• India CSR Awards 2025
  • India CSR Leadership Summit
  • Guest Posts
Tuesday, October 21, 2025
India CSR
  • Home
  • Corporate Social Responsibility
    • Art & Culture
    • CSR Leaders
    • Child Rights
    • Culture
    • Education
    • Gender Equality
    • Around the World
    • Skill Development
    • Safety
    • Covid-19
    • Safe Food For All
  • Sustainability
    • Sustainability Dialogues
    • Sustainability Knowledge Series
    • Plastics
    • Sustainable Development Goals
    • ESG
    • Circular Economy
    • BRSR
  • Corporate Governance
    • Diversity & Inclusion
  • Interviews
  • SDGs
    • No Poverty
    • Zero Hunger
    • Good Health & Well-Being
    • Quality Education
    • Gender Equality
    • Clean Water & Sanitation – SDG 6
    • Affordable & Clean Energy
    • Decent Work & Economic Growth
    • Industry, Innovation & Infrastructure
    • Reduced Inequalities
    • Sustainable Cities & Communities
    • Responsible Consumption & Production
    • Climate Action
    • Life Below Water
    • Life on Land
    • Peace, Justice & Strong Institutions
    • Partnerships for the Goals
  • Articles
  • Events
  • हिंदी
  • More
    • Business
    • Finance
    • Environment
    • Economy
    • Health
    • Around the World
    • Social Sector Leaders
    • Social Entrepreneurship
    • Trending News
      • Important Days
        • Festivals
      • Great People
      • Product Review
      • International
      • Sports
      • Entertainment
    • Case Studies
    • Philanthropy
    • Biography
    • Technology
    • Lifestyle
    • Sports
    • Gaming
    • Knowledge
    • Home Improvement
    • Words Power
    • Chief Ministers
No Result
View All Result
  • Home
  • Corporate Social Responsibility
    • Art & Culture
    • CSR Leaders
    • Child Rights
    • Culture
    • Education
    • Gender Equality
    • Around the World
    • Skill Development
    • Safety
    • Covid-19
    • Safe Food For All
  • Sustainability
    • Sustainability Dialogues
    • Sustainability Knowledge Series
    • Plastics
    • Sustainable Development Goals
    • ESG
    • Circular Economy
    • BRSR
  • Corporate Governance
    • Diversity & Inclusion
  • Interviews
  • SDGs
    • No Poverty
    • Zero Hunger
    • Good Health & Well-Being
    • Quality Education
    • Gender Equality
    • Clean Water & Sanitation – SDG 6
    • Affordable & Clean Energy
    • Decent Work & Economic Growth
    • Industry, Innovation & Infrastructure
    • Reduced Inequalities
    • Sustainable Cities & Communities
    • Responsible Consumption & Production
    • Climate Action
    • Life Below Water
    • Life on Land
    • Peace, Justice & Strong Institutions
    • Partnerships for the Goals
  • Articles
  • Events
  • हिंदी
  • More
    • Business
    • Finance
    • Environment
    • Economy
    • Health
    • Around the World
    • Social Sector Leaders
    • Social Entrepreneurship
    • Trending News
      • Important Days
        • Festivals
      • Great People
      • Product Review
      • International
      • Sports
      • Entertainment
    • Case Studies
    • Philanthropy
    • Biography
    • Technology
    • Lifestyle
    • Sports
    • Gaming
    • Knowledge
    • Home Improvement
    • Words Power
    • Chief Ministers
No Result
View All Result
India CSR
No Result
View All Result
India CSR Awards
ADVERTISEMENT
Home Business

The Case Against Anil Ambani and Rana Kapoor: Unraveling the Yes Bank Fraud Scandal

The case against Anil Ambani and Rana Kapoor exemplifies how intertwined corporate and banking interests can lead to monumental frauds

India CSR by India CSR
September 19, 2025
in Business
Reading Time: 8 mins read
Anil Ambani

Anil Ambani

Share Share Share Share
WhatsApp icon
WhatsApp — Join Us
Instant updates & community
Google News icon
Google News — Follow Us
Get our articles in Google News feed

CBI alleges that the invested funds were siphoned off through multiple layers of transactions, demonstrating a “systematic diversion of public money.”

NEW DELHI (India CSR): In a significant development in India’s ongoing battle against corporate fraud, the Central Bureau of Investigation (CBI) has filed chargesheets against industrialist Anil Ambani and former Yes Bank CEO Rana Kapoor, along with several associated entities and family members. This case, which centers on alleged fraudulent transactions causing massive losses to Yes Bank, highlights systemic issues in banking and corporate governance. The chargesheets, filed on September 18, 2025, detail a complex web of quid pro quo arrangements, fund diversions, and violations of financial norms, resulting in an estimated wrongful loss of Rs 2,796.77 crore to the bank.

This scandal not only underscores the vulnerabilities in India’s financial sector but also raises questions about accountability among high-profile business figures.

Background on the Key Players

Anil Ambani, the younger brother of billionaire Mukesh Ambani, heads the Anil Dhirubhai Ambani (ADA) Group, a conglomerate with interests in infrastructure, finance, and entertainment. Once a powerhouse in the Indian business landscape, the ADA Group has faced severe financial distress in recent years, with several of its companies, including Reliance Capital Ltd, Reliance Commercial Finance Ltd (RCFL), and Reliance Home Finance Ltd (RHFL), struggling under mounting debt. Ambani served as chairman of the ADA Group and a director of Reliance Capital Ltd, the holding company for RCFL and RHFL, during the period in question.

Rana Kapoor, co-founder and former managing director and CEO of Yes Bank, was a prominent figure in India’s private banking sector. Under his leadership, Yes Bank grew rapidly but later came under scrutiny for risky lending practices that contributed to its near-collapse in 2020. Kapoor was arrested in 2020 on separate money laundering charges and has been implicated in multiple fraud cases. His family members, including wife Bindu Kapoor and daughters Radha Kapoor and Roshni Kapoor, own several entities that allegedly benefited from the transactions in this case.

Yes Bank, a private lender established in 2004, faced a liquidity crisis in 2019-2020, leading to a government-led bailout. The bank’s exposure to stressed assets, including loans to the ADA Group, played a role in its downturn. The CBI’s involvement stems from complaints filed by Yes Bank’s Chief Vigilance Officer in 2022, which triggered two criminal investigations.

The Core Allegations: A Quid Pro Quo Scheme

The CBI’s chargesheets outline a conspiracy where Ambani and Kapoor allegedly colluded to divert public funds from Yes Bank into debt-ridden ADA Group companies. According to investigators, in 2017, Yes Bank invested approximately Rs 2,045 crore in RCFL and Rs 2,965 crore in RHFL through non-convertible debentures and other debt instruments. These investments were approved despite clear red flags: Care Ratings had placed ADA Group companies “under watch” due to their deteriorating financial health, signaling high risk.

The approvals bypassed standard risk assessment protocols, with Kapoor personally overriding concerns to facilitate the deals. In return, RCFL and RHFL allegedly provided concessional loans and financial facilities to unprofitable companies linked to Kapoor’s family. This created a classic quid pro quo arrangement, where Yes Bank’s funds were funneled into Ambani’s struggling firms, and Kapoor’s entities received undue benefits.

Further complicating the matter, the CBI alleges that the invested funds were siphoned off through multiple layers of transactions, demonstrating a “systematic diversion of public money.” This involved rotating funds via shell companies and intermediaries to obscure the trail. For instance, Reliance Nippon Mutual Fund, a subsidiary of Reliance Capital, invested Rs 1,160 crore in debentures of Morgan Credits Pvt Ltd, a company owned by Kapoor’s family, between 2017 and 2018. These actions were purportedly carried out on Ambani’s instructions, further entangling the two parties.

The total fraudulent transactions are estimated at around Rs 6,000 crore when considering the broader ecosystem of loans and investments, though the direct loss to Yes Bank is pegged at Rs 2,796.77 crore. This figure represents not just the principal amounts but also the opportunity costs and financial strain on the bank, which ultimately required a bailout. The CBI has described this as a deliberate abuse of position by Kapoor, who leveraged his authority to direct public funds into high-risk ventures for personal and familial gain.

Rana Kapoor, CEO and MD of Yes Bank
Rana Kapoor, CEO and MD of Yes Bank. Image: India CSR

Timeline of Events

The roots of this case trace back to 2017, when the initial investments were made. By 2019, Yes Bank’s financial woes became public, leading to regulatory interventions. In March 2020, the Reserve Bank of India imposed a moratorium on Yes Bank, and a reconstruction scheme was implemented with investments from State Bank of India and other lenders.

The specific complaints against Ambani and Kapoor emerged in 2022, filed by Yes Bank’s vigilance team. The CBI registered two First Information Reports (FIRs) based on these, initiating probes into criminal conspiracy, cheating, and corruption under the Indian Penal Code and the Prevention of Corruption Act.

Parallel investigations by the Enforcement Directorate (ED) have widened the scope, revealing loan irregularities totaling Rs 17,000 crore linked to Yes Bank under Kapoor’s tenure. While the CBI’s chargesheets focus on the ADA Group transactions, the ED’s probe includes attachments of assets worth over Rs 1,800 crore in related cases, such as those involving real estate developer Sanjay Chhabria and businessman Avinash Bhosale.

The chargesheets were filed before a special CBI court in Mumbai on September 18, 2025, marking a culmination of over two years of investigation. This includes forensic audits, witness statements, and analysis of financial records.

Responses from Involved Parties

Reliance Infrastructure Ltd (RInfra), part of the ADA Group, has distanced itself from the case, clarifying that the chargesheets pertain specifically to RCFL and RHFL, which are no longer under Ambani’s control following bankruptcy proceedings. In a stock exchange filing, RInfra stated that the development has “no business impact” on its operations. Similarly, Reliance Power Ltd echoed this sentiment, emphasizing that the matter is historical and unrelated to current activities.

Rana Kapoor, currently in judicial custody for other cases, has not publicly responded to the latest chargesheets. His family entities have previously denied wrongdoing, claiming all transactions were legitimate business dealings.

Broader Implications and Ongoing Developments

This case is part of a larger crackdown on banking frauds in India, following scandals like the Punjab National Bank-Nirav Modi case and the IL&FS collapse. It exposes how influential figures can manipulate financial systems, leading to public losses—Yes Bank’s depositors and shareholders bore the brunt, with the bank’s stock plummeting during the crisis.

From a regulatory standpoint, it underscores the need for stronger oversight on private banks’ lending practices. The RBI has since tightened norms on CEO tenures and risk management, but cases like this reveal persistent gaps.

On social media platform X (formerly Twitter), reactions have been swift. Posts from users and news outlets highlight the scale of the fraud, with some calling for swift justice. For instance, discussions emphasize the “systematic diversion” and link it to broader corporate accountability issues. Others note the irony of Ambani’s fall from grace, contrasting it with his brother’s success.

As the case proceeds to trial, potential outcomes include convictions under anti-corruption laws, which could lead to imprisonment and fines. Asset recoveries through ED attachments may provide some restitution to Yes Bank. However, the true test will be whether this deters future malpractices in India’s financial ecosystem.

Table 1: Key Entities and Roles

Person/EntityRole/ConnectionInvolvement
Anil AmbaniChairman of ADA Group, Director of Reliance Capital Ltd.Beneficiary of Yes Bank investments; sanctioned concessional loans to Rana Kapoor’s family firms.
Rana KapoorMD & CEO, Yes Bank (at the time)Approved risky investments, abused position to benefit ADA Group and family entities.
Bindu KapoorWife of Rana KapoorOwner of beneficiary family companies.
Radha KapoorDaughter of Rana KapoorOwner of beneficiary family companies.
Roshni KapoorDaughter of Rana KapoorOwner of beneficiary family companies.
RCFL & RHFLReliance Commercial Finance Ltd. & Reliance Home Finance Ltd.Received Yes Bank investments worth thousands of crores.
Reliance Nippon Mutual FundSubsidiary of Reliance CapitalChannelled large sums into Morgan Credits and Yes Bank bonds.

Table 2: Financial Transactions Under Scrutiny

YearTransactionAmount (Rs. Crore)Remarks
2017Yes Bank investment in RCFL (NCDs & commercial debts)2,045Approved despite “under watch” ratings.
2017Yes Bank investment in RHFL (NCDs & CPs)2,965Approved ignoring high-risk warnings.
2017-18Reliance Nippon MF invested in Morgan Credits Pvt Ltd (owned by Kapoor family)1,160Done on Anil Ambani’s instructions.
2017-18Reliance Nippon MF purchased ADA Group debentures from Yes Bank249.80Facilitated fund movements.
2017-18Reliance Nippon MF invested in Yes Bank AT1 Bonds1,750High-risk bonds, later became controversial.

Table 3: Losses, Gains, and Legal Action

AspectDetails
Loss to Yes BankRs. 2,796.77 crore wrongful loss (direct).
Unlawful GainsRCFL, RHFL, ADA Group firms, and Kapoor family entities benefited.
Modus OperandiQuid pro quo – Yes Bank funds into ADA Group; concessional loans/credit to Kapoor family companies.
Systemic IssueFunds siphoned through multiple layers and shell companies, masking diversions.
Additional InvolvementEntities like RAB Enterprises, Imagine Estate, Bliss House, Imagine Habitat, Imagine Residence, and Morgan Credits Pvt Ltd.
Charges FiledUnder IPC and Prevention of Corruption Act.
CourtSpecial CBI Court, Mumbai (18 September 2025).

(India CSR)

CSR Leadership Summit
ADVERTISEMENT
India CSR Awards
ADVERTISEMENT
ESG Professional Network
ADVERTISEMENT
India CSR Image 1 India CSR Image 2
Tags: ADA Group financial irregularitiesAnil Ambani Yes Bank fraudCBI investigation Yes BankCorporate governance failure IndiaFund diversion case IndiaQuid pro quo banking fraudRana Kapoor chargesheetRBI Yes Bank bailoutReliance Capital debt crisisYes Bank scam 2025

CSR, Sustainability, and ESG success stories
India CSR

India CSR

India CSR is the largest media on CSR and sustainability offering diverse content across multisectoral issues on business responsibility. It covers Sustainable Development, Corporate Social Responsibility (CSR), Sustainability, and related issues in India. Founded in 2009, the organisation aspires to become a globally admired media that offers valuable information to its readers through responsible reporting.

Related Posts

GST: Traders of Sand, Bricks Exempt from Reverse Charge Mechanism on Purchases from Unregistered Suppliers
Business

GST: Traders of Sand, Bricks Exempt from Reverse Charge Mechanism on Purchases from Unregistered Suppliers

5 hours ago
gst india
Business

Factory Electrical Works Not Eligible for Input Tax Credit, Rules Tamil Nadu Advance Authority

6 hours ago
Hindustan Zinc Delivers Highest-Ever 2Q Revenue and EBITDA; PAT Rises 19% QoQ
Business

Hindustan Zinc Posts Record 2Q Revenue of Rs 8,549 Crore; PAT Rises 19% QoQ

4 days ago
Nestlé India
Business

Nestlé to Slash 16,000 Jobs in Cost-Cutting Push: 7 Facts CEOs Must Know

4 days ago
Amitava Mukherjee, CMD, NMDC Steel
Business

NMDC Steel Becomes First in India to Receive BIS License for Hot Rolled Steel for Pipeline Transportation

4 days ago
Solar Module
Business

What is a Solar Module? All You Need To Know

4 days ago
Load More
16th CSR Leadership Summit 2025
ADVERTISEMENT
India CSR Awards
ADVERTISEMENT

LATEST NEWS

CSR: Marico and Ambuja Foundation to Create 10 Cr. liters of Water Potential in Gujarat

India’s CSR Spending Hits Record High, But Uneven Distribution and ‘Tick-Box’ Compliance Raise Concerns

GST: Traders of Sand, Bricks Exempt from Reverse Charge Mechanism on Purchases from Unregistered Suppliers

Factory Electrical Works Not Eligible for Input Tax Credit, Rules Tamil Nadu Advance Authority

Trump Administration Agrees to Speed up Student Loan Forgiveness under New Court Deal

Tamil Nadu GST Panel Slaps 12% Tax on Fly Ash Bricks, No Discounts for Eco-Friendly Content

Ad 1 Ad 2 Ad 3
ADVERTISEMENT
ESG Professional Network
ADVERTISEMENT

TOP NEWS

Dhanteras 2025: Significance, Rituals, and the Tradition of Buying Gold and Silver

MAHE Boosts Asian Universities’ Global Education Capacity

Environmental Sustainability: Definition, Meaning, Pillars, Applications and Significance

CBI Recovers ₹2.62 Crore Cash, Seizes Multiple Properties From NHIDCL Official in Guwahati Bribery Case

MRPL Q2 FY26 Results: Revenue at Rs 25,953 Crore, Swings to Rs 639 Crore Profit

CSR: Vibhinna India Foundation transforms 230 medians and 195 pillars into Bengaluru’s “green corridor of art”

Load More
STEM Learning STEM Learning STEM Learning
ADVERTISEMENT

Interviews

Smita Jatia Chairperson RMHC-India. Image: India CSR
Interviews

Smita Jatia Interview: Inside Ronald McDonald House India’s Compassionate CSR

by India CSR
October 14, 2025

How Ronald McDonald House India Is Transforming CSR from Cheque-Writing to Lasting Compassionate Impact.

Read moreDetails
Ankit Mathur, Co-founder and CEO of Greenway Grameen Infra

Empowering Rural Women in India: An Exclusive Interview with Ankit Mathur, Co-founder and CEO of Greenway Grameen Infra

September 22, 2025
Ashish Aggarwal, Chief Administrative Officer and Head of Corporate Responsibility at Cummins India

Driving CSR Impact in India: An Interview with Ashish Aggarwal, Head of Corporate Responsibility, Cummins India

September 18, 2025
Rajani Jalan, Director, CSR & People Relations, mPokket

Driving Impactful CSR at mPokket: An Interview with Rajani Jalan, Director, CSR & People Relations, mPokket

September 16, 2025
Load More
Facebook Twitter Youtube LinkedIn Instagram
India CSR Logo

India CSR is the largest tech-led platform for information on CSR and sustainability in India offering diverse content across multisectoral issues. It covers Sustainable Development, Corporate Social Responsibility (CSR), Sustainability, and related issues in India. Founded in 2009, the organisation aspires to become a globally admired media that offers valuable information to its readers through responsible reporting. To enjoy the premium services, we invite you to partner with us.

Follow us on social media:


Dear Valued Reader

India CSR is a free media platform that provides up-to-date information on CSR, Sustainability, ESG, and SDGs. We need reader support to continue delivering honest news. Donations of any amount are appreciated.

Help save India CSR.

Donate Now

Donate at India CSR

  • About India CSR
  • Team
  • India CSR Awards 2025
  • India CSR Leadership Summit
  • Partnership
  • Guest Posts
  • Services
  • ESG Professional Network
  • Content Writing Services
  • Business Information
  • Contact
  • Privacy Policy
  • Terms of Use
  • Donate

Copyright © 2025 - India CSR | All Rights Reserved

No Result
View All Result
  • Home
  • Corporate Social Responsibility
    • Art & Culture
    • CSR Leaders
    • Child Rights
    • Culture
    • Education
    • Gender Equality
    • Around the World
    • Skill Development
    • Safety
    • Covid-19
    • Safe Food For All
  • Sustainability
    • Sustainability Dialogues
    • Sustainability Knowledge Series
    • Plastics
    • Sustainable Development Goals
    • ESG
    • Circular Economy
    • BRSR
  • Corporate Governance
    • Diversity & Inclusion
  • Interviews
  • SDGs
    • No Poverty
    • Zero Hunger
    • Good Health & Well-Being
    • Quality Education
    • Gender Equality
    • Clean Water & Sanitation – SDG 6
    • Affordable & Clean Energy
    • Decent Work & Economic Growth
    • Industry, Innovation & Infrastructure
    • Reduced Inequalities
    • Sustainable Cities & Communities
    • Responsible Consumption & Production
    • Climate Action
    • Life Below Water
    • Life on Land
    • Peace, Justice & Strong Institutions
    • Partnerships for the Goals
  • Articles
  • Events
  • हिंदी
  • More
    • Business
    • Finance
    • Environment
    • Economy
    • Health
    • Around the World
    • Social Sector Leaders
    • Social Entrepreneurship
    • Trending News
      • Important Days
      • Great People
      • Product Review
      • International
      • Sports
      • Entertainment
    • Case Studies
    • Philanthropy
    • Biography
    • Technology
    • Lifestyle
    • Sports
    • Gaming
    • Knowledge
    • Home Improvement
    • Words Power
    • Chief Ministers

Copyright © 2025 - India CSR | All Rights Reserved

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.