In a major development that has sent shockwaves through India’s financial and corporate sectors, the Central Bureau of Investigation (CBI) has filed a chargesheet against industrialist Anil Ambani and former Yes Bank CEO Rana Kapoor in connection with a ₹2,796 crore corruption case. The chargesheet, submitted before a special court in Mumbai on September 18, 2025, alleges fraudulent transactions between Ambani’s group companies and entities linked to Kapoor’s family, resulting in massive losses to Yes Bank.
The CBI has invoked sections of the Prevention of Corruption Act and the Indian Penal Code (IPC), naming a total of 14 individuals and corporate entities in the chargesheet. The case revolves around investments made by Yes Bank in non-convertible debentures and commercial papers of Reliance Commercial Finance Ltd (RCFL) and Reliance Home Finance Ltd (RHFL), both part of the Anil Dhirubhai Ambani (ADA) Group.
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Timeline of Events in the ₹2,796 Crore Corruption Case
| Year | Event |
|---|---|
| 2017 | Yes Bank invests ₹5,010 crore in RCFL and RHFL |
| 2022 | CBI registers two FIRs based on Yes Bank’s internal complaint |
| August 2025 | Anil Ambani questioned by Enforcement Directorate |
| September 18, 2025 | CBI files chargesheet against Ambani, Kapoor, and others |
The chargesheet marks a significant escalation in the investigation, which began after Yes Bank’s Chief Vigilance Officer flagged irregularities in 2022.
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Key Accused in the CBI Chargesheet
| Name | Role |
|---|---|
| Anil Ambani | Chairman, ADA Group; Director, Reliance Capital Ltd |
| Rana Kapoor | Former MD & CEO, Yes Bank |
| Bindu Kapoor | Wife of Rana Kapoor |
| Radha & Roshni Kapoor | Daughters of Rana Kapoor |
| RCFL & RHFL | ADA Group financial entities |
| Morgan Credits Pvt Ltd | Kapoor family-linked firm |
| Imagine Estate Pvt Ltd | Kapoor family-linked firm |
| Bliss House Pvt Ltd | Kapoor family-linked firm |
| RAB Enterprises Pvt Ltd | Kapoor family-linked firm |
The CBI alleges a quid pro quo arrangement between ADA Group and Kapoor’s family-controlled entities.
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Breakdown of Yes Bank’s Investments
| Entity Invested In | Amount Invested | Year | Approval Authority |
|---|---|---|---|
| RCFL | ₹2,045 crore | 2017 | Rana Kapoor |
| RHFL | ₹2,965 crore | 2017 | Rana Kapoor |
| Total | ₹5,010 crore | — | — |
Despite CARE Ratings placing ADA Group companies “under watch” due to deteriorating financial health, Yes Bank proceeded with the investments.
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Alleged Modus Operandi of the Scam
| Step | Description |
|---|---|
| 1 | Yes Bank invests in RCFL and RHFL despite financial red flags |
| 2 | Funds siphoned through multiple layers and shell companies |
| 3 | ADA Group facilitates concessional loans to Kapoor family firms |
| 4 | Kapoor allegedly abuses official position for personal gain |
| 5 | Public money diverted, causing ₹2,796 crore loss to Yes Bank |
The CBI claims the transactions were part of a “systematic diversion of public funds” orchestrated through a complex web of financial entities.
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Legal Charges Filed
| Law Invoked | Section | Description |
|---|---|---|
| Prevention of Corruption Act | Section 13(1)(d) | Criminal misconduct by public servant |
| IPC | Section 120B | Criminal conspiracy |
| IPC | Section 409 | Criminal breach of trust |
| IPC | Section 420 | Cheating and dishonestly inducing delivery of property |
The charges could lead to significant prison terms and financial penalties if convictions are secured.
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Corporate Entities Named in the Chargesheet
| Company Name | Linked To |
|---|---|
| Reliance Commercial Finance Ltd | ADA Group |
| Reliance Home Finance Ltd | ADA Group |
| Morgan Credits Pvt Ltd | Kapoor Family |
| Imagine Estate Pvt Ltd | Kapoor Family |
| Bliss House Pvt Ltd | Kapoor Family |
| RAB Enterprises Pvt Ltd | Kapoor Family |
| Imagine Habitat Pvt Ltd | Kapoor Family |
| Imagine Residence Pvt Ltd | Kapoor Family |
Several of these entities are now under forensic audit and regulatory scrutiny.
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Public and Political Reactions
| Stakeholder | Response |
|---|---|
| ADA Group | No official comment yet |
| Opposition Leaders | Called for deeper probe into corporate-political nexus |
| Financial Analysts | Warned of reputational damage to Indian banking sector |
| Investor Groups | Urged SEBI to tighten oversight on NBFCs and private banks |
The case has reignited debates around corporate governance and regulatory accountability in India’s financial ecosystem.
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Conclusion: CBI’s Chargesheet Marks Turning Point in High-Profile Financial Probe
The ₹2,796 crore corruption case involving Anil Ambani and Rana Kapoor has entered a decisive phase with the filing of the CBI chargesheet. The allegations of quid pro quo, misuse of public funds, and systematic diversion through shell entities paint a troubling picture of collusion between corporate and banking elites.
As the legal proceedings unfold, the case is expected to have far-reaching implications for India’s financial regulatory framework, investor confidence, and the future of high-value corporate lending. For now, all eyes are on the special court in Mumbai, where the next chapter of this high-stakes saga will be written.
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Disclaimer: This article is based on publicly available legal filings, verified news reports, and official statements. It is intended for informational purposes only and does not constitute legal, financial, or investment advice. All developments are subject to judicial review and ongoing investigation.
