New Delhi: The Central Bureau of Investigation (CBI) on Thursday filed the charge sheet in two cases relating to alleged fraudulent transactions between the Anil Ambani-led ADA Group companies and Yes Bank, naming both Ambani and Yes Bank’s former MD and CEO Rana Kapoor and members of his family.
According to the agency, investigations revealed that Yes Bank, under Kapoor’s leadership, invested around Rs 2,045 crore in non-convertible debentures and commercial debts of Reliance Commercial Finance Ltd (RCFL) and another Rs 2,965 crore in Reliance Home Finance Ltd (RHFL) in 2017.
This came despite CARE Ratings placing ADA Group companies “under watch” due to poor financial standing.
“Investigation has revealed that Yes Bank invested around Rs 2,045 crore in non-convertible debentures and commercial debts of M/s RCFL and Rs 2,965 crore in Non-Convertible Debentures and Commercial Papers of RHFL in the year 2017 on the approval of Rana Kapoor despite Care Ratings placing ADA Group Financial Companies ‘under watch’ in view of deteriorating financial standing and adverse market assessment,” a CBI statement said. (IANS)
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