NEW DELHI: The Central Bureau of Investigation (CBI) on Thursday filed chargesheets in two cases connected with fraudulent transactions between Anil Ambani group companies, and Yes Bank and its promoters in a Mumbai court.
Two criminal cases were registered in 2022 against Rana Kapoor, the then Managing Director and CEO, Yes Bank, and Reliance Commercial Finance Ltd (RCFL), Reliance Home Finance Limited (RHFL) and others on a complaint filed by the Chief Vigilance Officer of Yes Bank.
The CBI investigation has revealed that Yes Bank invested around Rs 2045 crores 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 on the approval of Rana Kapoor despite Care Ratings placing ADA Group Financial Companies "under watch". The funds invested in RCFL and RHFL by Yes Bank were subsequently siphoned through multiple layers.
According to a CBI statement, investigations revealed a conspiracy between Rana Kapoor and Anil Ambani, wherein Rana Kapoor abused his official position to channel substantial public funds of Yes Bank into financially stressed ADA Group Companies, while ADA Group reciprocated by sanctioning and facilitating concessional loans and investments to entities controlled by Rana Kapoor's family.
As quid pro quo, Anil Ambani, the then Chairman of ADA Group, got credit facilities sanctioned from RCFL and RHFL at concessional rates to loss-making family entities of Rana Kapoor -- companies owned by wife Bindu Kapoor, and daughters Radha Kapoor and Roshani Kapoor.
This resulted in massive wrongful loss to Yes Bank amounting to Rs 2797crores and corresponding unlawful gain to RCFL, RHFL and other companies of ADA Group as well as companies owned by family members of Rana Kapoor.
The investigation also revealed that Reliance Nippon Mutual Funds -- a subsidiary company of Reliance Capital Ltd -- on instructions of Anil Ambani invested at different tranches over Rs 3,000 crore in Yes Bank and Rana Kapoor’s family-owned businesses.