Anil Ambani’s Reliance Group breaks silence on ED raids, says ‘transactions involving Yes Bank…’
Anil Ambani’s Reliance Group on Thursday (July 24th) issued an official statement about the allegations in the latest media reports and the actions initiated by the Executive Director (ED).
“Reliance Group wants to clarify some recent media reports about the actions initiated by an executive agency. These reports seem to be related to allegations about the transactions that contain Yes Bank and Reanish home financing, which are older than 8 years old.”
Ed Raid
On Thursday, the Executive Director made simultaneous searches as part of the money laundering investigation under the prevention of the Black Money Laundering Law (PMLA) in more than 35 facilities throughout Monbai and Delhi.
According to the media reports, ED raided raids in connection with a alleged claim. LaAnil Dhirubhai Ambani Group Companies and 3,000 Crore Bank loans containing the Bank. The reports also stated that the investigation was carried out between 50 companies and 25 people on Thursday.
Anil Ambani is the former general manager and president of the Reliance Group of Companies as of July 24.
Here is what Reliance Group says
1. Credit Claims: ED was reportedly learned that just before. La3,000 Crore loans were given, yes, bank supporters received money for concerns. The company now claims that the loans of the bank supporter “certain private companies” are “approved on merit”.
He also said that loans were completely guaranteed and made the Nile unpaid amount, including interest.
“The loans of the supporter of Yes Bank to certain private companies by Reliance Home Finance Limited (RHFL) were approved on merit after watching the necessary process and approved by a credit committee consisting of more than 30 people.
2. Credit Approval Violations: ED claimed that he had found gross violations in the bank loan approval for group group companies. It has been reported that the bank’s credit approval memorandum (CAMS) and the proposed investments were proposed without taking care of the bank’s credit policies.
The company rejected the allegations and said that the loans were given after the “required process and that the exposure of all Reliance group companies was“ fully guaranteed ”.
Reliance Group said, “Yes Bank, after following the necessary process, had given credit to the assets of confidence. All of the exposure of Reliance Group companies was completely secured and was absolutely carried out in the usual business process. All transactions between the Reliance Group companies and yes bank were fully complied with.”
3. Sebı findings: In the Capital Markets Regulator (Sebı), Reliance Home Finance Limited (RHFL) also revealed a “dramatic increase” reports in corporate loans. Allegedly, loans rose LaFY2017-18 3,742.60 CRORE- La8.670.80 Crore in FY2018-19.
Anil Ambani’s Reliance Group said that the allegations were handled with a sebi order adopted in August 2024. The Emir was later challenged at the Court of Appeal of Securities (CMT) and remained under judicial assessment.
The company said, “Similar allegations in the media reports were accepted by Sebı in August 2024. This order was challenged and now the Hon’ble Securities Court of Appeal (SAT) is waiting for the trial before the Court of Appeal (SAT). Therefore, the subject is the sub -judiciary”.
Anil Ambani’s Reliance Group said, “The debt solution process led by the Bank of Bar Association was resolved in accordance with the decision of the Indian Supreme Court of 2023,” Reliance Group said.
The company also said that Reliance Communications and Reliance Home Finance are not part of the Reliance group. “Rcom and Rhfl are not part of the Reliance group,” the White article said.
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