CBI Files Charges Against Anil Ambani, Ex-Yes Bank CEO Rana Kapoor in Rs 2,796 Crore Fraud Case
In the wider context of financial crime in India, an ongoing Corruption Perception Survey noted that 88% of people believe India is a corrupt country.
RMN News Business Desk
September 19, 2025
The Central Bureau of Investigation (CBI) has filed chargesheets against industrialist Anil Ambani’s ADA Group and former Yes Bank CEO Rana Kapoor. The charges allege fraudulent transactions that resulted in a loss of ₹2,796 crore to Yes Bank.
The CBI filed the chargesheet on Thursday (September 18) in two cases concerning the alleged financial irregularities between Anil Ambani-led ADA Group companies and Yes Bank.
Details of the Allegations
The case involves alleged fraudulent transactions between Anil Dhirubhai Group Companies—specifically Reliance Commercial Finance Limited (RCFL) and Reliance Home Finance Limited (RHFL)—Yes Bank, and companies owned by Rana Kapoor’s family. The CBI asserts that these financial irregularities caused a loss of Rs 2,796 crore to the bank.
Anil Ambani was cited as the Chairman of the Anil Dhirubhai Ambani Group and the Director of Reliance Capital Ltd., the holding company of RCFL and RHFL.
According to the investigation, Yes Bank invested approximately Rs. 2045 crores in non-convertible debentures and commercial debts of RCFL and Rs. 2965 crores in Non-Convertible Debentures and Commercial Papers of RHFL in 2017. This approval was given by Rana Kapoor, despite CARE Ratings placing ADA Group Financial Companies “under watch” due to deteriorating financial standing and adverse market assessment. The CBI alleges that the funds invested in RCFL and RHFL were subsequently siphoned off through multiple layers, demonstrating a systematic diversion of public money.
The investigation revealed a conspiracy wherein Rana Kapoor allegedly abused his official position to channel substantial public funds from Yes Bank into financially stressed ADA Group Companies. The ADA Group is then alleged to have reciprocated by sanctioning and facilitating concessional loans and investments to entities controlled by Rana Kapoor’s family.
As part of this alleged quid pro quo, Anil Ambani received credit facilities sanctioned from RCFL and RHFL at concessional rates for loss-making family entities of Kapoor—companies owned by his wife Bindu Kapoor and daughters Radha Kapoor and Roshani Kapoor. This fraudulent arrangement allegedly caused a massive wrongful loss to Yes Bank.
Other Entities Charged and Related Investments
Besides Ambani and Kapoor, the CBI also charge-sheeted Kapoor’s wife, Bindu Kapoor, their daughters Radha Kapoor and Roshni Kapoor. Other entities charged include RCFL, RHFL (now M/s Authum Investment and Infrastructure Ltd), RAB Enterprises Pvt Ltd, Imagine Estate Pvt Ltd, Bliss House Pvt Ltd, Imagine Habitat Pvt Ltd, Imagine Residence Pvt Ltd, and Morgan Credits Pvt Ltd. The chargesheets were filed under sections of the Indian Penal Code and the Prevention of Corruption Act.
The CBI also claimed that Reliance Nippon Mutual Funds, a subsidiary of Reliance Capital Ltd., allegedly invested Rs 1160 crore during 2017-18 in Non-Convertible Debentures of Morgan Credits Pvt Ltd, an entity owned by Rana Kapoor’s family. Additionally, Reliance Nippon Mutual Funds allegedly purchased ADA Group Debentures worth Rs. 249.80 crores from Yes Bank and invested Rs. 1750 crore in unsecured debt instruments (AT1 Bonds) of Yes Bank. These AT1 Bonds were described as high risk, having no fixed maturity date, and ranking most below other debts in the event of liquidation.
Broader Investigations
The chargesheet follows ongoing scrutiny of the industrialist. In August, the CBI had raided premises linked to Anil Ambani, including his residence in Mumbai, as part of an investigation into a separate alleged bank fraud case that sources indicate could involve up to Rs 17,000 crore. These searches are connected to an alleged fraud that caused a loss of over Rs 2,000 crore to the State Bank of India (SBI), for which the agency registered a case against Reliance Communications (RCom).
In the wider context of financial crime in India, an ongoing Corruption Perception Survey noted that 88% of people believe India is a corrupt country. Furthermore, 76% of respondents indicated that Indian corruption crime cases should be prosecuted in international courts, as 72% believe Indian courts are not effectively handling corruption cases.
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