New Delhi Dec 15 (UNI) In a latest development in the PMLA case involving industrialist Anil Ambani, former Yes Bank CEO Rana Kapoor on Monday joined the Enforcement Directorate’s (ED) investigation. Kapoor appeared at the ED headquarters in New Delhi for questioning.
The ED has alleged that Rana Kapoor and Anil Ambani entered into a “quid pro quo” arrangement that caused significant financial losses to Yes Bank.
“While Rana Kapoor was at the helm of Yes Bank. The Bank had significant exposure of about Rs 6000 cr to Reliance Anil Ambani Group (ADAG Group) as on March 31, 2017 and exposure doubled to Rs 13,000 crore as on March 31, 2018. During this time, the bank invested over Rs 5000 crore in Reliance Home Finance Limited (RHFL) and Reliance Commercial Finance Limited (RCFL) which were ADAG Group Companies,” the ED has alleged.
The ED claims that a substantial portion of these investments later turned into Non-Performing Investments (NPIs), resulting in losses of approximately ₹3,300 crore for the bank.
The ED has said that a large portion of these investments turned into Non-Performing Investments (NPI). The bank subsequently suffered a loss of approximately Rs 3300 crore from these dealings. These were not standard business transactions but a “quid-pro-quo”.
The agency further alleged that these transactions were not part of normal banking operations but were carried out as part of a quid pro quo. In return for Yes Bank’s investments, ADAG group entities allegedly extended loans to companies controlled by Rana Kapoor’s family members.
The ED also stated that Rana Kapoor and Anil Ambani held private business meetings, often without the presence of other senior Yes Bank officials, to finalise these alleged arrangements.
ED grills Rana Kapoor in Anil Ambani case
