Yes Bank-ADAG Loan Fraud Case: Anil Ambani's Son Under CBI Lens

The Central Bureau of Investigation (CBI) is expanding its investigation into the Yes Bank-Anil Dhirubhai Ambani Group (ADAG) loan fraud case, now scrutinizing the role of Anil Ambani's son, Jai Anmol Ambani. This development follows the filing of a chargesheet by the CBI against Anil Ambani, Yes Bank founder Rana Kapoor, and his family members, concerning a ₹2,797 crore fraudulent loan scam.

The CBI alleges a quid pro quo arrangement between Anil Ambani and Rana Kapoor, wherein Kapoor abused his position to channel funds from Yes Bank to financially stressed ADAG companies. In return, the ADAG allegedly sanctioned concessional loans and investments to entities controlled by Kapoor's family. The CBI's chargesheet indicates that Jai Anmol Ambani was involved in key investment decisions related to these transactions.

Specifically, the CBI is investigating Jai Anmol's role as Executive Director of Reliance Capital Ltd (RCL) at the time when Reliance Nippon Mutual Fund, part of the ADAG, subscribed to non-convertible debentures (NCDs) worth ₹1,160 crore of Morgan Credits Pvt Ltd at a low interest rate. The agency is also probing a ₹2,250 crore investment made by the fund in Yes Bank's AT-1 bonds, allegedly under Anil Ambani's influence, as part of the same quid pro quo arrangement.

The investigation revealed that Yes Bank invested approximately ₹2,045 crore in debentures and commercial papers of Reliance Commercial Finance Ltd (RCFL) and ₹2,965 crore in Reliance Home Finance Ltd (RHFL) in 2017. These approvals were allegedly granted by Rana Kapoor, despite CARE Ratings placing the ADA Group under watch due to its weak financial position. The CBI claims that these funds were subsequently diverted through multiple layers, demonstrating a systematic siphoning of public money.

In August 2025, the CBI conducted searches at premises linked to the ADAG in Mumbai, including Anil Ambani's residential premises and the official premises of Reliance Communication Ltd. These searches followed the registration of an FIR against Reliance Communication Ltd, Anil Ambani, and unknown public servants, based on a complaint from the State Bank of India (SBI). The CBI alleges that the accused misrepresented facts and obtained credit facilities from SBI in favor of Reliance Communication Ltd, causing a wrongful loss of ₹2,929.05 crore to the bank.

The Enforcement Directorate (ED) is also conducting a parallel money laundering probe related to loans taken by ADAG companies, including Reliance Home Finance Ltd, Reliance Commercial Finance Ltd, and RCom. The ED had previously questioned Anil Ambani in August regarding these loans. The ED's investigation is based on two FIRs filed by the CBI and information shared by SEBI, the National Housing Bank, Bank of Baroda, and the National Financial Reporting Authority. The ED alleges that Yes Bank officials sanctioned loans totaling nearly ₹3,000 crore to ADAG companies between 2017 and 2019 without following due process and in exchange for bribes.

The ED has uncovered evidence of an illegal "quid pro quo arrangement" in which Yes Bank promoters allegedly received payments through privately held entities shortly before approving the loans. The agency also suspects that internal documents were backdated, and loans were disbursed even before formal approvals were recorded. The investigation has revealed several red flags, including overlapping directors and registered addresses across borrower companies, missing documentation, and the routing of funds to shell firms.

The CBI's investigation is ongoing, with a focus on uncovering the full extent of the alleged conspiracy and the roles of all individuals involved, including Jai Anmol Ambani.