Anil Ambani
The Enforcement Directorate (ED) started a big search operation on Friday morning in matters related to Anil Ambani and his Reliance Group (RAAGA companies). This Red is being done simultaneously at more than 35 locations including the country’s capital Delhi and Mumbai. The case is related to money laundering, in which a disturbance of thousands of crores of rupees is being feared.
This raid is being conducted under the Prevention of Money Laundering Act (PMLA). It is being told that in this action, the complexes of about 50 companies related to Anil Ambani and more than 25 persons are being searched. In this operation, ED has received important information from agencies like CBI, SEBI, National Housing Bank, National Financial Reporting Authority (NFRA) and Bank of Baroda.
Complete scam opened after CBI’s FIR
The ED action started when the CBI lodged two different FIRs. These cases are related to RAAGA companies, which are units of Reliance Anil Ambani Group. FIR numbers RC2242022a0002 and RC224202A00033 have made serious allegations of fraud, embezzlement and fake loans from banks.
Based on these FIRs, the ED started investigation and found that banks, investors and government institutions were cheated under a well -planned scheme. The agency also found that the amount received from Yes Bank was illegally diverted in the company’s promoters and other group companies.
3000 crore loan and bribe game from Yes Bank
The most stunning aspect in the ED investigation has revealed that the loans given by the RAAGA companies to the RAAGA companies between 2017 and 2019 were approved by keeping the rules completely. Initial investigation has revealed that before the loan was approved, a large amount was given to the promoters of Yes Bank through private companies.
Loan -related documents, such as Credit Approval Memorandum (CAMS), were prepared in the backdate. Loan approval was given without any de -diligence or credit analysis, which was a direct violation of the bank’s credit policy.
Apart from this, ED also found that the loan was immediately transferred to other group and shell companies. The loan was given only to those companies who had weak financial conditions, whose address was the same or whose directors were the same. In some cases the application and approval date was found to be the same or the amount was transferred before the loan approval.
Signs of scam in RHFL also revealed from SEBI report
SEBI has also shared many important information about RHFL (Reliance Home Finance Limited) in this case with ED. SEBI report states that while RHFL gave corporate loans worth Rs 3,742.60 crore in 2017-18, in 2018-19, this amount increased to Rs 8,670.80 crore.
During this time, the company ignored all the rules of giving loans. Approval was given fast, necessary documents were not collected and many times a huge amount was transferred without checking the economic situation of the companies. A large part of these loans was later diverted to the promoter group companies, causing large -scale financial irregularities.