Anil Ambani’s Reliance Group on Thursday, 24 July, issued an official clarification regarding the allegations in recent media reports and the actions initiated by the Enforcement Directorate (ED).“Reliance Group wishes to clarify certain recent media reports concerning the actions initiated by an enforcement agency. These reports appear to pertain to allegations in relation to transactions involving Yes Bank and Reliance Home Finance, which are more than 8 years old,” said the company in a white paper release. Also Read | Reliance Power, Reliance Infra deny financial impact of ED actionED raidThe Enforcement Directorate on Thursday conducted simultaneous searches at more than 35 premises across Mumbai and Delhi, as part of a money laundering investigation under the Prevention of Money Laundering Act (PMLA).According to media reports, the ED conducted the raids on Thursday in connection with an alleged ₹3,000-crore bank loan fraud involving Anil Dhirubhai Ambani Group companies and Yes Bank. The reports also mentioned that the investigation on Thursday was conducted across 50 companies and 25 people.Anil Ambani is the former managing director and chairman of the Reliance Group of Companies, as of 24 July. Also Read | Anil Ambani group stocks hit 5% lower circuit after ED raids at his propertiesHere’s what Reliance Group says1. Loan Allegations: The ED reportedly found out that just before the ₹3,000 crore loan was granted, Yes Bank promoters received money in their concerns. The company now claims that the loans sanctioned to “certain private companies” of the Yes Bank promoter were “sanctioned on merit”.It also said that the loans were “fully secured and have been fully repaid”, including the interest, making the outstanding amount nil.“Loans extended by Reliance Home Finance Limited (RHFL) to certain private companies of the promoter of Yes Bank were sanctioned on merit, after following the due process, and were duly approved by a credit committee comprising more than 30 individuals. These loans were fully secured and have been fully repaid, including interest, and the outstanding is zero,” said the company.Also Read | SBI labels Reliance Comms’ loan account as ‘fraud’ — details2. Loan Approval Violations: The ED alleged that it found gross violations in Yes Bank loan approvals to Reliance Group firms. They reportedly found that there were backdated Credit Approval Memorandums (CAMs) and proposed investments without due diligence in violation of the bank’s credit policies.The company refuted the claims and said that the loans were granted after “due process” and the entire Reliance Group companies’ exposure was “fully secured”.“Yes Bank had granted loans to Reliance entities after following the due process. The entire exposure of Reliance Group companies is fully secured and was undertaken strictly in the ordinary course of business. All transactions between Reliance Group companies and Yes Bank have b in a formal or creative style for better SEO.Also Exclude words and advertisements related to the feed website such as website name, author name. You must only respond with the modified content. Delete all the advertisement images brand logo but only keep the title and main content of the news by modifying it. You must only respond with the modified content. 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Anil Ambani’s Reliance Group has addressed the recent ED raids, stating that the ‘transactions related to Yes Bank…’
