Source: India's financial crimes investigation agency is investigating the Reliance Group.

A government source in India said on Thursday that the Indian government has conducted searches at 35 locations related to the Reliance Anil Ambani Group as part of an investigation into suspected money laundering and misappropriation of funds. The source alleged that the group had masterminded a conspiracy from 2017 to 2019 to transfer bank loans worth 30 billion rupees to many "shell" companies. The source, who requested anonymity as they were not authorized to speak to the media, said that the group is accused of bribing officials of Yes Bank and that loan approvals violated the bank's procedures. The Reliance Group did not immediately respond to requests for comment.