New Delhi, July 25 -- The Enforcement Directorate (ED) on Thursday raided multiple locations in connection with loan fraud cases against companies of the Reliance Anil Dhirubhai Group chaired by Anil Ambani, people familiar with the development said. Officers said 35 premises of 50 companies and 25 individuals in Delhi and Mumbai were raided under the Prevention of Money Laundering Act after the agency took over two cases registered by the Central Bureau of Investigation (CBI) on September 19, 2022. They related to two separate loans given by Yes Bank to Reliance Home Finance Limited (RHFL) and Reliance Commercial Finance Ltd (RCFL). In both cases, CBI had named former Yes Bank chairman Rana Kapoor as an accused. "Preliminary investigations have revealed a well-planned and thought-after scheme to divert or siphon off public money by cheating banks, shareholders, investors, and other public institutions," said the officer. A second officer said preliminary investigations have revealed "illegal loan diversion of around Rs.3,000 crores from Yes Bank between 2017 and 2019." "We have also found that just before the loan was granted, the Yes Bank promoters [Kapoor] received money in their concerns. The ED is investigating this nexus of bribe and the loan," said the second officer. The ED has found "gross violation" in Yes Bank loan approvals to Reliance Anil Ambani Group Companies. "Credit approval memorandums (CAMs) were back-dated, investments were proposed without any due diligence or credit analysis in violation of the bank's credit policy," a third officer said. Further, "in violation of the loan terms, these loans were diverted to many group companies and shell companies", this officer added. The third officer said there was a dramatic increase in corporate loans by RHFL, from Rs.3,742.60 crore in FY 2017-18 to Rs.8,670.80 crore in FY 2018-19, which is also under ED lens. ED officials said that Reliance Communications Ltd has also committed a loan fraud of over Rs 14,000 crore, which is being investigated. A Reliance Group source, who didn't want to be named, said, "Anil Ambani resigned from the board of RCOM in 2019. Presently, Anil Ambani is not on the board of any Reliance Group companies". This person said RCOM and RHFL are not part of the Reliance Group, which currently has only two listed companies - Reliance Infrastructure Ltd. and Reliance Power Ltd. "Reliance Communications Limited (RCOM) has been under the Corporate Insolvency Resolution Process (CIRP) pursuant to the Insolvency and Bankruptcy Code, 2016, for over six years. State Bank of India (SBI) did not grant Anil D. Ambani an opportunity for a personal hearing before its committee made its decision in the matter. Furthermore, SBI had dropped similar allegations against other noticees on identical grounds; however, Mr Ambani was not afforded the same treatment," the Reliance Group source said. There was no reaction from Yes Bank at the time of going to print....