The Central Bureau of Investigation (CBI) has filed a charge sheet in two cases, which are associated with the alleged fake transactions between Anil Ambani’s group companies RCFL and RHFL and RAS Bank and Rana Kapoor’s wife Bindu Kapoor and daughters Radha Kapoor and Radha Kapoor and Roshni Kapoor’s companies. The CBI said Anil Ambani was the chairman of the ADA Group. He was also the director of Reliance Capital Limited, a holding company of RCFL and RHFL.
The CBI said in a statement, the investigating agency has filed a charge sheet in two cases today (September 18). One of these chargesheets are associated with fake transactions between Anil Ambani Group companies RCFL and RHFL and other Yes Bank and Rana Kapoor’s wife Bindu Kapoor and daughters Radha Kapoor and Roshni Kapoor-owned companies. Rana Kapoor was the managing director and chief executive officer (CEO) of Yes Bank at that time.
Explain that in 2022, two criminal cases were registered against Rana Kapoor, RCFL, RHFL and others based on the complaint lodged by the Chief Vigilance Officer of Yes Bank. Investigation revealed that in 2017, Yes Bank invested about Rs 2045 crore in RCFL and about Rs 2965 crore in RHFL as non-convertible shares (non-convertible debentures) and commercial debt (commercial debt).
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The statement said, this investment was made with the approval of Rana Kapoor, while the Care Ratings at that time kept the financial position of the ADA group under supervision, as the company’s economic condition was deteriorating and its credibility was falling in the market. Yes Bank used these investments made in RCFL and RHFL later on several levels, leading to well-planned rigging of public funds.
The CBI said, the investigation also revealed that a conspiracy was hatched between Rana Kapoor and Anil Ambani, in which Rana Kapoor misused his official status and put the public fund of Yes Bank in the financially threatened ADA Group companies. In return, the ADA Group got Rana Kapoor’s family companies loans and investment at concessional rates. Due to this fraud, Yes Bank suffered a huge loss of about Rs 2796.77 crore and illegally benefited from RCFL, RHFL, other companies of ADA Group and family of Rana Kapoor.
In the charge sheet, the investigating agency further said, “Apart from this, Ryan Nippon Mutual Funds invested Rs 1160 crore in Rana Kapoor’s family company Morgane Credits Private Limited in 2017-18 on the instructions of Anil Ambani.” Reliance Nippon Mutual Funds is another subsidiary of Reliance Capital Limited. Reliance Nippon Mutual Funds also bought debentures of ADA Group from Yes Bank for Rs 249.80 crore.