Today the ED team is interrogating former Yes Bank CEO Rana Kapoor in the case related to Anil Ambani. Investigation has revealed that there was a kind of quid-pro-quo transaction conspiracy between Rana Kapoor and Anil Ambani, due to which Yes Bank had to suffer huge losses.
ED gave this information
According to ED, when Rana Kapoor was the head of Yes Bank, the bank had an exposure of about Rs 6000 crore on Reliance Anil Ambani Group (ADAG). Which increased to about Rs 13000 crore by 31 March 2018. During this period, Yes Bank invested more than Rs 5000 crore in Anil Ambani group companies Reliance Home Finance Limited (RHFL) and Reliance Commercial Finance Limited (RCFL).
Investigation has also revealed that a large part of these investments later became Non-Performing Investment (NPI). That means the money was lost. Due to these deals, Yes Bank suffered a direct loss of about Rs 3300 crore.
‘There were no normal business decisions, there was complete planning’
ED says that these deals were not normal business decisions. Rather, there was complete planning of quid-pro-quo behind this. It is alleged that in exchange for investment by Yes Bank, Anil Ambani Group companies gave loans to companies related to Rana Kapoor’s family.
Rana Kapoor and Anil Ambani have held private meetings several times.
It is also alleged in the investigation that Rana Kapoor and Anil Ambani held private meetings several times. In which other senior officers of Yes Bank were not included. Illegal agreements were allegedly decided in these meetings. After this, Rana Kapoor instructed the bank officials to pass such proposals which were not actually correct. At present the investigation of the case is going on.