Mumbai
ED raids have been going on for the last 48 hours on campuses in Delhi and Mumbai, associated with Reliance Group Chairman Anil Ambani. The Enforcement Directorate has launched a search operation in more than 35 places in campuses and officers associated with Reliance Group of Reliance Group of Rs 3,000 crore suspected loan fraud and money laundering.
From 7 am on Thursday morning, ED officials were raiding several locations of Anil Ambani. Even today raids are going on in Anil Ambani’s office Reliance.
Reliance Power and Reliance Infrastructure issued a statement saying that the ED’s raid belongs to the old cases related to other companies of the group. There is no relation with those companies or cases under the purview of investigation. These complaints are related to allegations of loan rigging, bribery and fraud by RAAGA companies with public institutions. RAAGA companies refer to the institutions of Reliance Anil Ambani Group.
According to sources, several agencies including National Housing Bank, Securities and Exchange Board of India (SEBI), National Financial Reporting Authority (NFRA) and Bank of Baroda have shared information contributing to the investigation.
Officials say that just before the loan distribution, the money was received to the institutions associated with the promoters of Yes Bank. This has raised questions about possible bribery and transaction system between bank officials and borrowed firms. The ED is now investigating the alleged nexus between the promoters of Yes Bank and companies associated with Anil Ambani.
