By Admin 
Anil Ambani News: Veteran industrialist Anil Ambani’s troubles are showing no sign of abating. Now the Central Bureau of Investigation (CBI) has made another shocking revelation about him. The CBI charge sheet against Anil Ambani’s Reliance ADA Group and Yes Bank co-founder Rana Kapoor has alleged transactions between the companies of the two families.
Big revelation in CBI charge sheet
According to the Economic Times (ET) report, the charge sheet also states that Ambani’s son Jai Anmol Ambani was involved in some decisions related to these transactions. The chargesheet, filed in 2022, is based on two criminal cases filed by the Chief Vigilance Officer of Yes Bank against former Yes Bank MD and CEO Rana Kapoor and Reliance Group’s Reliance Commercial Finance Limited (RCFL), Reliance Home Finance Limited (RHFL) and others.
The investigation found that Yes Bank invested Rs 2,045 crore in debentures and commercial papers of RCFL and Rs 2,965 crore in RHFL in 2017, which were approved by Rana Kapoor, while Care Ratings had placed ADA Group under observation due to its weak financial position. Later this amount was diverted at many levels, due to which public money was misused.
money transaction between two
CBI says that during that period, several money transactions took place between ADA Group companies, Yes Bank and Reliance Nippon Asset Management. On one hand, ADA Group companies received funds from Yes Bank and on the other hand, Yes Bank made a major investment in its capital instruments from Reliance Nippon Mutual Fund (RNMF), which at that time was a subsidiary of Reliance Capital along with Nippon Life Insurance of Japan.
RNMF also invested Rs 1,160 crore in debentures of Kapoor family company Morgan Credits Private Limited in 2017-18. Additionally, it purchased ADA Group debentures worth Rs 249.80 crore from Yes Bank and invested Rs 1,750 crore in unsecured AT1 bonds of Yes Bank, which can be converted into equity or written-off during the financial crisis.
In this way, Ambani and Kapoor together created a system by which both could help each other financially and maintain a flow of money. The investigation found that Rana Kapoor and Anil Ambani together diverted the funds received from Yes Bank to the financially weak ADA Group companies. In return, ADA Group provided low-interest loan facilities and investments to the companies of Kapoor’s wife Bindu Kapoor and daughters Radha and Roshni Kapoor.
Anil Ambani’s son’s name also surfaced
The chargesheet also stated that Ambani’s son Jai Anmol Ambani directly influenced the investment decisions in RNMF while the company was preparing to be listed on the stock exchanges. CBI says that RNMF had huge funds received from common investors, which it could have invested in long-term debt instruments. However, market regulator SEBI regulations prevent mutual funds from investing in long-term debt investments.
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