Reliance Infrastructure and Reliance Power shares tumbled over 5% each in intraday trade on Thursday, July 24, after media reports surfaced about raids by the Enforcement Directorate (ED) in connection with an alleged ₹3,000-crore bank loan fraud involving Anil Dhirubhai Ambani Group companies and Yes Bank.
According to PTI, the ED conducted simultaneous searches at more than 35 premises across Mumbai and Delhi, covering around 50 companies and 25 individuals. The raids are part of a money laundering investigation under the Prevention of Money Laundering Act (PMLA).
Citing sources, PTI reported that the agency is probing allegations of illegal loan diversion between 2017 and 2019. ED officials suspect that Yes Bank promoters received funds in their related concerns just before loan disbursement to ADAG companies, indicating a possible quid pro quo or “bribe-for-loan” nexus.
Further, the ED is looking into alleged procedural violations such as backdated credit approval memorandums, investments made without due diligence, and deviations from Yes Bank’s internal credit policy.
The money laundering case is based on two CBI FIRs and inputs from multiple agencies, including SEBI, the National Housing Bank, the National Financial Reporting Authority (NFRA), and Bank of Baroda, the report added.
Anil Ambani named in fraud classification along with RCom
State Bank of India has classified Reliance Communications, along with promoter director Anil D. Ambani, as ‘fraud’ and is also in the process of lodging a complaint with CBI, Parliament was informed on Monday, as reported by PTI.
The entities were classified as fraud on June 13, 2025, in accordance with the RBI’s Master Directions on Fraud Risk Management and the bank’s Board-approved Policy on Classification, Reporting & Management of Frauds, Minister of State for Finance Pankaj Chaudhary said in a written reply in the Lok Sabha.
“On June 24, 2025, the bank reported the classification of fraud to RBI and is also in the process of lodging a complaint with CBI,” he said.
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