Daijiworld Media Network - New Delhi
New Delhi, Sep 18: The Central Bureau of Investigation (CBI) on Thursday filed a charge sheet in two major financial fraud cases involving alleged fraudulent transactions between Anil Ambani-led ADA Group companies and Yes Bank, naming Ambani, former Yes Bank MD & CEO Rana Kapoor, and several members of Kapoor’s family.
The charge sheet was filed in a Mumbai court, detailing how over Rs 5,000 crore in investments by Yes Bank in Reliance Commercial Finance Ltd (RCFL) and Reliance Home Finance Ltd (RHFL) were later siphoned off through complex layers of shell companies.
According to the CBI, in 2017, Yes Bank invested Rs 2,045 crore in RCFL and Rs 2,965 crore in RHFL despite CARE Ratings placing both ADA Group firms “under watch” due to deteriorating financials. These investments, approved directly by Kapoor, were made against internal risk protocols, and the funds were diverted through multiple layers, suggesting a systematic diversion of public money.
The transactions allegedly resulted in wrongful losses of Rs 2,796.77 crore to Yes Bank and unlawful gains to ADA Group companies and Kapoor’s family-controlled entities.
Additionally, the CBI found that Reliance Nippon Mutual Funds, on instructions from Anil Ambani, invested Rs 1,160 crore in non-convertible debentures (NCDs) of Morgan Credits Pvt Ltd, a company owned by Kapoor's family. The fund house also purchased Rs 249.80 crore worth of ADA Group debentures from Yes Bank. Further, an investment of Rs 1,750 crore in risky Additional Tier-1 (AT1) bonds of Yes Bank was made by Reliance Nippon — instruments which can be written off during a crisis, putting investor money at serious risk.
The individuals and entities named in the CBI charge sheet include Anil Ambani, Rana Kapoor, Bindu Kapoor, Radha Kapoor, Roshni Kapoor, RCFL, RHFL (now Authum Investment & Infrastructure Ltd), RAB Enterprises Pvt Ltd, Morgan Credits Pvt Ltd, Imagine Estate Pvt Ltd, Bliss House Pvt Ltd, Imagine Habitat Pvt Ltd, and Imagine Residence Pvt Ltd.
The CBI stated that these actions were indicative of a quid pro quo arrangement between the ADA Group and Rana Kapoor, leading to misuse of public funds and major regulatory violations. The charge sheet marks a significant development in the investigation into the Yes Bank crisis, which has already led to arrests, increased scrutiny, and wider reforms in India’s private banking sector.