Business
CBI Chargesheet Alleges ₹2,796 Crore Yes Bank Fraud Involving Anil Ambani’s ADA Group And Rana Kapoor
Mumbai: The Central Bureau of Investigation (CBI) which is probing the transactions between Yes bank through its former Managing Director Rana Kapoor and Anil Dhirubhai Ambani (ADA) Group company, has alleged that the funds received from the bank in M/s Reliance Home Finance Limited (RHFL) and Reliance Commercial Finance Ltd (RCFL) were further diverted to several shell companies, created only to receive funds.
CBI has submitted a chargesheet before the special CBI court against Rana Kapoor and his family, Anil Ambani and other companies for causing loss to Yes bank to the tune of Rs 2796.77 crores, as the investments made in ADA group could not be recovered.
The agency has said that during 2017-2019, Yes Bank had invested Rs. 2965.00 crores and Rs 2045.00 crores through subscription of Non- Convertible Debentures (NCDs) & Commercial Papers (CPs) of M/s RHFL and M/s RCFL respectively.
The agency has in its chargesheet listed down several shell companies which further received funds from RHFL and RCFL. The list of these shell companies, as mentioned in CBI’s chargesheet include – Gamesa Investment Management Pvt Ltd (GIMPL), Species Commerce and Trade Pvt, Crest Logistics and Engineers Pvt Ltd, Gamesa Investment Management Pvt Ltd, and Mohanbir Hi-Tech Build Pvt Ltd.
The agency claimed that, “the primary purpose of these shell companies was to receive funds from RHFL and RCFL acted on instructions of Anil Ambani.”
CBI claimed that Anil Ambani was unable to directly invest the funds available at the disposal of M/s Reliance Nippon Mutual Fund in the financial companies of the ADA Group, which were under stress, due SEBI Mutual Fund Regulations. Hence in a criminal conspiracy, Yes Bank Ltd subscribed to NCDs of M/s RHFL, M/s RCFL and M/s Reliance Capital Limited (RCL).
In return, the agency alleged that the funds available at the disposal of M/s Reliance Nippon Mutual Fund, invested in YBL AT-1 bonds and AMC also invested in Rana Kapoor’s family firm.
Thus, funds available with Reliance Nippon Mutual Funds were routed to the group companies of ADA through Yes Bank, CBI claimed, adding that the funds were further diverted to other shell companies.
The agency has alleged that it all started with the meeting held between Rana Kapoor and Anil Ambani on October 6, 2017, just a month before the Reliance Nippon Life Asset Management Limited (AMC) was listed with BSE and NSE on November 6, 2017.
The agency pointed out that “the abnormal decision of YBL to make huge investment in the NCDs of the financial companies of ADA Group and the abnormal decision of the AMC to make huge investment in the YBL AT-1 Bonds were taken in this meeting. Both the investment decisions were taken in a hasty manner and without holding any discussion between the officers of YBL and the officers of the AMC.”
It is claimed that on October 6, 2017 it was Friday, hence the following working day that is on October 9, 2017, the process began. The agency claimed that on October 9, 2017, Kapoor instructed senior executives of IFIB for initiating the proposal for investing in NCDs worth Rs 2900 crores in three ADA group companies – RHFL, RCFL and RCL. The agency claimed that the investment transaction was completed and funds were transferred on October 13, 2017.
On the other hand, AMC, allegedly under the influence of Anil Ambani, prepared a formal note for increasing the long-term debt investment limit in M/s Morgan Credits Private Limited (MCPL), a firm owned by Radha and Roshini, from Rs 550 crores to Rs 625 crores. Accordingly in ten days AMC invested Rs 50 crores in MCPL.
Meanwhile, on October 9, 2017, Yes Bank initiated the process for issuance of fresh AT-1 bond under the instructions of Rana Kapoor, even when the DCM team of the bank had raised apprehension for arranging subscribers for making investment in fresh YBL AT 1 bonds in such a span, wherein they were still busy in offloading earlier bonds in secondary market, CBI alleged.
However, CBI claimed that Rana Kapoor had informed them that Reliance Nippon Mutual fund would make an investment of Rs 2000 crores through private placement and Rs 1000 crores secondary market in YBL AT 1 bond.
The agency claimed that AMC had enhanced the sub limit for YBL AT – 1 bond by about 600% in a short span of time, as compared to the sub-limit of other banks which was at max enhanced to 70%.
Business
Gold, silver decline sharply on weekly basis as crude prices rise

Gold prices dipped 3.28 per cent on a weekly basis, while silver prices declined 7.83 per cent this week, as rising crude oil prices heightened inflation fears.
The rising inflation concerns reinforced expectations that global interest rates will stay higher for longer, prompting a wave of selling across precious‑metals markets.
On Friday, MCX gold futures expiring December declined 0.81 per cent while MCX silver futures for December shed 1.75 per cent. Gold futures stood at Rs 1,42,150, while silver futures stood at Rs 1,96,100 per kg.
Gold saw its steepest weekly decline since June and slipped below the psychologically important $4,000 per ounce level for the first time since mid-July, analysts said.
The selloff in silver intensified over weakness in US technology stocks, particularly AI-linked companies, which triggered margin calls and forced investors to liquidate precious-metal holdings.
Meanwhile, crude oil surged to multi-month highs following renewed attacks on Saudi energy infrastructure and shipping routes, while the Indian rupee surrendered its early-week gains amid rising oil prices and renewed dollar demand.
However, lower prices encouraged physical gold purchases in India during the Dussehra festival, providing some underlying demand support, while Chinese jewellery demand remained subdued.
Market participants forecast that precious metals could remain under pressure if elevated energy prices reinforce inflation concerns and expectations of tighter monetary policy. However, physical demand and any moderation in bond yields could offer support following the recent correction, they said.
Markets largely expect the US Fed to keep interest rates unchanged at the October 27–28 policy meeting, but expectations of another rate hike in December remain elevated, with traders pricing approximately a 78 per cent probability.
Investors are also awaiting the US Personal Consumption Expenditures report next week for additional guidance on inflation and future interest-rate decisions.
Immediate resistance for Comex Gold is placed at $4,070–$4,100 zone, while support lies at $3,970–$4,000 zone, analysts said.
For MCX Gold, immediate resistance is placed at Rs 1,43,000–Rs 1,43,700 zone, while the support lies at Rs 1,40,000–Rs 1,41,000, they added.
Business
ED raids Hyderabad firms in Rs 326 crore bank fraud probe

The Directorate of Enforcement (ED), Hyderabad Zonal Office, on Friday conducted search operations at seven premises across Hyderabad, Secunderabad and Medchal-Malkajgiri in Telangana under the Prevention of Money Laundering Act (PMLA), an official statement said on Saturday.
The raids targeted the registered office of M/s Kanakadhara Ventures Pvt. Ltd. (KVPL), the residences of its directors, and premises linked to entities and individuals alleged to have acted as conduits for the diversion of bank funds.
The searches form part of an ongoing investigation into the alleged “misutilisation” and diversion of credit facilities sanctioned to KVPL and its directors, the ED statement said.
The ED case stems from an FIR dated December 8, 2022, registered by the Central Bureau of Investigation, Bank Securities and Fraud Branch (BS&FB), Bangalore, on a complaint from Punjab National Bank.
The FIR alleges offences under Sections 120-B, 420, 468 and 471 of the Indian Penal Code, and provisions of the Prevention of Corruption Act, 1988.
According to the agency, a consortium of banks led by Punjab National Bank — comprising IDBI Bank, Union Bank of India, Andhra Bank (now UBI) and Bank of Baroda — suffered a loss of Rs 326.49 crore.
ED investigations revealed that Bank Guarantee and Letter of Credit facilities granted to KVPL were misused. Funds were allegedly diverted through related and conduit entities on the strength of fabricated steel purchase invoices and transport documents.
The company is also accused of operating bank accounts outside the consortium arrangement without the knowledge of the lending banks, the statement said.
During the searches, officials seized incriminating documents, digital devices and other records related to the diversion and layering of funds. Unaccounted cash amounting to Rs 15 lakh was also recovered.
Multiple immovable properties and investments linked to the case have been identified.
ED said further investigation is underway.
The coordinated action underscores the agency’s continued focus on tracing the proceeds of bank frauds and cracking down on complex money-laundering networks involving corporate entities.
Business
Indian equities extend losses this week as Brent crude oil rises to 6-month high

The macroeconomic environment remains challenging, with crude oil emerging as a key source of uncertainty for domestic markets, analysts said on Saturday, as the Indian equities endured a challenging, holiday-shortened week, with benchmark indices extending their losses.
Nifty 50 and Sensex recorded weekly declines of approximately 2.4 per cent and 2.2 per cent, respectively.
Both benchmark indices extended their losing streaks to four consecutive sessions.
The sell-off spread beyond large-cap stocks, with mid-cap and small-cap indices experiencing sharper declines as investors reduced exposure amid rising uncertainty, said market participants.
The Nifty 50 ended the week under pressure, after declining for four consecutive sessions. Persistent selling has weakened the short-term technical structure, with the index struggling to sustain its earlier recovery.
The immediate resistance zone is placed around 22,800, followed by 23,000, said analysts. For the Sensex, on the downside, 72,600–72,500 forms the immediate support zone.
The broader market took the brunt of the de-risking, as valuation concerns and the unwinding of leveraged positions triggered a disproportionately sharp correction in mid- and small-caps, while large-caps held up comparatively better.
Across sectors, IT was the lone pocket of resilience, recovering from early selling to end the week largely unchanged on improving earnings visibility and renewed investor appetite.
However, rate-sensitive sectors such as consumer durables, metals and realty saw the heaviest selling as input-cost and margin worries resurfaced, said analysts.
Brent crude oil rose to a six-month high on Friday. Brent futures gained 3.1 per cent to close at $116.72 a barrel, highest since April 29. US West Texas Intermediate added 3.8 per cent to settle at $103.27 a barrel.
Brent added 6.2 per cent for the week, while WTI advanced 2 per cent for the week.
According to analysts, sustained increases in crude prices could raise energy and transportation costs, weigh on consumption and intensify pressure on oil-sensitive sectors.
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