CBI Files Chargesheet against Anil Ambani and YES Bank MD CEO Rana Kapoor in Rs.2,796 Crore Fraud Case

The Central Bureau of Investigation (CBI) has filed a chargesheet in two cases of alleged fraudulent transactions involving former Yes Bank MD & CEO Rana Kapoor, industrialist Anil Ambani, their family members, and associated companies. The cases relate to dealings between Reliance Commercial Finance Ltd. (RCFL) and Reliance Home Finance Ltd. (RHFL) of the Anil Dhirubhai Ambani (ADA) Group, and Yes Bank along with firms owned by Rana Kapoor’s wife Bindu Kapoor and daughters Radha Kapoor and Roshni Kapoor.

According to the CBI, Yes Bank invested ₹2,045 crore in non-convertible debentures and commercial debts of RCFL and ₹2,965 crore in similar instruments of RHFL in 2017, despite CARE Ratings placing ADA Group’s financial companies “under watch” due to weak financial health. These approvals were given under Rana Kapoor’s leadership, and the funds were later siphoned through multiple layers, showing a systematic diversion of public money. Investigations revealed that Rana Kapoor conspired with Anil Ambani to misuse Yes Bank’s resources by channeling large sums into financially stressed ADA Group companies. In return, ADA Group provided concessional loans and investments to entities owned by Kapoor’s family, thereby causing a wrongful loss of ₹2,796.77 crore to Yes Bank and unlawful gains to ADA Group and Kapoor-linked firms.

The probe also highlighted the role of Reliance Nippon Mutual Fund, a Reliance Capital subsidiary, which on Ambani’s instructions invested ₹1,160 crore in non-convertible debentures of Morgan Credits Pvt. Ltd., a Kapoor family firm, purchased ADA Group debentures worth ₹249.80 crore from Yes Bank, and invested ₹1,750 crore in Yes Bank’s Additional Tier-1 (AT1) bonds. These bonds, considered high-risk instruments, have no fixed maturity and can be converted into equity or written off entirely during a financial crisis.

Entities named in the conspiracy include RCFL, RHFL (now Authum Investment & Infrastructure Ltd.), RAB Enterprises Pvt. Ltd., Imagine Estate Pvt. Ltd., Bliss House Pvt. Ltd., Imagine Habitat Pvt. Ltd., Imagine Residence Pvt. Ltd., and Morgan Credits Pvt. Ltd. The chargesheet, filed in a Mumbai court today, lists Rana Kapoor, Anil Ambani, Bindu Kapoor, Radha Kapoor, Roshni Kapoor, ADA Group firms, and several Kapoor family companies as accused under relevant sections of the Prevention of Corruption Act and the Indian Penal Code.