The Enforcement Directorate is raiding premises linked to Reliance Group chairman Anil Ambani in Delhi and Mumbai in connection with a money laundering case, sources said, following two FIRs registered by the Central Bureau of Investigation (CBI), which alleged large-scale financial irregularities.

As part of the operation, ED officials raided and examined records at over 50 firms allegedly connected to the case. More than 25 individuals were also questioned. According to sources, the probe agency is conducting search operations at nearly 35 locations. The preliminary investigation by ED has revealed a “well-planned and thought-out scheme to siphon off public money by cheating banks, shareholders, investors and other public institutions.”

The suspected offences also involve bribery of senior bank officials, including former promoters of Yes Bank Ltd, to facilitate large unsecured loans.

Between 2017 and 2019, Yes Bank is said to have disbursed approximately Rs 3,000 crore in loans to RAAGA companies — entities under the Reliance Anil Ambani Group. The ED claims to have detected an illegal quid pro quo arrangement wherein promoters of Yes Bank allegedly received payments in their privately held concerns just before sanctioning the loans.