ED Questions Yes Bank Co-Founder Rana Kapoor In Anil Ambani Case

In a significant development in the long-running money laundering investigation involving Reliance Anil Ambani group companies, Yes Bank co-founder Rana Kapoor was reportedly questioned by the Enforcement Directorate (ED) at its headquarters in New Delhi on December 15, 2025, officials confirmed.

Officials stated that Kapoor's statement was recorded under the Prevention of Money Laundering Act (PMLA). The investigation focuses on the years 2017 to 2019, during which Yes Bank allegedly extended investments totaling Rs 2,965 crore to Reliance Home Finance Ltd (RHFL) instruments and Rs 2,045 crore to Reliance Commercial Finance Limited (RCFL) instruments, as news agency PTI reported. By December 2019, these investments had reportedly turned non-performing.

As per the ED's the outstanding amounts stood at Rs 1,353.5 crore for RHFL and Rs 1,984 crore for RCFL. The agency further noted that the two companies had received public funds exceeding Rs 11,000 crore.

Prior to these investments by Yes Bank into the Reliance Anil Ambani group entities, the bank had obtained substantial funds from the erstwhile Reliance Nippon Mutual Fund, as reported by news agency PTI.

According to the ED, SEBI regulations barred Reliance Nippon Mutual Fund from directly channeling funds into Anil Ambani group finance companies owing to conflict-of-interest provisions. Consequently, the agency alleged that public money from mutual fund schemes was indirectly routed via Yes Bank's exposures.

Rana Kapoor and Anil Ambani engaged in a "quid-pro-quo" deal that led to substantial financial setbacks for Yes Bank. While Kapoor led the bank, its exposure to the Reliance Anil Ambani Group (ADAG Group) was around Rs 6,000 crore as of March 31, 2017 and this figure doubled to Rs 13,000 crore by March 31, 2018, According to ANI.

During this timeframe, the bank allocated over Rs 5,000 crore to RHFL and RCFL, both ADAG Group entities. A significant share of these investments became non-performing, resulting in an approximate loss of Rs 3,300 crore for the bank.

These transactions were not routine business dealings but part of the "quid-pro-quo" arrangement. In return for Yes Bank's investments, ADAG companies provided loans to entities managed by members of Kapoor's family.

Officials mentioned that Kapoor and Ambani conducted private business discussions, frequently excluding other Yes Bank personnel, to finalise these improper agreements. Subsequently, Kapoor directed bank officers to handle the illegitimate proposals, according to ANI.