Anil Ambani's Reliance Power responds after ED raids 35 sites in Rs 3,000 Cr money laundering probe
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.
Responding to the development, Anil Ambani's
Reliance Power
said, the actions have absolutely no impact on the business operations, financial performance, shareholders, employees, or any other stakeholders of the company.
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"The media reports appear to pertain to allegations concerning transactions of
Reliance Communications
Limited (RCOM) or Reliance Home Finance Limited (RHFL) which are over 10 years old. It is clarified that Reliance Power is a separate and independent listed entity with no business or financial linkage to RCOM or RHFL."
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RCOM is undergoing Corporate Insolvency Resolution Process as per the Insolvency and
Bankruptcy
Code, 2016 since over 6 years., the company said.
"RHFL has been fully resolved pursuant to the judgment of the Hon'ble Supreme Court of India. Similar allegations as those set out in the media reports are sub-judice and pending before the Hon'ble Securities Appellate Tribunal, as per publicly available information. "
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ED raids nearly 50 sites linked to Anil Ambani in Rs 3,000 cr Yes Bank loan fraud probe
"Further,
Anil Ambani
is not on the Board of Reliance Power. Accordingly, any action taken against RCOM or RHFL has no bearing or impact on the governance, management, or operations of Reliance Power."
ED alleged that the group orchestrated a 'well-planned' scheme to siphon off bank loans from
YES Bank
worth Rs 3,000 Crore between 2017 and 2019 to many shell companies, the source said on condition of anonymity, as he is not authorised to speak to the media.
Anil Ambani's Reliance group entities are accused of paying bribes to YES Bank officials before loans were disbursed, the source said, adding that loan approvals violated the bank's processes.
Several group firms of Anil Ambani have gone into bankruptcy since 2017.
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Reliance Infra, Reliance Power shares drop up to 4% after ED raids sites linked to Anil Ambani
YES Bank, from which Anil Ambani group firms had borrowed heavily, was declared insolvent in 2020 and rescued by a group of Indian lenders in a plan approved by the central bank. Japan's Sumitomo Mitsui Banking Corp is seeking a 20% stake in a deal that has yet to get regulatory approval.
The probe also found gross violations in YES Bank's loan approval process, such as lending to companies with weak financials, backdating credit memos, "evergreening" loans - issuing fresh loans to avoid labelling assets as nonperforming - and misrepresenting financials.
YES Bank's former promoter, Rana Kapoor, was charged with bank fraud by the financial crime agency in 2020 and later arrested. He pleaded not guilty and was granted bail in 2024 by a special court in India's financial capital of Mumbai.
Anil Ambani's group entities have been subject to several regulatory actions in recent years. In August 2024, the markets regulator SEBI barred Anil Ambani and 24 others from securities markets for five years, citing fund diversion from Reliance Home Finance.
Shares of Reliance Infrastructure and Reliance Power fell as much as 5% on Thursday after the news of the latest probe circulated.
(With agency inputs)
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