The CBI has accused industrialist Anil Ambani of approving favours to Yes Bank founder Rana Kapoor’s family, causing huge financial losses to the bank. This development highlights alleged corruption and risky investments linked to Ambani’s companies.
In a major development in the Yes Bank corruption case, the Central Bureau of Investigation (CBI) has accused industrialist Anil Ambani of approving favours extended to the family of the bank’s founder Rana Kapoor, allegedly in violation of established credit policy. The agency, in its detailed chargesheet filed before a special CBI court in Mumbai, claims that Yes Bank suffered losses of Rs 2,796.77 crore due to risky investments in Non-Convertible Debentures (NCDs) and Commercial Papers (CPs) of Ambani’s companies.
According to investigators, Kapoor was aware that these investments carried no viable secondary market and would damage the bank’s long-term interests, but went ahead with them after Ambani’s approval.
TWIN FIRs AND A Rs 5,000-CRORE INVESTMENT GONE BAD
Two FIRs were registered following complaints from the Chief Vigilance Officer (CVO) of Yes Bank in November 2020. They accused Kapoor, Ambani, and several senior executives of criminal conspiracy, cheating, and corruption.
Between 2017 and 2019, Yes Bank invested Rs 2,965 crore in Reliance Home Finance Ltd (RHFL) and Rs 2,045 crore in Reliance Commercial Finance Ltd (RCFL), both part of the Anil Dhirubhai Ambani Group (ADAG). By late 2019, both turned into non-performing investments, leaving the bank with unpaid dues of over Rs 3,300 crore.
LOANS TO KAPOOR’S FAMILY FIRMS
The CBI alleges a quid pro quo arrangement between the two sides. Around the same period, RHFL and RCFL disbursed multiple loans to companies owned by Kapoor’s wife Bindu Kapoor and their daughters.
Rs 60 crore each was sanctioned to RAB Enterprises (India) Pvt Ltd and Bliss House Pvt Ltd, both owned by Bindu Kapoor.
Rs 225 crore each went to RAB Enterprises and Imagine Estate Pvt Ltd, also controlled by her.
The loans, given at 9.25% annual interest, were allegedly cleared without field verification or due diligence.
PRIVATE MEETINGS, MUTUAL BENEFITS
The chargesheet paints a picture of close coordination between Kapoor and Ambani. CBI claims that Kapoor frequently held private business meetings with Ambani, often without any Yes Bank officials present. After these meetings, Kapoor would allegedly instruct his officers to approve proposals for ADAG companies as “agreed upon.”
In turn, Ambani allegedly directed his own key executives to relax loan conditions for companies owned by the Kapoor family.
RELIANCE NIPPON ANGLE AND ALLEGED SHELL FIRMS
The CBI has also flagged Ambani’s alleged misuse of Reliance Nippon Mutual Fund, saying he held unauthorised weekly meetings with its top executives, including then CEO Sundeep Sikka and Head of Fixed Income Amit Tripathi, to influence investment decisions. Ambani’s elder son Jai Anmol Ambani was reportedly present in some of these meetings, during which emails were exchanged to keep Japanese partners “out of the loop.”