The Enforcement Directorate (ED) has launched a massive crackdown on Anil Ambani’s Reliance Anil Dhirubhai Ambani Group (RAAGA) in connection with a suspected loan fraud totaling over ₹14,000 crore. On Thursday, the ED conducted raids at more than 35 locations across India, covering over 50 companies and 25 individuals linked to the case.

The investigation, conducted under Section 17 of the Prevention of Money Laundering Act (PMLA), centers around the illegal diversion of approximately ₹3,000 crore in loans granted by Yes Bank between 2017 and 2019. Sources indicate that bribes may have been paid to secure these loans, with alleged kickbacks routed to personal accounts of Yes Bank promoters prior to the disbursements.

The raids follow the State Bank of India's decision to classify Reliance Communications’ loan account as “fraud” and report former promoter Anil Ambani to the Reserve Bank of India. RCom has been under insolvency proceedings since June 2019.

According to the ED, the loans were issued with gross irregularities—such as backdated Credit Approval Memorandums, insufficient due diligence, and multiple violations of Yes Bank’s internal credit policies—pointing to systemic manipulation.

Additional inputs have come from regulatory bodies including SEBI, NHB, NFRA, and Bank of Baroda. The probe into money laundering, fraud, and bribery is ongoing.