we will continue to further improve." Malhotra said some of the impact of US tariff measures had been built into the RBI's revised growth forecast, cut to 6.5% from 6.7% in its previous policy. "However, there is still a lot of uncertainty and it's very difficult to predict the impact going forward," he said, adding that the central bank would "continue to monitor macroeconomic conditions policy-to-policy and take a call accordingly". He pointed out that India is "less dependent on the outside insofar as inflation is concerned" and did not expect a major impact "unless there are retaliatory measures, which I do not foresee". Responding to a question on impact of moving away from Russian oil purchases, Malhotra said: "We source oil from many countries. If the mix changes, the impact on prices will depend on global crude prices and how much of that change is absorbed by the govt through excise duties and other tariffs. We do not see any major impact on inflation at this stage, as the govt is likely to take appropriate fiscal measures in case of any arising shock. " Beyond interest rate changes, Malhotra said RBI had acted "on prudential regulation and Fema to ease business and trade" and would "continue to act as needed". Stay informed with the latest business news, updates on bank holidays and public holidays.
Time of India
an hour ago
- Time of India
ED questions close aides of Anil Ambani
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel NEW DELHI: The Enforcement Directorate (ED) on Wednesday quizzed Amitabh Jhunjhunwala , a former close aide of Anil Ambani , and Sateesh Seth , a confidante of the industrialist, in connection with its probe into alleged money laundering in a Rs 17,000 crore bank loan fraud case The duo was questioned for several hours on Wednesday, people in the know told ET. The agency primarily focused on "data extraction" pertaining to the alleged loan fraud. The two have been summoned by the agency for further questioning this week, the people Tuesday, the agency questioned Anil Ambani for over nine hours. He has sought seven days to furnish documents pertaining to ED's queries. The agency will summon the 66-year-old industrialist again after recording the statements of the credit committee members of banks that had given loans to his Reliance Group companies, ET reported on was the first to report about the ED summoning Anil Ambani as well as Jhunjhunwala and Seth for agency will seek details from the bank officials on the action initiated by them, if any, against Anil Ambani's companies that failed to repay the loans, ET had reported. About Rs 17,000 crore of loans that nearly 20 private and public sector banks, including Yes Bank ICICI Bank and HDFC Bank had given to Reliance Home Finance Ltd , Reliance Commercial Finance and RCOM had turned non-performing. The ED is investigating alleged laundering of the loan proceeds.
Time of India
an hour ago
- Time of India
Actor Vijay Deverakonda appears before Enforcement Directorate sleuths, claims he promoted gaming platform, not betting app
Hyderabad: Actor Vijay Deverakonda on Wednesday claimed that the app (application) he endorsed is not a betting one, but a gaming app, which is a legal and skill-based platform. Speaking to the media after appearing before Enforcement Directorate (ED) officials in connection with the ongoing investigation into the illegal betting app case, Vijay Deverakonda said: 'I endorsed a gaming app, A23. There is no link with the betting app. Gaming apps are completely legal and recognised by govt agencies and are licensed. These entities pay GST and TDS.' ED officials, who found that he received Rs 4 crore from the apps, questioned him about the remuneration he received for promoting the platform. The questioning of the actor is part of a broader probe involving several celebrities who endorsed the app, which is under the scanner for money laundering and illegal operations. You Can Also Check: Hyderabad AQI | Weather in Hyderabad | Bank Holidays in Hyderabad | Public Holidays in Hyderabad ED is now examining whether the app is legal or not. If found illegal, action might be initiated against the actor. ED had registered a Prevention of Money Laundering Act (PMLA) case based on the predicate offence booked by the Telangana police. 'Various statements by govts have recognised these gaming apps. A23 is a gaming app similarly recognised. If you search Google for top gaming apps, you will get results like A23, My11Circle, NPL and so on. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Emergency Generators in Montevideo: (Prices May Surprise You) Emergency Generator | Search Ads Search Now Undo These are registered gaming apps. They sponsor the Indian cricket team and the Olympic team. They are also official sponsors for the women's cricket team. They sponsor the kabaddi league and the volleyball league. They are completely legal entities. If someone is sponsoring the Olympic team, they must be legally authorised. Agencies and media should distinguish between gaming apps and betting apps,' he added. 'ED has called me without knowing about it. I have clarified. I have given them all the financial documents, transactions and account details they asked for. These apps are geo-locked. In Telangana, A23 is geo-locked and it won't open. Certain state govts allow it, while others won't allow it. ED has asked me about contract details also — I furnished them. They were satisfied,' he said. 'If there is anything further, I will let you know,' he said, adding 'whether it is right or wrong, the Supreme Court or the state govt will decide.' Meanwhile, actors Daggubati Rana and Manchu Lakshmi are scheduled to appear before ED in connection with the case next week. Skill-based gaming apps involve games where skill predominates, like fantasy sports. Indian courts, including those in Bombay and Punjab & Haryana, have ruled that such games do not constitute gambling under law. Betting and gambling apps, on the other hand, rely on chance-based wagering and fall under state gambling laws, which often prohibit them. In Telangana and Andhra Pradesh, there is a ban on all real-money online gaming, including skill games. Despite the ban, consumer surveys report 96% awareness of illegality, yet continued participation via offshore apps, VPNs, and proxy platforms, raising concerns about enforcement and public risk.
