₹3,000 crore bank loan fraud probe: ED raids in bank loan ‘fraud’ against Anil Ambani group companies, Yes Bank Business News & Hub

The Enforcement Directorate on Thursday (July 24, 2025) conducted searches at over 35 premises, 50 companies and more than 25 persons in connection with a case against Reliance Anil Ambani Group companies, according to agency sources.

The ED probe is based on two first information reports registered by the Central Bureau of Investigation ”Other agencies and institutions also shared information with the ED, such as — The National Housing Bank, SEBI, National Financial Reporting Authority (NFRA), Bank of Baroda,” said a source.

‘Preliminary investigation by the ED has revealed well-planned and thought after scheme to divert/siphon off public money by cheating banks, shareholders, investors and other public institutions. The offence of bribing bank officials including the promoter of Yes Banks Limited is also under scanner,” the source said.

Illegal loan diversion of around ₹3,000 crore from Yes Bank (2017-2019) has been alleged. “The ED has found that just before the loan was granted, the Yes Bank promoters received money in their concerns. The ED is investigating this nexus of bribes and the loan,” said the source.

As alleged, the ED has found “gross violations in Yes Bank loan approvals to Reliance Anil Ambani Group companies, “such as, Credit Approval Memorandums (CAMs) were back-dated, Investments were proposed without any due diligence/ credit analysis in violation of Banks Credit Policy”.

“In violation of the loan terms, these loans were further diverted to many group companies and shell companies. Some red flags found by the ED include – loans given to entities with weak financials; no proper documentation of loans, no due diligence; borrowers have common addresses, common directors etc.; diversion of loans to promoter group entities.

There was alleged ever greening of GPC loans, loans onward were lent on the same date, loans were disbursed on the date of application, loans were disbursed prior to sanction, and there was misrepresentation of financials, according to the ED.

“Dramatic increase in corporate loans by RHFL(Reliance Home Finance Limited), from Rs.3,742.60 crore in FY 2017-18 to Rs. 8,670.80 crore in FY 2018-19 is also under ED lens, the source said