ED questions Yes Bank co-founder Rana Kapoor in alleged Anil Ambani group money laundering probe

During this period, Yes Bank invested over Rs 5,000 crore in Reliance Home Finance Limited (RHFL) and Reliance Commercial Finance Limited (RCFL), both ADAG group companies. A large portion of these investments subsequently turned into non-performing investments (NPI).The bank is said to have suffered a loss of approximately Rs 3,300 crore from these dealings.“These were not standard business transactions but a ‘quid-pro-quo’,” an agency official said. In exchange for Yes Bank’s investments, ADAG companies allegedly granted loans to firms controlled by Rana Kapoor’s family members.“Rana Kapoor and Anil Ambani held private business meetings, often without other Yes Bank officials present, to agree on these illegal arrangements. Rana Kapoor then instructed Yes Bank officers to process the non-genuine proposals,” the official said.Officials said the questioning of Rana Kapoor is part of a wider investigation into alleged criminal conspiracy, abuse of official position and financial misconduct, and that further questioning may be carried out as the probe progresses.Apart from the ED, Anil Ambani group companies are also under the scanner of the Central Bureau of Investigation (CBI) and the Securities and Exchange Board of India (SEBI).Recently, the ED placed a lien on and froze Rs 77.86 crore in bank accounts of Anil Ambani-led Reliance Infrastructure, alleging violations of the Foreign Exchange Management Act (FEMA). The action was linked to the Jaipur–Reengus highway project.Earlier this month, the CBI booked Jai Anmol Ambani, Anil Ambani’s son, in connection with the alleged cheating of Union Bank of India of Rs 228.06 crore.



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