CBI files charge sheet against Anil Ambani, Rana Kapoor in ₹2,796-crore fraud case
Anil Ambani has been named as accused in the charge sheet filed in a Mumbai court along with Rana Kapoor, his wife and daughters, and several companies.
The Central Bureau of Investigation (CBI) on Thursday filed a combined charge sheet in two cases pertaining to alleged fraudulent transactions between industrialist Anil Ambani’s group companies, Yes Bank and firms owned by former bank CEO Rana Kapoor’s kin.
Industrialist Anil Ambani. (PTI)
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Ambani has been named as accused in the charge sheet filed in a Mumbai court along with Rana Kapoor, his wife and daughters, and several companies, according to a statement by a CBI spokesperson. The cases, filed in 2022, concern transactions between Reliance Commercial Finance Ltd (RCFL) and Reliance Home Finance Ltd (RHFL) and Yes Bank and the companies owned by Kapoor’s wife Bindu Kapoor and daughters Radha Kapoor and Roshni Kapoor, the statement said.
Anil Ambani was the chairman of ADA Group and director of Reliance Capital Ltd, the holding company of RCFL and RHFL, the CBI said.
HT has reached out to ADA Group for a comment.
“Investigation has revealed that Yes Bank invested around ₹2045 crores in non-convertible debentures and commercial debts of RCFL and ₹2965 crores 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’ in view of deteriorating financial standing and adverse market assessment. Funds, thus, invested in RCFL and RHFL by Yes Bank were subsequently siphoned through multiple-layers, demonstrating a systematic diversion of public money,” the CBI spokesperson said in the statement.
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“As quid pro-quo, Anil Ambani got credit facilities sanctioned from RCFL and RHFL at concessional rates to loss making family entities of Rana Kapoor i.e. companies owned by Bindu Kapoor (wife), Radha Kapoor and Ms Roshani Kapoor (daughters),” CBI said.
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“As quid pro-quo, Anil Ambani got credit facilities sanctioned from RCFL and RHFL at concessional rates to loss making family entities of Rana Kapoor i.e. companies owned by Bindu Kapoor (wife), Radha Kapoor and Ms Roshani Kapoor (daughters),” CBI said.
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“This fraudulent arrangement resulted in massive wrongful loss to Yes Bank (amounting to ₹2796.77crores) 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 agency added.
In addition, CBI said, Reliance Nippon Mutual Funds (another subsidiary company of Reliance Capital Ltd), on instructions of Anil Ambani invested ₹1160 crores during 2017-18 in non-convertible debentures of - Morgan Credits Pvt Ltd, another entity owned by Rana Kapoor's family. Reliance Nippon Mutual Funds also purchased ADA Group debentures worth ₹249.80 crores from Yes Bank.
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CBI further alleged that Reliance Nippon Mutual Funds also invested ₹1750 crores in unsecured debt instruments (AT1 Bonds) of Yes Bank. “These high risk/high reward bonds had no fixed maturity date and could either be converted into equity or written off completely in case of crisis. It may be recalled that AT1 Bonds rank most below other debts in the event of liquidation”.
Neeraj Chauhan is a senior journalist with Hindustan Times and an investigative reporter specialising in national security, terrorism, organised crime, narcotics, corruption, financial crime and complex investigations. With over 21 years of experience across Hindustan Times, The Times of India, The Indian Express and The Pioneer, he has built deep expertise in India’s internal security and law-enforcement landscape. Neeraj has extensively covered India’s principal investigative, intelligence and security agencies, including the NIA, CBI, ED, IB, R&AW, MHA and other central security forces. His work has included deeply reported investigations into terrorism, terror financing, cross-border crime, narcotics trafficking, cybercrime, financial fraud and political and corporate corruption. He has reported on some of the most significant terror attacks and security developments in India over the past two decades, including the Delhi serial blasts, the 26/11 Mumbai attacks, the 2019 Pulwama terror attack and the recent Pahalgam attack. His reporting has also chronicled the rise and decline of the Indian Mujahideen, the activities and subsequent crackdown on the Popular Front of India (PFI), Islamist extremist networks, the conflict in Jammu and Kashmir, insurgencies in the Northeast and Maoist violence. Some of Neeraj’s major breaking stories are in Aryan Khan drug case, Sushant Singh Rajput suicide, interception of a 3,000-kg Afghan heroin consignment worth about ₹21,000 crore at Mundra port, Sri Lanka easter bombings, Aarushi-Hemraj murders in Noida, 2G scam, coal block allocation scam, AgustWestland VVIP chopper deal and major bank frauds and extradition cases involving Mehul Choksi, Nirav Modi and Vijay Mallya. His reporting is marked by an ability to cultivate sources, analyse confidential and complex documents, and follow investigations over several years—from the initial breakthrough to chargesheets, trials and international legal proceedings. He specialises in making complicated security and investigative developments accessible while examining their wider implications for governance and public policy. A Chevening South Asia Journalism Programme Fellow at the University of Westminster, Neeraj also spent time at the Financial Times as part of the fellowship. He was also a Robert Bosch Media Ambassadors India-Germany Fellow, studying at the University of Tübingen and working with Der Tagesspiegel in Berlin. He has previously taught investigative journalism and crime reporting as a guest faculty member at the Times School of Journalism. Over more than two decades, Neeraj has established himself as an authoritative voice on India’s national security and investigative landscape, with his reporting closely followed by officials, investigators, lawyers, policymakers and readers seeking insight into some of the country’s most complex and consequential developments.
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Home/India News/CBI files charge sheet against Anil Ambani, Rana Kapoor in ₹2,796-crore fraud case
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