The action comes just days after the State Bank of India (SBI) declared Reliance Communications and its promoter-director Anil D. Ambani as ‘fraudulent’ entities
The Enforcement Directorate (ED) on Thursday carried out simultaneous raids in connection with a money laundering investigation into an alleged Rs 3,000 crore bank loan fraud involving companies of the Anil Ambani-led Reliance Group and Yes Bank.
The searches are being conducted at more than 35 locations across Mumbai and Delhi, targeting around 50 companies and 25 individuals under the provisions of the Prevention of Money Laundering Act (PMLA), according to a PTI report citing sources.
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