India, July 24 -- The Enforcement Directorate (ED) on Thursday launched raids at 35 locations in connection with a loan fraud probe against Anil Ambani-led Reliance Anil Dhirubhai Group companies, people familiar with the development said. Yes Bank officials, including former chairman Rana Kapoor, are also under the scanner, they added.

Officials said over 35 premises of 50 companies and over 25 individuals were being raided under the Prevention of Money Laundering Act.

The financial crimes probe agency has taken over two cases registered by the Central Bureau of Investigation (CBI) on September 19, 2022, related to two separate loans given by Yes Bank to Reliance Home Finance Limited (RHFL) and Reliance Commercial Finance Ltd (RCFL). I...