The Central Bureau of Investigation (CBI) has filed chargesheets against companies of the Anil Dhirubhai Ambani Group (ADAG), former Yes Bank CEO Rana Kapoor, and several officials in connection with a massive financial fraud estimated at over ₹6,000 crore.
According to the agency, Yes Bank invested heavily in debt instruments issued by Reliance Commercial Finance Ltd (RCFL) and Reliance Home Finance Ltd (RHFL) between 2017 and 2018. Despite clear red flags from rating agencies, which had placed these firms on a “watch list” due to weakening finances, Yes Bank went ahead with investments running into thousands of crores.
Investigators allege that once the funds were raised, they were systematically diverted through complex layers of transactions, rather than being used for legitimate business purposes. The diversion, CBI claims, inflicted a wrongful loss of about ₹2,796 crore on Yes Bank.
In return for these controversial investments, entities linked to Rana Kapoor’s family reportedly received favorable credit facilities and loans from ADAG companies. The chargesheet names not only Kapoor but also his wife and daughters, pointing to what investigators describe as a “quid pro quo” arrangement.
The probe has also flagged irregular investments of around ₹2,045 crore in RCFL and ₹2,965 crore in RHFL, with additional sums routed through mutual funds and other instruments connected to the Reliance Group.
The chargesheets accuse the accused parties of criminal conspiracy, cheating, and corruption, underlining a pattern of collusion between the bank’s top management and corporate borrowers.
This case, among the largest corporate fraud investigations in recent years, highlights gaps in banking oversight and corporate governance. It comes at a time when regulators are under pressure to tighten scrutiny of high-value lending and investment decisions in India’s financial sector.
Further hearings in the case are expected to determine accountability, with both corporate executives and financial regulators likely to face tough questions over due diligence failures.
