Yes Bank-ADAG loan fraud case: Anil Ambani's son under CBI lens

MUMBAI: While industrialist Anil Ambani has been chargesheeted by CBI in the Yes Bank loan fraud case, his son, Jai Anmol Ambani, has come under the lens.

According to the chargesheet filed recently, the CBI said that as part of its further investigations, it was probing the role of Jai, who was then executive director of Reliance Capital Ltd (RCL), when Reliance Nippon Mutual Fund, part of the Anil Dhirubhai Ambani (ADA) Group, subscribed to non-convertible debentures (NCDs) worth 1,160 crore of Morgan Credits Pvt Ltd at a low interest rate and invested 2,250 crore in Yes Bank's AT-1 bonds under Anil's influence as part of a quid pro quo arrangement. Radha Kapoor and Roshini Kapoor, daughters of Yes Bank's former MD and CEO Rana Kapoor, are the promoters/directors of Morgan Credits.

The CBI said Anil and Jai interfered in the decision-making process at Reliance Nippon Mutual Fund without informing its Japanese partner, prompting objections and allegations. It said Jai held monthly review meetings with the mutual fund firm's officers, expressed displeasure over their performance, and directed that he be informed of any mutual fund investment of 50 crore or more before execution. This interference led to internal objections, but the directives were eventually withdrawn, the chargesheet stated.

It alleged that Anil entered into a criminal conspiracy with Kapoor to get the bank to subscribe to his group companies' NCDs and commercial papers (CPs) worth 3,400 crore "when there was no demand for them in the secondary market." It further alleged that Kapoor pushed for the NCDs' acquisition despite knowing that holding them for an extended period would harm the bank.

The chargesheet said that in return, Kapoor's wife, Bindu, received credit facilities of 570 crore from Anil's companies at a lower interest rate. "...Yes Bank Limited suffered a total loss of 2,796.77 crore due to subscribing to NCDs and CPs of RHFL (Reliance Home Finance Ltd) and RCFL (Reliance Commercial Finance Ltd)," the chargesheet stated.

The CBI has named 13 accused in the chargesheet, including Bindu, Kapoor, Radha, and Roshini. None of them has been arrested. The agency also said it is probing the role of another daughter of the Kapoors, Rakhee.

The chargesheet said Kapoor and Anil held frequent meetings, but no bank officer attended these. Following these discussions, Kapoor instructed his bank officers to process proposals for Anil's companies, it said.

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