New Delhi, July 25 -- The Enforcement Directorate (ED) on Thursday conducted simultaneous raids at debt ridden industrialist Anil Ambani's 50 companies. The raid was undertaken at 35 places in Delhi and Mumbai. The ED cases originated from two cases registered by CBI against Reliance Group of Anil Ambani for bank loan frauds and bribing bank officials to obtain loans fraudulently during 2017-2019.
More than 35 premises in Mumbai belonging to 50 companies and 25 persons are being searched under the Prevention of Money Laundering Act (PMLA), said ED officers. The investigation is being carried out by a Delhi-based investigation unit of the ED. The agency officials said they are probing allegations of illegal loan diversion of around '3,000 c...