The Central Bureau of Investigation (CBI) filed a chargesheet on Thursday against Anil Ambani, the chairman of the Anil Dhirubhai Ambani Group, and Rana Kapoor, co-founder of Yes Bank, along with Kapoor’s wife, Bindu, and their daughters, Radha and Roshni. This action stems from fraudulent loan transactions that led to a significant loss of ₹2,797 crore for Yes Bank.
The chargesheet alleges that under Kapoor’s direction, Yes Bank invested heavily in the debentures and commercial debt papers issued by Reliance Commercial Finance Ltd (RCFL) and Reliance Home Finance Limited (RHFL). This investment occurred even though a credit ratings agency had flagged these assets as “under watch” due to poor performance. As a result, funds were reportedly siphoned off, with Kapoor’s family-owned firms receiving substantial loans from the Ambani-led companies in what appears to be a clear case of “quid pro quo.”
The CBI has also previously investigated other individuals for defrauding Yes Bank, including the former promoters of DHFL, Kapil and Dheeraj Wadhawan. In a press release, the CBI confirmed that the chargesheet is related to two cases involving fraudulent activities between Ambani’s group companies and the Kapoo family.
The chargesheet names several entities, including Ambani, Kapoor, their family members, and various associated companies such as RCFL, RHFL (now known as Authum Investment & Infrastructure Ltd), and others. Complaints were filed with the CBI in 2022 by the chief vigilance officer of Yes Bank against these individuals and the related companies.
The CBI reported that Yes Bank invested around ₹2,045 crore in non-convertible debentures and commercial debt papers from RCFL, along with ₹2,965 crore in those from RHFL, with Kapoor’s approval. This was despite Care Ratings having flagged the financial stability of ADA Group’s firms.
Additionally, the investigation suggested a systematic diversion of public money, concluding that the funds invested by Yes Bank in RCFL and RHFL were funneled through multiple layers. Evidence indicates a conspiracy between Kapoor and Ambani, where the latter benefited from credit lines at concessional rates for companies owned by Kapoor’s family. The arrangement resulted in substantial losses for Yes Bank and illegal gains for both RCA and RHFL, in addition to other Ambani Group companies.
The investigation also revealed that, under Anil Ambani’s directives, Reliance Nippon Mutual Funds invested ₹1,160 crore in 2017-18 in non-convertible debentures of Morgan Credits Pvt Ltd, yet another company tied to Kapoor’s family.
Original Source: https://timesofindia.indiatimes.com/india/cbi-chargesheets-anil-ambani-rana-kapoor-in-rs-2-8k-crore-corruption-case/articleshow/123986812.cms
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Publish Date: 2025-09-19 04:01:00
