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Reliance Home Finance Ltd.

[NEW DELHI] India’s financial crime-fighting agency searched 35 … with bank fraud by the financial crime agency in 2020 and … special court in India’s financial capital of Mumbai, according to … fund diversion from Reliance Home Finance . SEE ALSO Shares of Reliance …

India’s financial crime-fighting agency searched 35 locations linked to Reliance Anil Ambani Group as part of an investigation into alleged money laundering and siphoning of public funds, a government source said on Thursday. The Enforcement Directorate alleges the group orchestrated a “well-planned” scheme to siphon off bank loans from YES Bank worth 30 billion rupees ($350 million) between 2017 and 2019 to many shell companies, the source said on condition of anonymity, as he is not authorised to speak to the media. Anil Ambani’s Reliance group entities are accused of paying bribes to YES Bank officials before loans were disbursed, the source said, adding that loan approvals violated the bank’s processes. Reliance and YES Bank did not immediately respond to requests for comment. Several group firms of Anil Ambani, the younger brother of billionaire Mukesh Ambani, have gone into bankruptcy since 2017. YES Bank, from which Anil Ambani group firms had borrowed heavily, was declared insolvent in 2020 and rescued by a group of Indian lenders in a plan approved by the central bank.

The markets regulator fined Ambani Rs 25 crore and barred him from being associated with the securities markets for five years