CBI Chargesheets Anil Ambani, Rana Kapoor In Rs 2,796 Crore Corruption Case
The CBI filed a chargesheet on Thursday against Anil Ambani and others over alleged fraudulent transactions causing a loss of Rs 2,796 crore to the bank, officials said.
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The ADA group has not provided immediate comments on the matter. (File)
New Delhi:
On Thursday, the CBI submitted a chargesheet against Anil Ambani and others regarding alleged fraudulent transactions between his group companies (RCFL and RHFL), Yes Bank, and companies owned by former Yes Bank CEO Rana Kapoor's family, resulting in a Rs 2,796 crore loss to the bank, according to officials.
The federal agency's chargesheet, filed in a Mumbai special court, identifies Ambani as the chairman of the Anil Dhirubhai Ambani (ADA) Group and director of Reliance Capital Limited, which holds RCFL and RHFL.
No immediate response was available from the ADA group.
The CBI has also charged Rana Kapoor, Bindu Kapoor, Radha Kapoor, Roshni Kapoor, RCFL, RHFL (now Authum Investment and Infrastructure Limited), RAB Enterprises Private Limited, Imagine Estate Private Limited, Bliss House Private Limited, Imagine Habitat Private Limited, Imagine Residence Private Limited, and Morgan Credits Private Limited under sections of the Prevention of Corruption Act and Indian Penal Code (IPC).
In 2022, the CBI registered two cases against Kapoor, then MD and CEO of Yes Bank, along with RCFL and RHFL following a complaint from the bank's chief vigilance officer.
"Yes Bank invested approximately Rs 2,045 crore in non-convertible debentures and commercial debts of RCFL and Rs 2,965 crore in non-convertible debentures and commercial papers of RHFL in 2017, approved by Rana Kapoor despite CARE Ratings placing ADA Group financial companies 'under watch' due to deteriorating financial standing and adverse market assessment," stated a CBI spokesperson.
The investigation revealed that funds invested by Yes Bank in RCFL and RHFL were subsequently channeled through multiple layers, indicating systematic diversion of public money.
"Investigation uncovered a conspiracy between Rana Kapoor and Anil Ambani wherein Kapoor misused his position to direct substantial public funds from Yes Bank to financially-stressed ADA Group companies, while the ADA Group reciprocated by providing concessional loans and investments to entities controlled by Kapoor's family," the statement explained.
As a quid pro quo arrangement, Ambani facilitated credit from RCFL and RHFL at favorable rates for Kapoor's family entities—companies owned by his wife Bindu Kapoor and daughters Radha and Roshni Kapoor.
"This fraudulent scheme caused a significant wrongful loss to Yes Bank (amounting to Rs 2,796.77 crore) with corresponding unlawful gains to RCFL, RHFL, other ADA Group companies, and companies owned by Kapoor's family members," the CBI spokesperson added.
She further revealed that another Reliance Capital subsidiary—Reliance Nippon Mutual Funds—invested Rs 1,160 crore in 2017-18 in non-convertible debentures of Morgan Credits Private Limited, another Kapoor family-owned entity, following Ambani's instructions.
"Reliance Nippon Mutual Funds also purchased ADA Group debentures worth Rs 249.8 crore from Yes Bank," she noted.
Additionally, Reliance Nippon Mutual Funds invested Rs 1,750 crore in unsecured debt instruments (AT1 bonds) of Yes Bank.
"These high-risk, high-reward bonds had no fixed maturity date and could either convert to equity or be completely written off during a crisis. Notably, AT1 bonds rank lowest among debts in liquidation scenarios," alleged the CBI.