On July 24, 2025, the Enforcement Directorate (ED) carried out extensive raids at over 35 locations across Mumbai and Delhi connected to industrialist Anil Ambani and companies under the Reliance Anil Dhirubhai Ambani Group (RAAGA). The raids are part of an ongoing money laundering investigation tied to an alleged ₹3,000 crore loan fraud involving Yes Bank between 2017 and 2019.
The probe stems from two FIRs filed by the Central Bureau of Investigation (CBI) and draws on inputs from multiple regulatory and financial watchdogs, including SEBI, the National Housing Bank (NHB), the National Financial Reporting Authority (NFRA), and Bank of Baroda.
According to ED sources, preliminary findings suggest a deliberate and systematic scheme to defraud banks and public institutions. The core allegation involves large unsecured loans sanctioned by Yes Bank to Ambani-linked entities, allegedly without due diligence. These loans were reportedly given to firms with weak or unverified financials, shared directors and addresses, and lacked key sanction documents. The funds were allegedly diverted through shell companies in a classic case of "loan evergreening."
The investigation has also uncovered a possible quid pro quo — with Yes Bank promoters allegedly receiving payments into personal businesses shortly before these loans were approved. Over 25 individuals connected to more than 50 firms are being questioned, and senior RAAGA executives remain under scrutiny.
SEBI has submitted reports flagging violations within Reliance Home Finance Limited (RHFL), a key RAAGA firm. RHFL’s corporate loan book nearly doubled from ₹3,742 crore in 2017-18 to ₹8,670 crore in 2018-19 — triggering concerns over hasty approvals and regulatory breaches. SEBI has already banned Anil Ambani and associated entities from the capital market for five years and imposed penalties exceeding ₹625 crore for alleged fund diversion and fraudulent practices.
Additionally, the State Bank of India (SBI) has officially classified Anil Ambani and Reliance Communications (RCom) as "fraud" accounts — a designation that dates back to 2020 but was recently reaffirmed. SBI is also preparing a fresh complaint to the CBI based on renewed findings.
While Anil Ambani’s personal residence was not part of the raid, several premises of his group companies were searched for documents and evidence.