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The Central Bureau of Investigation (CBI) has filed a chargesheet against industrialist Anil Ambani and several others in connection with alleged fraudulent transactions involving Reliance Commercial Finance Limited (RCFL), Reliance Home Finance Limited (RHFL), Yes Bank, and companies linked to the family of former Yes Bank CEO Rana Kapoor.

The transactions reportedly caused a loss of Rs 2,796.77 crore to the bank, officials confirmed on Thursday.

The chargesheet was submitted before a special court in Mumbai and names Ambani as the chairman of the Anil Dhirubhai Ambani (ADA) Group and director of Reliance Capital Limited, the holding company of RCFL and RHFL.

The ADA Group has not yet issued any official statement in response to the charges.

In addition to Ambani and Kapoor, the CBI has also named the latter's wife Bindu Kapoor, daughters Radha Kapoor and Roshni Kapoor, and several companies: RCFL, RHFL (now known as Authum Investment and Infrastructure Ltd), 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. The accused have been charged under various sections of the Indian Penal Code (IPC) and the Prevention of Corruption Act.

The investigation stems from two FIRs registered in 2022, following complaints by the chief vigilance officer of Yes Bank. The CBI alleges that Kapoor, during his tenure as MD and CEO of the bank, facilitated investments despite red flags raised by rating agencies.

"Yes Bank invested around Rs 2,045 crore in non-convertible debentures and commercial debts of RCFL and Rs 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," a CBI spokesperson said in a statement.

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According to the agency, the funds invested by Yes Bank were later diverted through multiple layers, suggesting a systematic siphoning of public money.

"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," the statement added.

As part of the alleged quid pro quo, Ambani is said to have secured credit facilities at concessional rates from RCFL and RHFL for loss-making companies owned by Kapoor’s family, including those linked to Bindu, Radha, and Roshni Kapoor.

"This fraudulent arrangement resulted in massive wrongful loss to Yes Bank (amounting to Rs 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.

The agency also found that another Reliance Capital subsidiary, Reliance Nippon Mutual Funds, acting on Ambani’s instructions, invested Rs 1,160 crore in non-convertible debentures of Morgan Credits Pvt Ltd, a company owned by Kapoor’s family, during 2017–18.

Additionally, Reliance Nippon Mutual Funds reportedly purchased ADA Group debentures worth Rs 249.8 crore from Yes Bank.

The CBI further stated that Reliance Nippon Mutual Funds had invested Rs 1,750 crore in unsecured Additional Tier-1 (AT1) bonds of Yes Bank — instruments classified as high-risk and with no fixed maturity date. These bonds could either be converted into equity or written off in the event of a crisis, and are ranked lowest in the repayment hierarchy during liquidation.

With PTI inputs

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