Anil Ambani-linked premises in Mumbai raided by ED days after SBI declares him…

Anil Ambani: In a massive development, Enforcement Directorate on Thursday morning raided Reliance group managing Director and business tycoon Anil Ambani’s house. The raid comes just days after the State Bank of India (SBI) classified Reliance Communications and its promoter-director Anil D Ambani as ‘fraud’. According to the reports, the ED is conducting raid on 40-50 locations linked to Anil Ambani. It is important to note that Ambani’s personal residence was not part of the search operation, the ED teams from Delhi and Mumbai visited premises tied to some of his group companies.

“Subsequent to recording of FIRs by CBI, ED started investigating the alleged offence of Money Laundering by RAAGA Companies (Reliance Anil Ambani Group Companies). Other agencies & institutions also shared information with ED, such as- The National Housing Bank, SEBI, National Financial Reporting Authority (NFRA), Bank of Baroda. Preliminary investigation by ED has revealed well-planned and thought after scheme to divert/ siphon off public money by cheating banks, shareholders, investors and other public institutions. The offence of bribing bank officials including Promoter of Yes Banks Limited is also under scanner,” Official sources tell news agency ANI.

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