New Delhi: The Central Bureau of Investigation (CBI) filed a chargesheet against Anil Ambani and others on Thursday over alleged fraudulent transactions between Ambani-led ADA Group companies and Yes Bank, involving its former CEO Rana Kapoor and his family.
The case involves fraudulent transactions between Anil Dhirubhai Group Companies, Reliance Commercial Finance Limited (RCFL) and Reliance Home Finance Limited (RHFL), Yes Bank and companies of Kapoor’s family.
According to the CBI chargesheet, filed before a special court in Mumbai, the financial irregularities have caused a loss of ₹2796 crore to the bank.
CBI has alleged that Ambani was chairman of Anil Dhirubhai Ambani Group and the director of Reliance Capital Ltd, the holding company of RCFL and RHFL.
Ambani apart, CBI has chargesheeted Rana Kapoor, Bindu Kapoor, Radha Kapoor, Roshni Kapoor, RCFL and RHFL (now Authum Investment and Infrastructure Limited), RAB Enterprises Private Limited, Imagine Estate Private Limited, Bliss House Private Limited, Imagine Habitat Private Limited, Imagine Residence Private Limited and Morgan Credits Private Limited under sections of the Prevention of Corruption Act and Indian Penal Code (IPC).
“Yes Bank invested around ₹2,045 crore in non-convertible debentures and commercial debts of RCFL and ₹2,965 crore in non-convertible debentures and commercial papers of RHFL in the year 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,” CBI said in a statement.
“Investigation revealed a conspiracy between Rana Kapoor and Anil Ambani wherein Rana Kapoor abused his official position to channel substantial public funds of Yes Bank Ltd 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,” CBI said.
Ambani, as quid pro quo, allegedly got credit facilities sanctioned from RCFL and RHFL at concessional rates for loss-making family entities of Kapoor – specifically companies owned by his wife Bindu, daughters Radha and Roshni.
“This fraudulent arrangement resulted in massive wrongful loss to Yes Bank (amounting to ₹2,796.77 crore) 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 CBI spokesperson said.
