CBI charge sheets Anil Ambani and Rana Kapoor in Yes Bank fraud case
New Delhi (Del), Sept 18: The Central Bureau of Investigation (CBI) on Thursday filed a chargesheet against industrialist Anil Ambani, former Yes Bank CEO Rana Kapoor, and several others in connection with alleged fraudulent transactions involving Reliance group companies, Yes Bank, and firms owned by Kapoor’s family, causing a loss of Rs 2,796 crore to the bank.
Follow the Jammu News Portal channel on WhatsApp
Details of the Chargesheet
The chargesheet, filed before a special court in Mumbai, names Ambani as chairman of the Anil Dhirubhai Ambani (ADA) Group and director of Reliance Capital Limited, the parent company of Reliance Commercial Finance Limited (RCFL) and Reliance Home Finance Limited (RHFL). No immediate comments were available from the ADA Group.
Along with Ambani, the CBI has charge-sheeted Rana Kapoor, his wife Bindu Kapoor, daughters Radha Kapoor and Roshni Kapoor, RCFL, RHFL (now Authum Investment and Infrastructure Ltd), and several associated entities including RAB Enterprises Pvt Ltd, Imagine Estate Pvt Ltd, Bliss House Pvt Ltd, Imagine Habitat Pvt Ltd, Imagine Residence Pvt Ltd, and Morgan Credits Pvt Ltd under provisions of the Prevention of Corruption Act and the Indian Penal Code (IPC).
Alleged Fraudulent Transactions
The CBI said Yes Bank invested Rs 2,045 crore in RCFL’s non-convertible debentures (NCDs) and commercial debts, and Rs 2,965 crore in RHFL’s NCDs and commercial papers in 2017 on Rana Kapoor’s approval, despite adverse ratings. Investigations revealed that funds were systematically siphoned off through multiple layers, pointing to large-scale diversion of public money.
“Investigation revealed a conspiracy between Rana Kapoor and Anil Ambani wherein Kapoor abused his position to channel substantial public funds of Yes Bank into financially stressed ADA Group companies, while the ADA Group reciprocated by providing concessional loans and investments to entities controlled by Kapoor’s family,” the CBI said.
Quid Pro Quo Arrangement
As part of the alleged quid pro quo, Ambani’s firms extended concessional credit facilities to family-run companies of Kapoor, owned by his wife and daughters. This arrangement, the agency said, caused wrongful loss of Rs 2,796.77 crore to Yes Bank and unlawful gains to ADA Group entities and Kapoor’s family-owned firms.
Other Investments
The probe also found that Reliance Nippon Mutual Funds, on Ambani’s instructions, invested Rs 1,160 crore in debentures of Morgan Credits Pvt Ltd, another Kapoor family entity, during 2017-18. Additionally, it purchased ADA Group debentures worth Rs 249.8 crore from Yes Bank and invested Rs 1,750 crore in Yes Bank’s high-risk Additional Tier-1 (AT1) bonds, which could be converted into equity or written off during financial stress.
- Total alleged loss: Rs 2,796.77 crore to Yes Bank
- Main accused: Anil Ambani, Rana Kapoor, and Kapoor’s family members
- Companies involved: RCFL, RHFL, Reliance Capital entities, Morgan Credits, others
- Quid pro quo: Public funds diverted in exchange for concessional loans to Kapoor family firms
- Additional investments: Rs 1,160 cr in Morgan Credits, Rs 1,750 cr in AT1 bonds
Source: PTI
Labels: CBI, Anil Ambani, Yes Bank, Rana Kapoor
Tags: #CBI #AnilAmbani #YesBank #RanaKapoor #Fraud #Scam
Disclaimer: This article is a rewritten summary based on reporting by PTI. Jammu News Portal does not assume responsibility for the accuracy of external content.
Post a Comment