CBI files chargesheet against Anil Ambani Group and Rana Kapoor companies in two cases
New Delhi (The Uttam Hindu): The Central Bureau of Investigation (CBI) has filed charge sheets in two cases related to alleged fraudulent financial transactions between Anil Ambani's ADA Group of companies and companies owned by former Yes Bank chief Rana Kapoor and his family. The action follows an investigation into allegations of misappropriation of public funds.
According to the CBI, the first chargesheet in these cases relates to Reliance Commercial Finance Limited (RCFL) and Reliance Home Finance Limited (RHFL) while the second relates to suspicious transactions between companies owned by Rana Kapoor's wife Bindu Kapoor and daughters Radha Kapoor and Roshni Kapoor. The investigating agency said Anil Ambani was then chairman of the ADA Group and director of Reliance Capital Limited, the holding company of RCFL and RHFL.
CBI tightens noose on Anil Ambani Group and Rana Kapoor's companies, files chargesheet in two cases: It is noteworthy that these two criminal cases were registered in 2022 based on a complaint by the Chief Vigilance Officer of Yes Bank. The investigation revealed that in 2017, Yes Bank invested approximately Rs 2045 crore in RCFL and approximately Rs 2965 crore in RHFL in the form of non-convertible debentures and commercial debt. This investment was made with the approval of Rana Kapoor, while CARE Ratings was monitoring the financial position of ADA Group at that time.
According to the CBI, this investment was diverted at multiple levels exposing a systematic misappropriation of public funds. The investigation also revealed a conspiracy between Rana Kapoor and Anil Ambani. Rana Kapoor, abusing his official position invested Yes Bank funds in companies facing financial difficulties while his family's companies received loans and investments at concessional rates in return.
The CBI claims that due to this fraud, Yes Bank suffered a loss of approximately Rs 2796.77 crore, while ADA Group companies and Rana Kapoor's family companies made illegal gains.
The investigating agency also revealed that, on Anil Ambani's instructions, Reliance Nippon Mutual Funds invested ₹1,160 crore in Rana Kapoor's family company Morgen Credits Private Limited in 2017-18. Reliance Nippon also purchased ADA Group debentures from Yes Bank for ₹249.80 crore.
The CBI alleges that the entire transaction was part of a well-planned conspiracy aimed at misappropriating the funds of the bank and investors for mutual gain.