Today on July 24, 2025, the Enforcement Directorate (ED) carried out raids at more than 35 locations and more than 50 companies in Mumbai and Delhi. Over 25 people have been questioned till now as per ANI reports. These raids were part of an investigation into a suspected ₹3,000 crore bank loan fraud involving companies from the Anil Ambani group (known as Reliance Anil Dhirubhai Ambani Group or RAAGA) and Yes Bank.
The investigation is based on two earlier FIRs filed by the CBI and reports from regulators like:
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SEBI (Securities & Exchange Board of India)
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National Housing Bank
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Bank of Baroda
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National Financial Reporting Authority
What is the case?
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Yes Bank gave out loans worth around ₹3,000 crore to companies linked to Anil Ambani’s group between 2017 and 2019. Yes Bank may have broken its own rules while approving these loans.
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According to the ED, these loans were approved illegally , without proper checks and in violation of bank policies. Internal documents like Credit Approval Memorandums (CAMs) were allegedly backdated.
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The ED believes that a big part of these loans around ₹3,000 crore was illegally diverted to other group or shell companies (which are fake or inactive firms used to hide money).
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According to the ED, just before the loans were approved, money was allegedly sent to companies linked to Yes Bank’s promoters, which raises serious doubts of bribery or corruption. It is suspected that in return for giving the loans, they received money through private channels.
- Investments were made without proper analysis or due diligence, which violates banking standards.
How was the fraud done?
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Loans were given to companies with poor financial health.
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Some loans were sanctioned and disbursed on the same day—even before formal approval.
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Many companies involved had common addresses or directors, raising suspicion.
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False financial documents were allegedly used.
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The money was “evergreened” – meaning new loans were used to repay old ones to hide bad debts.
The ED believes this was a planned scam to misuse loan money and cheat banks, investors, and the public. The investigation is ongoing and may widen as more details emerge. Anil Ambani is suspected of having bribed Yes Bank officials to secure the approval of loans for his group companies. Other banks like Canara Bank and Bank of Baroda also gave loans to these Anil Ambani group companies, which are being looked into.
