The Enforcement Directorate launched coordinated raids across multiple Mumbai locations connected to Anil Ambani's business empire on Thursday, marking a significant escalation in the money laundering investigation against the industrialist. The operation comes just days after the State Bank of India officially designated Reliance Communications and its promoter-director Anil Ambani as fraudulent entities.

ED teams from both Delhi and Mumbai simultaneously searched premises associated with various companies under the Reliance Anil Ambani Group umbrella, though Ambani's personal residence remained outside the scope of the operation. The investigation centers on allegations of systematic money laundering by RAAGA companies, with authorities claiming to have uncovered evidence of a deliberate scheme to misappropriate public funds.

The enforcement action draws from intelligence gathered by multiple regulatory bodies, including the National Housing Bank, Securities and Exchange Board of India, National Financial Reporting Authority, Bank of Baroda, and two separate FIRs filed by the Central Bureau of Investigation. Senior executives associated with Ambani's business interests are also facing scrutiny as part of the expanded probe.

A key focus of the investigation involves the suspected illegal diversion of approximately Rs 3,000 crore in loans obtained from Yes Bank between 2017 and 2019. ED officials allege that funds were channeled to entities connected with the bank's promoters shortly before loan disbursement to group companies. The probe has revealed suspicious patterns, including a dramatic surge in corporate loan disbursals by Reliance Home Finance Ltd from Rs 3,742.60 crore in FY 2017-18 to Rs 8,670.80 crore in FY 2018-19.

Investigators are also examining potential bribery connections involving former Yes Bank promoters, adding another dimension to the complex financial web under investigation. The ED alleges that multiple stakeholders, including banks, shareholders, investors, and public institutions, may have been systematically misled during these transactions.

The raids follow SBI's formal fraud declaration against Anil Ambani and Reliance Communications on June 13, 2025, implemented under Reserve Bank of India guidelines for fraud risk management. Finance Minister of State Pankaj Chaudhary confirmed that SBI reported this classification to the RBI on June 24, with the bank now preparing to file a comprehensive complaint with the CBI.

SBI's financial exposure to Reliance Communications is substantial, encompassing a fund-based principal amount of Rs 2,227.64 crore plus accumulated interest and expenses dating back to August 2016. Additionally, the bank holds non-fund based exposure through bank guarantees worth Rs 786.52 crore.

Reliance Communications currently operates under the Corporate Insolvency Resolution Process, with a resolution plan approved by creditors and submitted to the National Company Law Tribunal in Mumbai in March 2020. The NCLT's final decision remains pending, while SBI has simultaneously initiated personal insolvency proceedings against Anil Ambani under the same legislation.