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Anil Ambani-ED probe: Yes Bank's Sanjay Nambiar resigns
Sanjay Nambiar, who spent 15 years as Yes Bank's group general counsel, has resigned just as the Enforcement Directorate (ED) is digging into a huge loan fraud.
The probe focuses on ₹3,000 crore in loans allegedly funneled to shell companies linked to Anil Ambani's group between 2017 and 2019.
Nambiar is currently on gardening leave after stepping down.
ED examining Yes Bank's deals with ADAG
The ED isn't just looking at those loans—it's also examining Yes Bank's deals with Anil Dhirubhai Ambani Group companies and a ₹2,850 crore investment by Reliance Mutual Fund in the bank's AT-1 bonds.
This is all part of a bigger review of how Yes Bank was run before it hit financial trouble and was placed under moratorium back in March 2020.
The investigation is ongoing.