CBI Links Anil Ambani and Rana Kapoor in ₹2,796-Crore Yes Bank Loss Case

In a major revelation, the Central Bureau of Investigation (CBI) has accused industrialist Anil Ambani of approving financial favours to Yes Bank founder Rana Kapoor and his family, leading to losses of ₹2,796.77 crore for the bank. The agency has filed a detailed chargesheet before a special CBI court in Mumbai, exposing what it calls a pattern of corruption, conflict of interest, and misuse of credit policy.

CBI Alleges Risky Investments in Ambani Firms

According to the investigation, Yes Bank made high-risk investments in Non-Convertible Debentures (NCDs) and Commercial Papers (CPs) of Ambani’s companies — Reliance Home Finance Ltd (RHFL) and Reliance Commercial Finance Ltd (RCFL). These investments were made despite internal warnings that they had no viable secondary market and posed serious financial risks.

CBI claims that Kapoor was aware of these issues but went ahead with the approvals “after Ambani’s nod,” violating prudent banking norms.

Twin FIRs and ₹5,000-Crore Exposure Gone Bad

Following complaints from Yes Bank’s Chief Vigilance Officer, two FIRs were registered in November 2020. Between 2017 and 2019, Yes Bank reportedly invested ₹2,965 crore in RHFL and ₹2,045 crore in RCFL, both part of the Anil Dhirubhai Ambani Group (ADAG).
By late 2019, these became non-performing investments, leaving the bank with unpaid dues of over ₹3,300 crore.

Loans to Rana Kapoor’s Family Firms

The CBI’s chargesheet also exposes a quid pro quo arrangement between Ambani and Kapoor. Around the same time Yes Bank extended credit to ADAG firms, RHFL and RCFL allegedly sanctioned loans to companies owned by Kapoor’s wife Bindu Kapoor and their daughters.

Among these:

• ₹60 crore each to RAB Enterprises (India) Pvt Ltd and Bliss House Pvt Ltd, both owned by Bindu Kapoor.

• ₹225 crore each to RAB Enterprises and Imagine Estate Pvt Ltd.

These loans, CBI says, were approved without field verification or due diligence, at 9.25% annual interest.

Private Meetings and Mutual Benefits

The investigation reveals a pattern of private meetings between Kapoor and Ambani — often held without any Yes Bank officials. Following these interactions, Kapoor allegedly instructed subordinates to approve proposals for ADAG companies “as agreed upon.”

In return, Ambani’s team reportedly relaxed loan terms for companies owned by Kapoor’s family.

Reliance Nippon Link and Shell Companies

CBI has also pointed to Ambani’s alleged interference in Reliance Nippon Mutual Fund (RNMF), where he held unofficial meetings with then CEO Sundeep Sikka and Head of Fixed Income Amit Tripathi to influence investment decisions.

The agency claims Ambani created shell companies under ADAG to route funds internally and repay existing group debts, while keeping Japanese investors “out of the loop.”

His elder son, Jai Anmol Ambani, was reportedly present in some of these discussions.

Conflict of Interest and Concealment

CBI alleges that Rana Kapoor failed to inform the Yes Bank board that his family firms had borrowed from ADAG entities, disclosing only that his wife and daughters were directors. This concealment, the agency says, directly violated his fiduciary duty as CEO and contributed to the ₹2,796-crore loss.

Indirect Fund Routing and Ongoing Probe

Due to SEBI restrictions, Ambani could not directly invest mutual fund money into his group’s financial arms. Instead, he allegedly collaborated with Kapoor to route funds via Yes Bank’s NCDs and AT-1 bonds, disguising the flow of money.

The CBI is now seeking to expand its probe to include Jai Anmol Ambani, who was then Executive Director of Reliance Capital Ltd, for his suspected role in investments made through Reliance Nippon into Yes Bank and Morgan Credits Pvt Ltd, owned by Kapoor’s daughters.

Conclusion

The Yes Bank loss case marks another chapter in India’s widening corporate fraud investigations, exposing the deep nexus between high-profile bankers and industrialists. As the probe continues, the CBI’s findings could have far-reaching implications for the banking and private lending sectors, emphasizing the urgent need for transparency and stronger financial governance.