The Central Bureau of Investigation (CBI) has filed detailed chargesheets in two high-profile corruption cases, exposing a financial nexus between Anil Ambani’s group companies and former Yes Bank CEO Rana Kapoor. The probe points to fraudulent investments and quid pro quo dealings that allegedly caused massive losses to Yes Bank while benefiting entities linked to the Ambani and Kapoor families.

According to the CBI, Yes Bank under Rana Kapoor’s leadership invested more than ₹2,045 crore in Reliance Commercial Finance Ltd (RCFL) and another ₹2,965 crore in Reliance Home Finance Ltd (RHFL) during 2017. These investments were cleared even as rating agency CARE had already flagged concerns over the weakening financial health of the Anil Dhirubhai Ambani (ADA) Group.

Investigators allege that the funds were systematically siphoned off through multiple layers, turning public money into private gains. In return, RCFL and RHFL reportedly extended concessional loans and credit facilities to companies controlled by Kapoor’s wife Bindu and daughters Radha and Roshni, despite those firms running into losses. This arrangement, the CBI says, inflicted a wrongful loss of nearly ₹2,797 crore on Yes Bank.

The chargesheets also reveal that Reliance Nippon Mutual Fund, then part of Anil Ambani’s Reliance Capital, channelled ₹1,160 crore into debentures of Morgan Credits Pvt Ltd, a Kapoor family entity. The fund further purchased ADA Group debentures worth ₹249.80 crore from Yes Bank and invested ₹1,750 crore in risky AT1 bonds issued by the bank—financial instruments known for their high risk and lack of maturity safeguards.

The CBI has named Rana Kapoor, Anil Ambani, Bindu Kapoor, Radha Kapoor, Roshni Kapoor, RCFL, RHFL (now Authum Investment & Infrastructure Ltd), Morgan Credits Pvt Ltd, and several other associated companies. They face charges under the Prevention of Corruption Act and provisions of the Bharatiya Nyaya Sanhita.