Mumbai | October 31, 2025 — The Central Bureau of Investigation (CBI) has filed a chargesheet against industrialist Anil Ambani in connection with the Yes Bank loan fraud case, while his son Jai Anmol Ambani has come under scrutiny for alleged involvement in financial irregularities linked to Reliance Capital and its subsidiaries.
According to the CBI’s detailed chargesheet, filed recently, the agency is investigating the role of Jai Anmol Ambani, who served as the Executive Director of Reliance Capital Ltd (RCL) when Reliance Nippon Mutual Fund, a part of the Anil Dhirubhai Ambani Group (ADAG), allegedly subscribed to non-convertible debentures (NCDs) worth ₹1,160 crore of Morgan Credits Pvt Ltd—a firm promoted by Radha and Roshini Kapoor, daughters of former Yes Bank CEO Rana Kapoor—at below-market interest rates.
The mutual fund also invested ₹2,250 crore in Yes Bank’s AT-1 bonds, purportedly under Anil Ambani’s influence, as part of a quid pro quo arrangement benefiting both parties.
Conflict of Interest and Internal Objections
The CBI alleged that both Anil and Jai Anmol Ambani interfered in investment decisions at Reliance Nippon Mutual Fund without informing the company’s Japanese partner, Nippon Life Insurance.
Jai Anmol reportedly held monthly review meetings with fund managers, expressing dissatisfaction with performance and demanding to be informed of any investment exceeding ₹50 crore prior to execution. Though these directives raised internal objections, they were later withdrawn following partner concerns.
Criminal Conspiracy and Financial Losses
The chargesheet accuses Anil Ambani of conspiring with Rana Kapoor to have Yes Bank subscribe to NCDs and commercial papers (CPs) worth ₹3,400 crore from his group companies Reliance Home Finance Ltd (RHFL) and Reliance Commercial Finance Ltd (RCFL) — despite low demand in the secondary market. In return, Bindu Kapoor, Rana Kapoor’s wife, allegedly received credit facilities worth ₹570 crore from Anil Ambani’s companies at concessional rates.
The agency stated that Yes Bank suffered a loss of ₹2,796.77 crore due to these transactions, as the securities lost value significantly. CBI has named 13 accused, including Rana Kapoor, Bindu Kapoor, Radha Kapoor, and Roshini Kapoor. None have been arrested so far, though the role of another daughter, Rakhee Kapoor, is also under probe.
Nippon Life Raised Early Concerns
The chargesheet cites that in 2017, ahead of Reliance Nippon Asset Management’s listing, its then-CEO Sundeep Sikka informed Takeshi Furuichi, then Vice President of Nippon Life, about interference by Anil and Jai in investment decisions. Following this, Furuichi met Anil Ambani personally and accused both father and son of influencing fund allocations. Anil reportedly expressed displeasure to Yoshinobu Tsutsui, then President of Nippon Life Insurance, over the issue.
Undisclosed Dealings and Fund Diversion
The CBI claims that between 2016 and 2018, Anil Ambani and Rana Kapoor held private meetings without any bank officials present. Following these discussions, Kapoor allegedly instructed Yes Bank officers to process credit proposals favoring Ambani’s firms.
In one instance, RHFL issued NCDs worth ₹3,500 crore, and Yes Bank subscribed to unsecured debentures of ₹250 crore—without disclosure that Bindu Kapoor’s firm had already received an inter-corporate deposit from Reliance Capital, personally guaranteed by Rana Kapoor.
The investigation also uncovered that Reliance Infrastructure allegedly diverted substantial funds obtained via shell companies to pay dividends to its shareholders.
According to the agency, these elaborate fund movements were orchestrated under Anil Ambani’s direction, circumventing SEBI regulations that barred related-party investments.
Complex Network of Shell Firms
The CBI’s forensic analysis revealed a web of shell entities used to route funds, misrepresent financial health, and conceal related-party transactions. The report also references a 2016 Economic Times article that warned of Reliance Communications’ loan defaults, which had lowered the company’s creditworthiness and forced the ADAG group to seek alternative financing routes — allegedly leading to the illicit Yes Bank arrangement.
The Road Ahead
While the chargesheet marks a major escalation in the ongoing Yes Bank–Reliance Capital nexus probe, CBI officials have stated that further questioning of Jai Anmol Ambani and other senior executives from the ADAG group is likely. Both Ambanis have denied wrongdoing, claiming all investments were made in accordance with corporate and regulatory norms.
