Mumbai: The Enforcement Directorate on Thursday conducted simultaneous raids as part of an alleged Rs 3,000 crore worth bank loan fraud linked money laundering case against the companies of Reliance Group chairman Anil Ambani, official sources said.
More than 35 premises in Mumbai belonging to 50 companies and 25 persons are being searched under the Prevention of Money Laundering Act (PMLA), they said.
The investigation is being carried out by a Delhi-based investigation unit of the ED.
ED sources said they are probing allegations of illegal loan diversion of around Rs 3,000 crore, given by Yes Bank, to the group companies of Ambani between 2017 and 2019. The ED has found that just before the loan was granted, Yes Bank promoters ”received” money in their accounts, the sources claimed.
The federal probe agency is investigating this nexus of ”bribe” and the loan. The agency, according to the sources, is also probing allegations of ”gross violations” in Yes Bank loan approvals to Anil Ambani Group companies, including charges like back-dated credit approval memorandums (CAMs), investments proposed without any due diligence/credit analysis in violation of banks’ credit policy, the sources said.
The loans are alleged to have been ”diverted” to many group companies and shell companies by the entities involved. The agency is also looking at some instances of loans given to entities with weak financials, lack of proper documentation of loans and due diligence, borrowers having common addresses and common directors in their companies etc., the sources said.
The money laundering case stems from at least two CBI FIRs and reports shared by the National Housing Bank, SEBI, National Financial Reporting Authority (NFRA), and Bank of Baroda, they said.
These reports indicate, the sources said, that there was a ”well-planned and well-thought-out scheme” to divert or siphon off public money by cheating banks, shareholders, investors, and other public institutions.
It is understood that a SEBI report on Reliance Home Finance Limited (RHFL) has also formed the basis of the ED probe. According to the market regulator’s findings, an increase in corporate loans by RHFL was seen, from Rs 3,742.60 crore in FY 2017-18 to Rs 8,670.80 crore in FY 2018-19.
