Mumbai: The Enforcement Directorate (ED) on Thursday conducted simultaneous raids across Mumbai and Delhi as part of a money laundering probe involving an alleged ₹3,000 crore bank loan fraud linked to Anil Ambani group companies and Yes Bank.

According to PTI, searches were conducted at more than 35 locations, targeting premises linked with 50 companies and approximately 25 individuals under the Prevention of Money Laundering Act (PMLA). The investigation is based on two CBI FIRs, along with inputs from the National Housing Bank, SEBI, the National Financial Reporting Authority (NFRA), and Bank of Baroda.

Investigators allege that between 2017 and 2019, loans sanctioned by Yes Bank were diverted illegally.  They found that just before the loan was granted, Yes Bank promoters received money in their concerns. The ED is investigating this nexus of “bribe” and the loan.

The agency is also looking into reported irregularities in the Yes Bank loan approvals to Reliance Anil Ambani Group companies, including back-dated credit approval memorandums and investment proposals made without due diligence, violating bank credit policies.

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