Mumbai: The Central Bureau of Investigation (CBI) on Thursday filed chargesheets in two cases linked to alleged fraudulent transactions between Anil Ambani-led ADA Group companies — Reliance Commercial Finance Ltd (RCFL) and Reliance Home Finance Ltd (RHFL) — and Yes Bank, along with entities controlled by former Yes Bank MD & CEO Rana Kapoor and his family members.

According to the CBI, Anil Ambani served as Chairman of ADA Group and Director of Reliance Capital Ltd., the holding company for RCFL and RHFL.

The cases, originally registered in 2022 based on a complaint from Yes Bank’s Chief Vigilance Officer, involve charges of conspiracy, corruption, and diversion of funds.

Investigations revealed that Yes Bank, under Rana Kapoor’s approval, invested approximately ₹2,045 crore in non-convertible debentures and commercial debt of RCFL and ₹2,965 crore in RHFL during 2017, despite Care Ratings placing ADA Group financial companies “under watch” due to their deteriorating financial health. These funds were allegedly siphoned off through multiple layers, indicating systematic diversion of public money.

The CBI alleged a quid pro quo arrangement between Rana Kapoor and Anil Ambani, where Yes Bank’s public funds were funneled into financially stressed ADA Group firms, while RCFL and RHFL sanctioned concessional credit facilities to loss-making entities owned by Rana Kapoor’s wife Bindu Kapoor and daughters Radha and Roshni Kapoor.

This arrangement allegedly caused a wrongful loss of ₹2,796.77 crore to Yes Bank and resulted in unlawful gains to ADA Group companies and Kapoor family-owned entities.

The investigation also found that Reliance Nippon Mutual Fund, under Anil Ambani’s instructions, invested ₹1,160 crore in non-convertible debentures of Morgan Credits Pvt Ltd, a company owned by Rana Kapoor’s family.

Additionally, Reliance Nippon Mutual Fund purchased ADA Group debentures worth ₹249.80 crore from Yes Bank and invested ₹1,750 crore in Yes Bank’s high-risk AT1 bonds, which carried no fixed maturity date and could be written off entirely in a crisis.

The CBI said its findings establish a criminal conspiracy under various sections of the IPC and the Prevention of Corruption Act. Chargesheets have been filed before the competent court in Mumbai.