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The CBI has filed an FIR against Anil Ambani and former CEO Rana Kapoor of Yes Bank for cheating ₹ 2,796 crore.
Reliance Infrastructure said that the CBI’s Reliance Commercial Finance (RCFL), Reliance Home Finance (RHFL) and the company chairman Anil Ambani will have no effect on their business. The company gave this information in BSE filing on Friday (September 19).
Reliance Infrastructure said, “The CBI action will not affect the company’s daily management, governance, business, financial status, shareholders, employees or any other stakeholder.”
Transactions stated in CBI charge sheet more than 10 years old
The company clarified that the transactions stated in the CBI charge sheet are more than 10 years old. The company said that RCFL and RHFL cases have been completely resolved after the Supreme Court’s 2022 and 2023 decisions.
The management of these companies has been changed and the process has been completed through a system of creditors under the RBI rules led by Bank of Baroda. The company also said that Anil Ambani has never been on the board of RCFL or RHFL and has never been in the board of Reliance Infrastructure for the last three and a half years.
On September 18, CBI filed a charge sheet on Anil Ambani
On Thursday, September 18, CBI has filed two separate charge sheet against Anil Ambani and others in the fraud case with Yes Bank. They are alleged to have alleged fake transactions between Ambani’s group companies and former CEO Rana Kapoor’s family companies, causing a loss of Rs 2,796 crore to the bank.
The CBI says that Rana Kapoor misuses his position to put the funds of Yes Bank in Ambani’s financially weak companies- RCFL and RHFL. In turn, Ambani’s companies gave loans and investment to the Kapoor family companies at low interest. It was a Kwid Pro Quo (deal of transaction).
In 2022, the Chief Vigilance Officer of Yes Bank complained
The CBI started this case in 2022 on the complaint of the Chief Vigilance Officer of Yes Bank. The charge sheet has been filed under the Prevention of Corruption Act and sections of the IPC, which are associated with fraud, criminal conspiracy and misuse of public property.
In addition to Anil in the charge sheet, CBI has given Rana Kapoor, Bindu Kapoor, Radha Kapoor, Roshni Kapoor, RCFL, RHFL, RAB Enterprises Private Limited, Imagine Estate Private Limited, Bliss House Private Limited, Imagine Habitat Private Limited, Imagine Resident Private Limited, Imagine Resident Private Limited and Morgong Credits Private Limited Private Limited. Chargesheets have been filed under the corruption act and sections of IPC.
On July 24, ED raided more than 35 locations
On July 24, ED raided more than 35 locations and about 50 companies associated with Anil Ambani’s Reliance Group. After this, on August 23, the CBI also raided Anil Ambani’s house.
Earlier on July 24, the Enforcement Directorate (ED) raided more than 35 bases associated with Anil Ambani’s Reliance Group in a loan fraud case of Rs 3,000 crore from Yes Bank. It included about 50 companies and more than 25 people were also questioned.
The action has been taken on the basis of two FIRs lodged by CBI and information received from agencies like SEBI, National Housing Bank, Bank of Baroda and National Financial Reporting Authority (NFRA).
3 whole matter in questions and answers:
Question 1: Why did ED take action against Anil Ambani?
answer: The case is related to a loan of about Rs 3,000 crore given by Yes Bank to Reliance Group companies associated with Anil Ambani between 2017 and 2019.
ED’s initial investigation revealed that these loans were allegedly diverted to fake companies and other units of the group. The investigation also revealed that the big officials of Yes Bank have probably been given bribe.
Question 2: What else came out in the ED investigation?
answer: The ED says that this was a “thoughtful and well-planned” plan, under which the money was grabbed by giving false information to banks, shareholders, investors and other public institutions. Many disturbances were caught in the investigation, such as:
- Loans to companies with weak or unnecessary verification.
- Many companies use the same director and address.
- The absence of necessary documents related to loan.
- Transfer money to fake companies.
- The process of giving new loans to repay the old loan (loan earrings).
Question 3: What is the role of CBI in this case?
answer: The CBI had registered an FIR in two cases. These cases are related to two different loans given by Yes Bank to Reliance Home Finance Limited and Reliance Commercial Finance Limited. In both cases, CBI took the name of former CEO Rana Kapoor of Yes Bank.
After this, an official said that other agencies and institutions like National Housing Bank, SEBI, National Financial Reporting Authority and Bank of Baroda also shared information with ED. Now ED is investigating this case.
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