New Delhi/Mumbai — The Enforcement Directorate (ED) on Thursday launched an extensive crackdown on the Reliance Anil Dhirubhai Ambani Group (RAAGA) as part of an ongoing money laundering investigation. The agency conducted searches at more than 35 locations across Delhi and Mumbai, covering over 50 companies and questioning around 25 individuals in connection with the case.

The investigation is linked to a suspected loan fraud involving the disbursal of approximately ₹3,000 crore by Yes Bank to various companies under the RAAGA umbrella between 2017 and 2019. The ED’s probe is based on two FIRs registered earlier by the Central Bureau of Investigation (CBI), and has since expanded to include findings from multiple regulatory bodies such as SEBI, the National Housing Bank, Bank of Baroda, and the National Financial Reporting Authority (NFRA).

What the Probe Has Found So Far

According to officials familiar with the matter, the ED suspects a deliberate and sophisticated financial scheme involving the diversion of public funds, bribery of bank officials, and the use of shell entities to mask irregularities. One source described it as a “well-planned and thought-out scheme” to siphon off money meant for legitimate business purposes by misleading banks, investors, shareholders, and other public institutions.

The investigation has revealed that a significant portion of loans sanctioned by Yes Bank during 2017–2019 were routed to RAAGA companies, allegedly without adequate documentation or proper due diligence. Officials claim the loans were disbursed in violation of the bank’s internal credit policies, and in some cases, even before official sanctioning.

Crucially, the ED is examining an alleged quid pro quo arrangement. Just before the loans were granted to RAAGA entities, the promoters of Yes Bank are said to have received funds into their privately held firms. This pattern has raised serious questions about the involvement of senior Yes Bank officials and the nature of their association with Anil Ambani’s companies.

Red Flags and Irregularities

Among the red flags identified during the probe are loans issued to companies with weak or unverifiable financials, common addresses and directors across multiple entities, and missing documentation in loan files. There are also indications of “loan evergreening,” where new loans were used to repay older ones, masking financial stress on the balance sheets.

The ED is also examining backdated Credit Approval Memorandums (CAMs), suggesting that loan approvals may have been retroactively fabricated. Additionally, several of these loans were allegedly routed through a web of group and shell companies — a classic indicator of fund diversion.

Regulatory Reports and Financial Anomalies

Regulatory authorities have played a key role in flagging anomalies. SEBI, in particular, has raised concerns about Reliance Home Finance Limited (RHFL), one of the RAAGA companies. According to SEBI’s findings, RHFL’s corporate loan portfolio ballooned from ₹3,742 crore in FY 2017–18 to ₹8,670 crore in FY 2018–19, a dramatic surge that has drawn attention from the ED.

The National Housing Bank and NFRA have also shared relevant data with the ED, supporting the claim that there were systemic violations in loan disbursement processes. Bank of Baroda, another stakeholder in this financial web, has provided documentation that points to possible collusion and oversight failures.

SBI Labels Anil Ambani and RCom Accounts as Fraudulent

Adding to Anil Ambani’s legal troubles, the State Bank of India (SBI) has designated both Reliance Communications (RCom) and Anil Ambani himself as “fraud accounts.” This is not the first time such action has been taken — a similar declaration was made in 2020, although it was subsequently halted following a Delhi High Court order.

The renewed classification underlines the ongoing scrutiny surrounding Ambani’s financial dealings and the growing consensus among lenders and regulators about potential wrongdoing.

Anil Ambani and RAAGA Companies Under the Scanner

Anil Ambani, once one of India’s most prominent business magnates, is now facing serious allegations concerning multiple group companies. The companies reportedly involved in the current ED investigation include:

Reliance Home Finance Ltd (RHFL)
Reliance Communications Ltd (RCom)
Reliance Infrastructure Ltd
Reliance Capital Ltd
Other associated entities falling under the RAAGA umbrella

The common factor among these firms appears to be questionable financial practices, including unverified creditworthiness, opaque loan structures, and suspected diversion of funds.

Who Are the People Being Questioned?

So far, more than 25 individuals have been questioned by the ED. These include directors and financial heads of RAAGA companies, former Yes Bank executives, and other middlemen suspected of facilitating the alleged fraud. While no names have been officially released, sources suggest that a few of the bank’s former promoters are under close watch.

Anil Ambani’s Background and Current Status

Anil Ambani, the younger brother of Mukesh Ambani, chairs the Reliance Group, which saw massive expansion in the early 2000s. However, in recent years, his companies have struggled under mounting debt and market challenges. Once ranked among the richest people in the world, Anil Ambani has publicly claimed that he has minimal net worth, especially during a UK court hearing in 2020 related to a debt case.

His wife, Tina Ambani, a former actress and socialite, has not been linked to any of the ongoing investigations.

Notably, Anil Ambani comes from the Gujarati Vaishya community, traditionally associated with business and trade. While caste has not played a visible role in the probe or media coverage so far, it remains part of the broader social context of corporate India.

What Lies Ahead?

The ED’s investigation is still in its early stages, but it is already shaping up to be one of the more significant corporate financial probes in recent times. With multiple government agencies and regulators feeding information into the investigation, the scope of scrutiny is expected to widen further.

Legal experts believe that if the allegations are proven, they could lead to formal charges not only under the Prevention of Money Laundering Act (PMLA) but also under various sections of the Indian Penal Code (IPC) related to cheating, forgery, and criminal conspiracy.

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