Mumbai: The Central Bureau of Investigation (CBI) has detailed an alleged criminal conspiracy and quid pro quo arrangement between Anil Ambani’s Reliance ADA Group and former Yes Bank chief Rana Kapoor, resulting in a loss of nearly ₹2,800 crore to the bank. A chargesheet filed in a Mumbai court last month claims that in exchange for Yes Bank’s massive investments into his financially weak companies, Ambani facilitated loans and investments for firms owned by Kapoor’s family.
The CBI has also implicated Anil Ambani’s son, Jai Anmol Ambani, alleging he was directly involved in key investment decisions at a group mutual fund that were part of the elaborate scheme to divert public money.
The investigation stems from two criminal complaints filed by Yes Bank’s Chief Vigilance Officer in 2022. The chargesheet names Anil Ambani, Rana Kapoor, his wife Bindu Kapoor, daughters Radha and Roshni Kapoor, and several companies from both groups.
How the Alleged Scheme Unfolded
According to the CBI’s findings, the conspiracy began in 2017 when Yes Bank, under Rana Kapoor’s leadership, invested a staggering ₹5,010 crore in Reliance Commercial Finance Ltd (RCFL) and Reliance Home Finance Ltd (RHFL). This massive infusion of funds was allegedly approved by Kapoor despite CARE Ratings placing the ADA Group under a “credit watch” due to its weak financial health. The CBI alleges these funds were then diverted through multiple shell companies, constituting a misuse of public money.
In return for this financial lifeline, the CBI claims the ADA Group extended loans and investments on favorable terms to companies controlled by Rana Kapoor’s family. This alleged corrupt arrangement led to a wrongful loss of ₹2,796.77 crore for Yes Bank, while directly benefiting the ADA Group and the Kapoor family’s entities.
Mutual Fund Route and Jai Anmol Ambani’s Role
The chargesheet also highlights the role of Reliance Nippon Mutual Fund (RNMF), a subsidiary of Reliance Capital. The agency claims RNMF invested ₹1,160 crore in debentures of Morgan Credits Pvt Ltd, a Kapoor family firm, during 2017-18. Furthermore, RNMF allegedly bought ADA Group debentures worth ₹249.80 crore from Yes Bank and invested another ₹1,750 crore in Yes Bank’s high-risk AT1 bonds.
The CBI alleges that Jai Anmol Ambani directly influenced these investment decisions at RNMF. Since market regulations prohibit mutual funds from investing in their own group companies via private placements, this complex arrangement was allegedly devised by Ambani and Kapoor to bypass the rules and illegally channel public funds from the mutual fund back into the financially struggling ADA Group companies.
