MUMBAI: The CBI Thursday filed a chargesheet against Anil Ambani, chairman of Anil Dhirubhai Ambani Group, along with Rana Kapoor, co-founder of Yes Bank, and the latter’s wife, Bindu, and daughters, Radha Kapoor & Roshni, for fraudulent loan transactions that resulted in a loss of Rs 2,797 crore to the bank.The chargesheet says the bank under Kapoor’s directions invested in debentures and commercial debt paper issued by ADA’s commercial finance (RCFL) and home finance (RHFL) companies despite a credit ratings agency placing them “under watch” for poor performance. It says the funds were subsequently siphoned out and, in a “quid pro quo”, the Yes Bank promoter’s family-run firms received massive loans from ADA companies. CBI has previously investigated several others for defrauding Yes Bank, including DHFL’s erstwhile promoters Kapil Wadhawan and his brother Dheeraj Wadhawan.In a press release issued on Thursday, the CBI said it had filed a chargesheet pertaining to two cases related to fraudulent transactions between Anil Ambani’s group companies, Reliance Commercial Finance Ltd (RCFL) and Reliance Home Finance Limited (RHFL), and Rana Kapoor, his wife Bindu Kapoor, and their daughters Radha Kapoor and Roshni Kapoor and companies owned by them. The chargesheet named Anil Ambani, Rana Kapoor, Bindu Kapoor, Radha Kapoor, Roshni Kapoor, RCFL, RHFL (now Authum Investment & 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 chief vigilance officer of Yes Bank had lodged complaints with the CBI in 2022 against the Anil Ambani-led companies and Rana Kapoor.According to the CBI, Yes Bank invested approximately Rs 2,045 crore in non-convertible debentures and commercial debt paper issued by RCFL and Rs 2,965 crore in non-convertible debentures and commercial papers of RHFL. These investments were made with the approval of Kapoor, despite Care Ratings placing ADA Group’s financial companies “under watch” due to deteriorating financial standing and adverse market assessment. The CBI said Anil Ambani was the chairman of ADA Group and also served as a director of Reliance Capital Ltd, the holding company of RCFL and RHFL.The CBI stated that “funds invested in RCFL and RHFL by Yes Bank were subsequently siphoned through multiple layers, demonstrating a systematic diversion of public money.” The investigation revealed a “conspiracy between Rana Kapoor and Anil Ambani” and that “as quid pro quo, Anil Ambani, the then Chairman of ADA Group, obtained credit facilities from RCFL and RHFL at concessional rates for Rana Kapoor’s loss-making family entities, i.e., companies owned by Bindu Kapoor, Radha Kapoor and Roshni Kapoor.”The CBI further stated that the “fraudulent arrangement resulted in a massive wrongful loss to Yes Bank amounting to Rs 2,797 crore and corresponding unlawful gain to RCFL, RHFL and other companies of ADA Group, as well as companies owned by Rana Kapoor’s family members.”Additionally, Reliance Nippon Mutual Funds (RNMF), another subsidiary of Reliance Capital Ltd, on instructions from Anil Ambani, invested Rs 1,160 crore during 2017-18 in non-convertible debentures of Morgan Credits Pvt Ltd, an entity owned by Rana Kapoor’s family. Go to Source
