India’s financial crime-fighting agency searched 35 locations linked to Reliance Anil Ambani Group as part of an investigation into alleged money laundering and siphoning of public funds, a government source said on Thursday.
The agency alleged the group orchestrated a “well-planned” scheme to siphon off bank loans worth Rs 30 billion ($347.50 million) between 2017-19 to many “shell” companies, the source said on condition of anonymity because he is not authorised to speak to the media.
Reliance is accused of paying bribes to Yes Bank officials, the source said, adding that loan approvals violated the bank’s processes.
Reliance did not immediately respond to a request for comment.
Reuters
