NEW DELHI: The Enforcement Directorate ( ED ) on Thursday launched a large-scale search operation as part of its ongoing money laundering investigation linked to the Reliance Anil Ambani Group (RAAGA) companies.
The operation covered 35 premises, involved 50 companies, and targeted over 25 individuals connected to the case, as per ANI.
Sources told TOI that the case involves alleged laundering of approximately Rs 3,000 crore received as loans from Yes Bank between 2017 and 2019. The ED's probe is based on a CBI FIR in the Yes Bank case and centres around the financial dealings of RAAGA companies — firms under the Reliance Anil Ambani Group.
"Preliminary investigation by 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 promoter of Yes Banks Limited is also under scanner," sources told TOI.
"Preliminary investigation reveals illegal loan diversion of around Rs. 3000 Crores from Yes Bank (period 2017 to 2019). ED has found that just before the loan was granted, the Yes Bank promoters received money in their concerns. ED is investigating this nexus of bribe and the loan," sources added.
According to officials, multiple agencies, including the National Housing Bank, SEBI, National Financial Reporting Authority (NFRA), and Bank of Baroda, have shared relevant information with the ED.
Officials told ANI that “ED has found gross violations in Yes Bank loan approvals to RAAGA companies,” including backdated Credit Approval Memorandums, lack of due diligence, and breaches of the bank’s credit policies. The loans were allegedly diverted to multiple group and shell companies.
Red flags identified include loans to entities with weak financials, shared addresses and directors, poor documentation, and evergreening of loans.
Officials also noted, “SEBI is also learnt to have shared its findings with ED in the case of RHFL.”
The operation covered 35 premises, involved 50 companies, and targeted over 25 individuals connected to the case, as per ANI.
Sources told TOI that the case involves alleged laundering of approximately Rs 3,000 crore received as loans from Yes Bank between 2017 and 2019. The ED's probe is based on a CBI FIR in the Yes Bank case and centres around the financial dealings of RAAGA companies — firms under the Reliance Anil Ambani Group.
"Preliminary investigation by 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 promoter of Yes Banks Limited is also under scanner," sources told TOI.
"Preliminary investigation reveals illegal loan diversion of around Rs. 3000 Crores from Yes Bank (period 2017 to 2019). ED has found that just before the loan was granted, the Yes Bank promoters received money in their concerns. ED is investigating this nexus of bribe and the loan," sources added.
According to officials, multiple agencies, including the National Housing Bank, SEBI, National Financial Reporting Authority (NFRA), and Bank of Baroda, have shared relevant information with the ED.
Officials told ANI that “ED has found gross violations in Yes Bank loan approvals to RAAGA companies,” including backdated Credit Approval Memorandums, lack of due diligence, and breaches of the bank’s credit policies. The loans were allegedly diverted to multiple group and shell companies.
Red flags identified include loans to entities with weak financials, shared addresses and directors, poor documentation, and evergreening of loans.
Officials also noted, “SEBI is also learnt to have shared its findings with ED in the case of RHFL.”
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