ED Raids 35 Locations Linked to Anil Ambani’s Reliance Group in ₹3,000 Crore Loan Fraud Case
New Delhi: The Enforcement Directorate (ED) on Thursday launched a sweeping crackdown, conducting raids at 35 locations linked to the Reliance Anil Dhirubhai Ambani Group (RAAGA) in connection with an alleged ₹3,000 crore loan fraud and money laundering case.
50 Companies and 25 Individuals Under Scanner
According to ED sources, the investigation spans over 50 companies and involves more than 25 individuals, including former and current officials of the group, as well as bank executives. The agency suspects that loans taken from a private sector bank between 2017 and 2019 were diverted through a network of shell firms.
Loan Diversion Scheme Was “Well-Planned”
The ED described the alleged loan fraud as a “well-planned and structured operation” designed to siphon off public funds. Investigators claim the loan amount was misused, defrauding banks, shareholders, and public institutions.
Private Bank Promoters Also Under Investigation
Significantly, the agency revealed that just before the disbursement of the loan, promoters of the concerned bank allegedly received funds in their own entities, raising serious concerns of collusion and kickbacks. These individuals are also under investigation.
Background
The Reliance Anil Ambani Group has been under financial strain for several years, with several group companies, including Reliance Communications and Reliance Infrastructure, facing debt and insolvency proceedings.
The ED has not yet disclosed the names of the companies or individuals raided but said further action would follow based on findings from the current searches.
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