Massive ED raids at Anil Ambani-linked firms days after SBI declares him ‘fraud’

The Enforcement Directorate on Thursday raided several premises linked to Reliance Communications (RCom) promoter Anil Ambani, a month after the State Bank of India declared him ‘fraud’.

According to reports, the raids were carried out at around 35 locations in Mumbai and Delhi.

The preliminary investigation of the probe agency has found a "well-planned and thought-out scheme to siphon off public money by cheating banks, shareholders, investors and other public institutions”, reported NDTV.

The offenses included bribery of senior officials of Yes Bank to facilitate large unsecured loans, the report said.

Yes Bank has allegedly disbursed approximately Rs 3,000 crore in loans to the comapnies under the Reliance Anil Ambani Group between 2017 and 2019.

The SBI classified RCom and Anil Ambani as ‘fraud’ on June 13 and is also in the process of lodging complaint with Central Bureau of Investigation. 

Minister of State for Finance Pankaj Chaudhary informed the Lok Sabha on Monday that the SBI’s move was in accordance with the Reserve Bank of India's Master Directions on Fraud Risk Management and Bank's Board-approved Policy on Classification, Reporting & Management of Frauds.

The credit exposure of SBI in RCom includes, fund-based principal outstanding amount of Rs 2,227.64 crore along with the accrued interest and expenses with effect from August 26, 2016 and non-fund based Bank Guarantee of Rs 786.52 crore, the minister said.

More details awaited

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