Anil Ambani Raided: ED Examines More Than 35 Locations, 50 Businesses, and 25 Individuals

According to sources, the Enforcement Directorate is conducting raids on locations connected to Anil Ambani, the chairman of the Reliance Group, in Delhi and Mumbai as part of a money laundering case
Anil Ambani Raided: ED Examines More Than 35 Locations, 50 Businesses, and 25 Individuals
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This comes after the Central Bureau of Investigation (CBI) filed two formal complaints alleging widespread financial irregularities.
Sources claim that the investigating agency is searching about 35 different locations. According to the ED's preliminary inquiry, there was a "well-planned and thought-out scheme to siphon off public money by cheating banks, shareholders, investors, and other public institutions."

In order to facilitate huge unsecured loans, the accused offenses also include bribing senior bank executives, including former Yes Bank Ltd. promoters.
It is estimated that Yes Bank lent RAAGA firms, which are part of the Reliance Anil Ambani Group, over Rs 3,000 crore between 2017 and 2019. Just prior to approving the loans, the ED claimed discovered an illicit quid pro quo scheme in which Yes Bank promoters allegedly received payments in their privately held companies.
The use of common directors and addresses across several borrowing entities, loans to businesses with subpar or unverified financials, and the absence of necessary documentation in sanction files are just a few of the red flags that the investigation has identified plus routing of funds to shell entities and instances of "loan evergreening" -- where fresh loans were given to repay existing ones.

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