On July 24, 2025, the Enforcement Directorate (ED) launched a large-scale operation targeting alleged financial misconduct involving the Reliance Anil Dhirubhai Ambani Group (ADAG) and Yes Bank. More than 35 locations across Mumbai and Delhi linked to the group were raided as part of an investigation into a suspected ₹3,000 crore Anil Ambani Loan Fraud. The ED’s action comes after the Central Bureau of Investigation (CBI) filed multiple FIRs, and several regulatory bodies including SEBI, NFRA, and the National Housing Bank flagged financial inconsistencies.
Over 50 companies and 25 individuals, including top ADAG executives, are now under the ED’s scanner. The agency alleges that loans disbursed between 2017 and 2019 were unsecured, and a significant portion of the funds were diverted through shell companies. Investigators also suspect that funds were deliberately transferred just before loan disbursals, hinting at a premeditated loan diversion strategy central to the Anil Ambani Loan Fraud.
Bribery and Manipulation at the Core of Alleged Scam
Central to the ED’s probe is the possibility of a loan-for-bribe nexus. According to internal sources, investigators have found evidence of backdated credit approvals, inadequate due diligence, and other procedural violations by Yes Bank officials. Large financial transfers were reportedly made to Yes Bank promoters just before the loan approvals—raising red flags about possible quid-pro-quo arrangements connected to the Anil Ambani Loan Fraud.
The ED believes this to be part of a deliberate scheme to siphon off public funds, misusing the banking system to benefit a select group of borrowers. Companies allegedly received loans without proper collateral, and the disbursed amounts were quickly routed through a network of shadow firms with little to no operational history.
SBI’s Fraud Alert, Market Reaction & The Road Ahead
The ED’s action follows a key development last month, when the State Bank of India declared Reliance Communications and Anil Ambani himself as fraudulent defaulters, and reported them to the Reserve Bank of India. This designation, combined with evidence gathered by SEBI and other regulators, triggered the current enforcement operation.
Markets reacted sharply to the news. Shares of Reliance Infrastructure and Reliance Power dropped by nearly 4%, reflecting investor concerns over legal and financial fallout. Meanwhile, ED sources confirm that more searches, asset seizures, and interrogations are likely in the coming weeks.
As the investigation unfolds, this case may become one of India’s most consequential corporate fraud probes—potentially reshaping how banks, borrowers, and regulators handle high-risk lending in the future.
The Enforcement Directorate’s multi-city raid into the Anil Ambani Loan Fraud involving the Anil Ambani Group and Yes Bank signals a turning point in India’s fight against large-scale financial fraud. With allegations involving bribery, procedural fraud, and fund diversion, the case is poised to test the accountability of India’s corporate lending ecosystem. As public and institutional confidence hangs in the balance, all eyes are now on the ED’s next move.
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