The Enforcement Directorate (ED) has launched extensive raids across Mumbai and Delhi as part of a high-stakes money laundering investigation into a loan fraud case worth approximately Rs 3,000 crore. The raids are targeting 50 companies, including those linked to Anil Ambani's group, and involve about 25 individuals connected to the controversial transactions. The investigation stems from suspected illegal loan diversion, with particular focus on loans approved by Yes Bank between 2017 and 2019. According to ED sources, the bank violated standard credit policies, approving loans with insufficient due diligence and without adhering to proper procedures. Evidence suggests that prior to the loan approvals, Yes Bank’s promoters were allegedly involved in suspicious financial dealings, raising concerns about possible bribery.

The raids are part of the ED’s wider investigation under the Prevention of Money Laundering Act (PMLA) to uncover corruption in the approval of these loans. Initial findings indicate backdated credit approval memorandums (CAMs) and investments made by the bank without conducting thorough credit analysis. The ED is also examining reports provided by the CBI, the National Housing Bank, SEBI, and Bank of Baroda. These agencies have flagged discrepancies in how loans were authorized, signaling widespread violations. As the investigation unfolds, it is expected to reveal deeper links between the companies involved and the financial misconduct at Yes Bank. The ED’s move has heightened scrutiny on major financial players, with this case indicating broader challenges in the Indian banking and corporate sectors.