Anil Ambani and Rana Kapoor Accused in Massive Bank Fraud: CBI Chargesheet Uncovered
The CBI has filed a chargesheet implicating Anil Ambani and others in a significant fraud case involving Yes Bank and ADA Group companies. The fraudulent transactions allegedly caused a Rs 2,796 crore loss to the bank. Investigations highlight a systematic diversion of funds by Ambani and Kapoor.
- Country:
- India
The Central Bureau of Investigation (CBI) has filed a chargesheet against industrialist Anil Ambani and others for their alleged involvement in fraudulent transactions between Reliance Capital, Yes Bank, and firms linked to the bank's former CEO Rana Kapoor. The charges detail a Rs 2,796 crore loss caused to Yes Bank through these transactions.
According to the chargesheet, Ambani, as head of the ADA Group, and Kapoor, former CEO of Yes Bank, conspired to divert public funds. The CBI alleges that Yes Bank invested heavily in ADA Group companies despite low financial ratings, and funds were siphoned off through multiple layers.
In a quid pro quo arrangement, Kapoor's family reportedly received financial benefits from ADA Group companies. The CBI also highlighted investments made by Reliance Nippon Mutual Funds under Ambani's direction. The charges bring to light a complex web of financial misconduct implicating prominent business figures.
(With inputs from agencies.)
- READ MORE ON:
- Anil Ambani
- Yes Bank
- fraud
- CBI
- chargesheet
- Rana Kapoor
- diversion
- RCFL
- RHFL
- ADA Group
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