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%.

Mumbai: The Economic Offences Wing (EOW) of the Mumbai Police has re-registered a major corporate fraud case involving ₹68 crore against the directors and key officials of Boston Ivy Healthcare Pvt. Ltd., originally an FIR filed at MIDC Police Station and now transferred to the EOW. An FIR has been registered under sections 316(5), 344, 351, 61(2), and 3(5) of the Bharatiya Nyaya Sanhita (BNS). The alleged offences took place between April 1, 2024, and August 30, 2025.

The complainant, Vivek Tiwari (47), a former Chief Executive Officer and 13% shareholder of the company, has accused the directors of arbitrarily terminating him from his position and engaging in large-scale financial irregularities. The alleged fraudulent activities occurred at the company’s registered office located at 2nd Avenue, Unit No., Viravali Village, near SEEPZ, MIDC Central Road, Mahakali Caves Road, Andheri East.

According to the complaint, after Tiwari’s removal, the accused directors allegedly allotted company shares to an ESOP Trust at grossly undervalued rates. They are also accused of siphoning off approximately ₹264 crore from the company’s accounts to various unrelated third parties between April 2024 and August 2025. Tiwari, along with co-promoter Ketan Malkan also a 13% shareholder claims to have suffered a combined loss of ₹68 crore due to these alleged acts of misappropriation and corporate fraud.

The accused in the case include Nitish Bandi, Pinak Shrikhande, Charles Janssen, Ravishankar Gopalkrishnan, Jens Nieuwenborgh, CEO Dinesh Lodha, CFO Raman Chawla and other associated individuals. The EOW is investigating the flow of diverted funds and examining company transactions to determine the extent of the financial fraud.

Mumbai: In an intense conversation with Former Mumbai Police Commissioner and ex-DGP of Maharashtra D. Sivanandhan, Media Journalist Balakrishnan spoke about the nexus between some policemen and the underworld.

In a startling revelation, the Media journalist revealed that during his visit to Dubai some years back, he went to Dawood Ibrahim’s patatial house called the ‘White house’, where the underworld don had received a phone call from Assistant Mumbai Commissioner allegedly seeking money for the gangster’s daughter’s wedding.

In an exclusive conversation, Media Balakrishnan said, “While I was talking to him, his PA came and told him that there is a call for you.”

The journalist said that Dawood winked and told him to keep quiet. While listening to their conversation on speaker, Media journalist heard, “Sir apka beti ka shadi toh apka yaad aya meko.”

Dawood responded by asking, “Kitna Chahye?”

On this, the Assistant Police Commissioner replied saying, “Jo apko lage, Apka beti ka shaadi hai.” Dawood then reportedly sent him Rs 10 lakh.

Speaking on the issue, Sivanandhan explained that not every officer in Maharashtra’s 2.5 lakh with 50000 in Mumbai is corrupt, but since they are recruited from society, some do fall into its darker influences.”We recruit them from the society, and the society comes along with all black, yellow, green colours.”

The conversation came in context about the nexus between some policemen and the underworld.

When ex-DGP of Maharashtra D. Sivanandhan was asked about the nexus between some policemen and the underworld, so much so that people used to talk about gang war within the police. On this, the ex-top cop defended, saying, “Tell me, from where do the policemen come? They come from the same society where the criminals are also coming.”

Further explaining, he also revealed, “In many of the cases where some shootout took place and when we went to raid the criminal’s house, we use to see a police uniform hanging. When we ask, the policeman’s sister was married to the gangster.”

“It’s a society where they live very, very closely,” the top cop confirmed. In another revelation, without sharing the identity, he also added, “There are also policemen working in gangs now.”

He added that, “So when policemen are accused of participating on behalf of some gang or other, I would wouldn’t deny that. I would agree. He added that the irresistable amount of money given to the gangster is unbelievable. Policemen are succumbing to that.”

The cop further raised questions on the government and said, “What was the guarantee or what was the support given by the government for policemen to insulate themselves from such kind of irresistable offers.” “When the policemen is prosecuted, not even a lawyer is given to them,” the ex-DGP said.