ED Raids Anil Ambani's Premises In Mumbai, Delhi

The Enforcement Directorate on Thursday searched properties linked to Anil Ambani in Mumbai and Delhi over alleged money laundering, according to people familiar with the matter.

The agency carried out operations at more than 35 premises connected to Reliance Home Finance Ltd., covering around 50 companies and 25 individuals, the people said, adding that the searches were conducted under Section 17 of the Prevention of Money Laundering Act.

The action is linked to an ongoing probe into suspected diversion of loans sanctioned between 2017 and 2019, the sources said. Authorities are looking into whether funds were routed through shell companies and promoter-linked entities, in violation of the lending terms.

The ED is examining if bribes were paid to bank officials, including the founders of Yes Bank, and whether money was received by promoters even before loans were granted, NDTV reported quoting sources. The agency is also looking into a significant rise in corporate loan disbursals by RHFL between April 2017 and March 2019. Funds from Yes Bank loans were allegedly further diverted to group and shell firms, the reported quoted sources as saying.

Market regulator SEBI is also learnt to have shared its findings with ED in connection with the Reliance Home Finance case.