Today, on July 24, 2025, the Enforcement Directorate initiated a widespread search operation targeting over 35 premises connected to more than 50 companies and around 25 individuals linked with the Reliance Anil Ambani Group (RAAGA) and Yes Bank. The raids, conducted under Section 17 of the Prevention of Money Laundering Act (PMLA), stem from allegations of illegal loan diversion, bribery, and money laundering involving nearly ₹3,000 crore disbursed by Yes Bank between 2017 and 2019.

ED preliminarily found that funds were transferred to Yes Bank promoters' entities just before loan approvals - raising red flags about a potential quid‑pro‑quo. Back‑dated Credit Approval Memorandums, lack of due diligence, shell-company transactions, and gross policy violations were also uncovered. Information from multiple agencies - including NHB, SEBI, NFRA, and Bank of Baroda - fed into the investigation.

The ED raid follows SBI’s fraud classification of Reliance Communications and its promoter, and closure of RCom’s insolvency proceedings—an earlier fallout in this saga . Shares of Reliance Infrastructure and Reliance Power dropped nearly 4% today amid the probe.

Reliance Anil Ambani Group has yet to issue an official response. The investigation remains ongoing, with further developments expected soon.