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YES Bank
The Enforcement Directorate on Friday questioned Jai Anmol Ambani, son of industrialist Anil Ambani, in Delhi in a money laundering case linked to an alleged bank loan fraud, officials said. They said the statement of the 34-year-old was recorded under the Prevention of Money Laundering Act (PMLA), and it is expected to continue on Saturday. The ED probe is related to Yes Bank. The bank, as per the officials, had an exposure of about Rs 6,000 crore to Reliance Anil Dhirubhai Ambani Group (ADAG) as on March 31, 2017 and this figure doubled to Rs 13,000 crore within a year (as on March 31, 2018). The companies included Reliance Home Finance Limited (RHFL) and Reliance Commercial Finance Limited (RCFL). A "large" portion of these investments turned into non-performing investments (NPI) and the bank, subsequently, suffered a loss of Rs 3,300 crore from these dealings, the agency had alleged. Ambani senior too has been questioned by the ED in an alleged bank loan fraud case against the
The Enforcement Directorate on Monday questioned Yes Bank co-founder Rana Kapoor as part of a money laundering investigation against Reliance Anil Ambani group companies, officials said. The statement is being recorded under the Prevention of Money Laundering Act (PMLA), they said. The probe is related to the period between 2017-2019 when Yes Bank allegedly invested Rs 2,965 crore in Reliance Home Finance Ltd (RHFL) instruments and Rs 2,045 crore in Reliance Commercial Finance Limited (RCFL) instruments. By December 2019, these had become non-performing investments, the agency claimed. The outstanding was Rs 1,353.5 crore for RHFL and Rs 1,984 crore for RCFL, and the probe found that the two companies received public funds worth more than Rs 11,000 crore, according to the ED. "Before Yes Bank invested this money in Reliance Anil Ambani group companies, Yes Bank had received huge funds from erstwhile Reliance Nippon Mutual Fund. "As per SEBI regulations, Reliance Nippon Mutual Fund
Yes Bank suffered a loss of over Rs 2,700 crore due to the "unilateral decision" of its co-founder Rana Kapoor to invest in the Anil Ambani-led financial companies, said the CBI's charge sheet in a case pertaining to alleged fraudulent transactions between the bank and the industrialist's group entities. The Central Bureau of Investigation (CBI) last month filed a charge sheet against 13 people and entities, including Anil Ambani, Rana Kapoor and his family members, alleging criminal conspiracy, cheating and corruption related to loans and investments. The Federal probe agency's document said that further investigation was on regarding the role of Anil Ambani's son Anmol Ambani, the then executive director of Reliance Capital, in the case. The case is based on two separate complaints lodged by the Chief Vigilance Officer of Yes Bank. As per the charge sheet, the bank -- when Rana Kapoor was its managing director and chief executive officer -- made investments of Rs 5,010 crore in
Yes Bank on Saturday reported 18.3 per cent rise in its September quarter net profit at Rs 654 crore on non-core income growth. The private sector lender had reported a net profit of Rs 553 crore in the year-ago period. The core net interest income rose 4.6 per cent on the back of 6.4 per cent growth in its loanbook and a 0.10 per cent expansion in the net interest margin. Managing director and chief executive Prashant Kumar said the bank will be aiming to accelerate the credit growth to 10 per cent for the fiscal. He added that the worst is over for the NIMs and the same will go up from here on. The other income for the bank rose by 16.9 per cent to Rs 1,644 crore during the quarter. The deposit growth came at 6.9 per cent in the July-September period. The operating expenses increased by just 0.6 per cent on-year to Rs 2,649 crore, and a senior official explained that it used levers like focus on more productivity, decreasing the reliance on direct sales agents to distribute ..