New Delhi/IBNS: The Central Bureau of Investigation (CBI) on Thursday chargesheeted Anil Ambani and others in connection with fraudulent transactions between the industrialist's group companies, Yes Bank and firms owned by former bank CEO Rana Kapoor's kin, media reports said.

The fraudulent transactions have caused Rs. 2,796 crore to the bank, NDTV reported.

Apart from Anil Ambani, Rana Kapoor, his wife, daughters and several companies have been named in the chargesheet filed in a Mumbai court.

The two group companies of Anil Ambani are Reliance Commercial Finance Ltd. (RCFL) and Reliance Home Finance Ltd. (RHFL).

In the chargesheet, the CBI said Ambani is the chairman of the Anil Dhirubhai Ambani (ADA) Group and also the director of Reliance Capital Limited that holds the RCFL and RHFL.

A CBI spokesperson said as quoted by Hindustan Times, "Investigation has revealed that Yes Bank invested around ₹2045 crores in non-convertible debentures and commercial debts of RCFL and ₹2965 crores in non-convertible debentures and commercial papers of RHFL in 2017 on the approval of Rana Kapoor despite Care Ratings placing ADA Group financial companies ‘under watch’ in view of deteriorating financial standing and adverse market assessment.

"Funds, thus, invested in RCFL and RHFL by Yes Bank were subsequently siphoned through multiple-layers, demonstrating a systematic diversion of public money."

"As quid pro-quo, Anil Ambani got credit facilities sanctioned from RCFL and RHFL at concessional rates to loss making family entities of Rana Kapoor i.e. companies owned by Bindu Kapoor (wife), Radha Kapoor and Ms Roshani Kapoor (daughters)," the spokesperson added.

"This fraudulent arrangement resulted in massive wrongful loss to Yes Bank (amounting to ₹2796.77crores) and corresponding unlawful gain to RCFL, RHFL and other companies of ADA Group as well as companies owned by family members of Rana Kapoor," the probe agency said as reported by the daily.

Summary of what is under investigation

Several types of alleged wrongdoing are being probed. Here are the main points:

Loan / Investment Misuse and Diversion

Yes Bank is alleged to have made large investments in non-convertible debentures (NCDs) and commercial papers issued by ADA group companies — specifically RCFL and RHFL — even though these companies were flagged by rating agencies (e.g., Care Ratings) as being under watch due to deteriorating financial health.

After these investments, the money is alleged to have been “siphoned off” through multiple intermediary layers, possibly shell companies or promoter-connected entities, thereby diverting public/bank funds.

Quid Pro Quo with Kapoor Family

As per the allegations, in return for Yes Bank’s funds flowing into Ambani group companies, those Ambani entities allegedly provided concessional / favorable credit facilities to companies controlled by Rana Kapoor’s family.

Violation of Bank Norms, Due Diligence, and Internal Processes

The investigations allege that Yes Bank, under the oversight of Rana Kapoor, ignored warning signals: e.g., approving loans/investments without proper due diligence, backdating credit approval documents, investing despite weak financials.

Some funds are alleged to have been disbursed even before formal approval, or with weak/document deficiencies.

Regulatory / Market Losses

Some investments were in high-risk Additional Tier-1 (AT1) bonds of Yes Bank which were later written off when the bank became insolvent/under stress. These led to losses for certain investors.

Scale of Alleged Losses

The CBI's chargesheet claims a wrongful loss of approximately ₹2,796.77 crore (~ ₹2,800 crore) to Yes Bank, with corresponding illicit gains to the ADA group companies (RCFL, RHFL) and companies owned by the Kapoor family.

The Enforcement Directorate (ED) investigations extend to alleged irregularities amounting up to ₹17,000 crore across various dealings of Ambani-led entities.