The Enforcement Directorate (ED) raided over 35 places in Mumbai and Delhi connected to Anil Ambani’s Reliance Group. This is part of a case involving Rs 3,000 crore in loans taken from Yes Bank between 2017 and 2019. Officials say the money may have been wrongly used and sent to fake companies. Around 50 companies and 25 people are being checked. The ED is looking into possible bribes and how the loans were given without proper checks.
Why are Anil Ambani’s companies in trouble?
ED says Yes Bank gave loans to Anil Ambani’s companies without proper checks. Some loans were given to companies with weak finances. In some cases, the loan was given even before final approval. ED also found fake documents and loans being used to cover old ones. SEBI also identified irregularities in Reliance Home Finance. Earlier, SBI had called Reliance Communications and Anil Ambani fraudulent for misusing a Rs 31,000 crore loan.