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Rana Kapoor’s Unilateral Call Led to Massive Loss for Yes Bank, CBI Alleges
CBI: The CBI revealed that Yes Bank suffered a loss of ₹2,700 crore from investments in Anil Ambani's companies. The investigation into Anmol Ambani's role is ongoing.
The Yes Bank co-founder Rana Kapoor's unilateral move of investing in Anil Ambani-led financial firms caused the bank a loss of ₹2,700 crore. This is according to the CBI chargesheet in the case about purportedly fraudulent transactions between the Yes Bank and companies owned by Anil Ambani.
The CBI stated that further investigation is underway into the role of Anmol Ambani, Anil Ambani's son and the then Executive Director of Reliance Capital. The case is based on two separate complaints filed by the Chief Vigilance Officer of Yes Bank. According to the chargesheet, the bank invested ₹5,010 crore in financial companies of the Anil Dhirubhai Ambani (ADA) Group between 2017 and 2019, when Rana Kapoor was its Managing Director and Chief Executive Officer.
These investments included ₹2,965 crore in non-convertible debentures (NCDs) of Reliance Home Finance Limited (RHFL) and ₹2,045 crore in commercial papers of Reliance Commercial Finance Limited (RCFL). The chargesheet states that of the total amount, ₹3,337.5 crore had turned into non-performing investments (NPIs) by December 2019.
The bank was unable to recover the entire NPI from the securities against these investments and thus suffered a loss of ₹2,796.77 crore. Some of the ADA entities were found to be shell companies.
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