ED questions Rana Kapoor in Anil Ambani group money laundering probe

December 15, 2025

Mumbai: The Enforcement Directorate (ED) on Monday questioned Yes Bank co-founder Rana Kapoor in connection with an ongoing money laundering investigation linked to companies of the Reliance Anil Ambani Group (ADAG).

Investments Under Scanner
Sources said Kapoor’s statement was recorded under the Prevention of Money Laundering Act (PMLA) as part of a probe into financial transactions between Yes Bank and ADAG firms during 2017–2019. During this period, Yes Bank invested about ₹2,965 crore in Reliance Home Finance Limited (RHFL) and around ₹2,045 crore in Reliance Commercial Finance Limited (RCFL). These investments later turned into non-performing assets by December 2019.

Exposure and Suspected Fund Flow
Investigators noted that Yes Bank’s exposure to ADAG rose sharply—from about ₹6,000 crore in March 2017 to nearly ₹13,000 crore by March 2018. The ED is examining the flow of funds before these investments, particularly funds allegedly received from the erstwhile Reliance Nippon Mutual Fund. Due to SEBI conflict-of-interest norms, the mutual fund could not directly invest in ADAG finance firms, raising suspicions of indirect routing through Yes Bank.

Probe Continues
According to sources, RHFL and RCFL together received public funds exceeding ₹11,000 crore. The ED is continuing its investigation to determine whether public money was improperly routed, with further action to follow based on findings