ED Raids 35–50 Locations Linked to Anil Ambani in ₹3,000 Cr Money-Laundering & Yes Bank Loan Fraud Probe

The Enforcement Directorate (ED) on Thursday carried out raids across 35 premises in a loan fraud case against Anil Ambani-LED Reliance Anil Dhirubhai Group companies, people aware about the matter said. They also said Yes Bank officials including the former chairman, Rana Kapoor are under the scanner.

Authorities noted the Prevention of Money Laundering Act was being used to raid more than 35 premises of 50 companies across the country accompanied by more than 25 individuals.

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The financial crimes vigilance agency has taken two cases filed by the Central Bureau of Investigation (CBI) with the cases being filed on September 19, 2022, regarding two loans of the Yes Bank to the Reliance Home Finance Limited (RHFL) and Reliance Commercial Finance Ltd (RCFL). In both the incidents, Rana Kapoor had been named by CBI.

Later, an official quoted above claimed, other bodies and authorities like National Housing Bank, SEBI, National Financial Reporting Authority (NFRA), and Bank of Baroda shared information with ED as well.

“Preliminary investigations have revealed a well-planned and thought-after scheme to divert or siphon off public money by cheating banks, shareholders, investors, and other public institutions,” said the officer. He added that “the offence of bribing bank officials, including founder of Yes Bank [Rana Kapoor] is also under scanner."

A second official said preliminary investigations have revealed “illegal loan diversion of around ₹3000 crores from Yes Bank between 2017 and 2019.”

“We have also found that just before the loan was granted, the Yes Bank promoters [Kapoor] received money in their concerns. The ED is investigating this nexus of bribe and the loan,” said the second officer.

The ED has observed gross violation in loan grants to Reliance Anil Ambani Group Companies by the Yes Bank. “Credit approval memorandums (CAMs) were back-dated, investments were proposed without any due diligence or credit analysis in violation of the bank’s credit policy,” a third officer said.

Further, “in violation of the loan terms, these loans were diverted to many group companies and shell companies”.

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Some red flags found by ED during probe include “loans given to entities with weak financials, no proper documentation, no due diligence, borrowers having common addresses, common directors, etc, and diversion of loans to promoter group entities, evergreening of loans, loans disbursed on same date as date of application, loans disbursed prior to sanction, misrepresentation of financials”, he said.

Reliance Infrastructure and Reliance Power released a separate statement, saying, “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. RCOM is undergoing Corporate Insolvency Resolution Process as per the Insolvency and Bankruptcy Code, 2016 since over 6 years. 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,” it added.

In case of RHFL, SEBI, which is the regulator of market, has also handed over their findings to ED.

According to the third officer, dramatic growth in the corporate loans by RHFL after it rose to 3,742.60 crore in FY 2017-18 and then to 8,670.80 crore in FY 2018-19 was also in ED focus.

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