CBI charges ADA Group and Yes Bank in ₹2,796 crore fraud, names Anil Ambani, Rana Kapoor
The CBI noted that Yes Bank invested around ₹2,045 crore in non-convertible debentures and commercial debt of RCFL and RHFL in 2017, despite negative credit ratings and adverse market assessments of ADA Group companies.
- Sep 19, 2025,
- Updated Sep 19, 2025 9:31 AM IST
The Central Bureau of Investigation (CBI) has filed a chargesheet in two cases linked to fraudulent transactions between companies of the Anil Dhirubhai Ambani (ADA) Group and Yes Bank, involving alleged wrongful gains for ADA Group firms and losses of over ₹2,796 crore to Yes Bank.
The chargesheet, filed on September 18, follows investigations into transactions between ADA Group companies Reliance Commercial Finance Ltd (RCFL) and Reliance Home Finance Ltd (RHFL) on one side, and Yes Bank and entities linked to Rana Kapoor’s family on the other.
The CBI noted that Yes Bank invested around ₹2,045 crore in non-convertible debentures and commercial debt of RCFL and RHFL in 2017, despite negative credit ratings and adverse market assessments of ADA Group companies. These investments, approved by then-CEO Rana Kapoor, were later siphoned through multiple layers, showing diversion of public funds.
The probe revealed a conspiracy between Rana Kapoor and ADA Group Chairman Anil Ambani. Kapoor allegedly channelled Yes Bank funds into financially stressed ADA Group firms, while ADA Group reciprocated by extending investments and loans to entities linked to Kapoor’s family.
The CBI stated that Ambani ensured credit facilities sanctioned to RCFL and RHFL were passed on as concessional loans to family-linked companies of Rana Kapoor, including those owned by his wife Bindu Kapoor and daughters Radha and Roshini Kapoor.
The arrangement allegedly caused wrongful losses of ₹2,796.77 crore to Yes Bank and unlawful gains to ADA Group firms and Kapoor family-linked companies.
Investigators also flagged the role of Reliance Nippon Mutual Funds, another Reliance Capital subsidiary, which invested ₹1,160 crore in debentures of Morgan Credits Pvt Ltd, a Kapoor-linked entity, and purchased ADA Group debentures worth ₹249.80 crore from Yes Bank.
Reliance Nippon Mutual Funds further invested ₹1,750 crore in unsecured Yes Bank bonds (AT1 Bonds), which had no fixed maturity and were either converted to equity or written off during Yes Bank’s financial crisis.
The chargesheet concludes a conspiracy between Rana Kapoor, Anil Ambani, Bindu Kapoor, Radha Kapoor, Roshini Kapoor, RCFL, RHFL, and other ADA Group-linked firms, including Imagine Marketing, Bliss House, Imagine Habitat, Imagine Residence, and Morgan Credits.
The case has been filed before the competent court in Mumbai.
The Central Bureau of Investigation (CBI) has filed a chargesheet in two cases linked to fraudulent transactions between companies of the Anil Dhirubhai Ambani (ADA) Group and Yes Bank, involving alleged wrongful gains for ADA Group firms and losses of over ₹2,796 crore to Yes Bank.
The chargesheet, filed on September 18, follows investigations into transactions between ADA Group companies Reliance Commercial Finance Ltd (RCFL) and Reliance Home Finance Ltd (RHFL) on one side, and Yes Bank and entities linked to Rana Kapoor’s family on the other.
The CBI noted that Yes Bank invested around ₹2,045 crore in non-convertible debentures and commercial debt of RCFL and RHFL in 2017, despite negative credit ratings and adverse market assessments of ADA Group companies. These investments, approved by then-CEO Rana Kapoor, were later siphoned through multiple layers, showing diversion of public funds.
The probe revealed a conspiracy between Rana Kapoor and ADA Group Chairman Anil Ambani. Kapoor allegedly channelled Yes Bank funds into financially stressed ADA Group firms, while ADA Group reciprocated by extending investments and loans to entities linked to Kapoor’s family.
The CBI stated that Ambani ensured credit facilities sanctioned to RCFL and RHFL were passed on as concessional loans to family-linked companies of Rana Kapoor, including those owned by his wife Bindu Kapoor and daughters Radha and Roshini Kapoor.
The arrangement allegedly caused wrongful losses of ₹2,796.77 crore to Yes Bank and unlawful gains to ADA Group firms and Kapoor family-linked companies.
Investigators also flagged the role of Reliance Nippon Mutual Funds, another Reliance Capital subsidiary, which invested ₹1,160 crore in debentures of Morgan Credits Pvt Ltd, a Kapoor-linked entity, and purchased ADA Group debentures worth ₹249.80 crore from Yes Bank.
Reliance Nippon Mutual Funds further invested ₹1,750 crore in unsecured Yes Bank bonds (AT1 Bonds), which had no fixed maturity and were either converted to equity or written off during Yes Bank’s financial crisis.
The chargesheet concludes a conspiracy between Rana Kapoor, Anil Ambani, Bindu Kapoor, Radha Kapoor, Roshini Kapoor, RCFL, RHFL, and other ADA Group-linked firms, including Imagine Marketing, Bliss House, Imagine Habitat, Imagine Residence, and Morgan Credits.
The case has been filed before the competent court in Mumbai.