Rana Kapoor | |
---|---|
Born | [1] New Delhi, India | 9 September 1957
Alma mater | University of Delhi Rutgers University |
Title | Co-founder, Yes Bank |
Spouse | Bindu Kapoor |
Children | 3 daughters |
Website | ranakapoor |
Rana Kapoor (born 9 September 1957) is an Indian former banker who was the founder, managing director and CEO of Yes Bank, an Indian private sector bank. [2] Following a career in financial institutions, he co-founded Yes Bank in 2003, with its registered office in Mumbai. [3] He was appointed as the president of ASSOCHAM in July 2013, [4] and was succeeded by Sunil Katoria after serving his two year term. [5]
Kapoor was arrested on 8 March 2020 by India's Enforcement Directorate over accusations of fraud in excess of US$100 million and is currently in jail. [6] Rana Kapoor was granted bail in April 2024. [7]
Kapoor was born on 9 September 1957 and was brought up in New Delhi, India. He attended the Frank Anthony Public School in New Delhi in 1973 and earned his bachelor's degree from Shri Ram College of Commerce in 1977. [8] He then obtained an MBA from Rutgers University in New Jersey, US in 1980. [9] Kapoor received an honorary fellowship from All India Management Association (AIMA), President's Medal from Rutgers University, and an honorary PhD from GB Pant University of Agriculture & Technology. [10] [11]
Kapoor joined Bank of America (BoA) as a management trainee in 1980 and was presented with an eagle pin by the chairman two years later. [12] He eventually went on to head the wholesale banking business which included several assignments in Asian countries. Kapoor worked at BoA for about 16 years, till 1996, where he managed corporate, government and financial institution clients.
Kapoor later joined ANZ Grindlays Investment Bank (ANZIB) as general manager & country head in 1996. [13] He worked there for two years, until 1998. [14]
In February 1995, a team from Rabobank arrived in India, scouting for opportunities. [13] Kapoor, his brother-in-law Ashok Kapoor and Harkirat Singh made a proposal to the visiting team for two joint ventures: a non-banking financial company and a bank. During the next year, Kapoor held meetings with the Rabobank executives in India, Singapore and the Netherlands. The NBFC was set up in 1997, with the three Indian partners chipping in with an equity capital of ₹ 90 million (equivalent to ₹460 millionorUS$5.5 million in 2023) each. In 2003, the three sold their stake for $10 million each, generating the seed fund for the bank. [13] In 2003, the team was granted a banking license by the Reserve Bank of India (RBI) to set up Yes Bank. They established Yes Bank with the vision of "Building the Best Quality Bank of the world in India" by 2004. [15]
Rana Kapoor held 26% stake in Yes Bank, Ashok Kapur held 11%, and Rabobank International held 20% stake. [16] Ashok Kapur died in 2008 in Mumbai 26/11 attacks. [17]
In 2005, Kapoor was named Ernst & Young's Start-up Entrepreneur of the Year. [18]
In January 2017, Bloomberg noted that with the rising share price of Yes Bank, Kapoor had become a billionaire. [19]
In September 2018, Yes Bank announced that they had ordered Kapoor to step down from his CEO position in January 2019. [20] In July 2019, the Times of India reported that with a 78% drop in the Yes Bank share price since August 2018, Kapoor's net worth had fallen by over a billion to $377 million. [21]
This section needs expansion. You can help by adding to it. (March 2020) |
On 8 March 2020, the Enforcement Directorate (ED) registered a case against Kapoor under the Prevention of Money Laundering Act (PMLA) and he was arrested. [22] Defense lawyer stated that Rana Kapoor was selectively targeted. [23] The Central Bureau of Investigation (CBI) also charged Kapoor and his family members in a bribery and money-laundering case linked to Yes Bank. [24] Kapoor denies the charges. [25]
According to the ED, Kapoor, his family members, and others, got benefits worth ₹43 billion (US$520 million) through companies controlled by his family as kickbacks for sanctioning huge loans through Yes Bank. He is also accused of receiving bribes for going easy on loans given to a few big corporate groups that had turned into non-performing assets. [26]
The CBI and ED arrested Kapoor in another case which is the outcome of their investigations in DHFL Mumbai case of fraud and embezzlement of over $3 Billion, [27] in which Kapoor was alleged to have received over $100 million in kickbacks over bogus loans extended by Yes Bank to DHFL and the kickbacks were used to purchase expensive properties in Delhi and Mumbai in the name of Kapoor's wife Bindu Kapoor and daughter Roshni Kapoor. [28]
In May 2020, ED filed a charge sheet and named 7 individuals and 5 companies Individuals: • Rana Kapoor • Bindu Kapoor (W/o Rana Kapoor) • Roshni Kapoor (Daughter of Rana Kapoor) • Radha Kapoor (Daughter of Rana Kapoor) • Rakhee Kapoor (Daughter of Rana Kapoor) • Dheeraj Wadhawan (DHFL promoter) • Pankaj Wadhawan (DHFL promoter)
Companies: • Morgan Credit Pvt. Ltd (MCPL) – a “promoter company of Yes Bank” and owned by Rana Kapoor’s daughters. • Yes Capital Pvt. Ltd (YCPL) – a “promoter company of Yes Bank” and owned by Rana Kapoor’s daughters. • RAB Enterprises was an investment company & owned by Rana Kapoor’s wife. • Dewan Housing Finance Limited • RKW Developers – owned by Dheeraj Wadhawan [29]
Currently Kapoor is held at Taloja Jail, Maharashtra. [30] Kapoor's bail application in the Prevention of Money Laundering case filed on the grounds that he is keeping poor health and is at the risk of contracting COVID-19, was rejected by Mumbai Court in April 2020. [31]
On 4 August 2023, the Supreme Court refused to entertain bail plea of Yes Bank founder Rana Kapoor in a money-laundering case against him. The apex court noted that this case rocked the entire financial system. [32]
Kapoor resides in Mumbai and is married to Bindu Kapoor. They have three daughters, Radha Kapoor Khanna, Rakhee Kapoor Tandon, and Roshini Kapoor. [33] The CBI named his wife, Bindu, and all three daughters, as co-accused in the 2020 case of money laundering. [34]
Ashok Kapur, with whom Kapoor co-founded Yes Bank, is his wife's sister's husband. [35]
Palaniappan Chidambaram, better known as P. Chidambaram, is an Indian politician and lawyer who currently serves as Member of Parliament, Rajya Sabha. He served as the Chairman of the Parliamentary Standing Committee on Home Affairs from 2017 to 2018. He also served as Interim Deputy Leader of Opposition in Rajya Sabha from 2022 to 2023 under Mallikarjun Kharge.
ICICI Bank Limited is an Indian multinational bank and financial services company headquartered in Mumbai with a registered office in Vadodara. It offers a wide range of banking and financial services for corporate and retail customers through various delivery channels and specialized subsidiaries in the areas of investment banking, life, non-life insurance, venture capital and asset management.
Ashok Kumar Banker is an author and screenwriter. His writing spans crime thrillers, essays, literary criticism, fiction and Indian mythology. The author of several well-received novels including a trilogy billed as "India's first crime novels in English", he became widely known for his retellings of Indian mythological epics, starting with the internationally acclaimed and best-selling eight-volume Ramayana series. His books have sold over 2 million copies and have been published in 16 languages in 58 countries. His Epic India Library is an attempt at retelling all the myths, legends and itihasa of the Indian sub-continent in one story cycle comprising over 70 volumes.
Sydenham College of Economics is a college located in Mumbai, Maharashtra, India. It is affiliated to the Dr. Homi Bhabha State University. The college offers undergraduate and postgraduate degrees in management. It was awarded a re-accreditation 'A' grade and 3.42 GPA in the second cycle assessment conducted by the National Assessment and Accreditation Council.
Kapoor or Kapur is a Punjabi surname of Khatri caste found in the Punjabi Hindu and Sikh communities.
Venugopal Dhoot is an Indian businessman. According to Forbes magazine, his wealth in 2015 was $1.19 billion, the 61st richest person in India. He is the founder, chairman and managing director of Videocon. He was arrested by the CBI on 26 Dec 2022 in the ICICI Bank Fraud case.
Axis Bank Limited, formerly known as UTI Bank (1993–2007), is an Indian multinational banking and financial services company headquartered in Mumbai, Maharashtra. It is India's third largest private sector bank by assets and fourth largest by market capitalisation. It sells financial services to large and mid-size companies, SMEs and retail businesses.
Chanda Kochhar is an Indian banker. She was the managing director (MD) and chief executive officer (CEO) of ICICI Bank from 2009 to 2018 She resigned from her positions in 2018 due a case of conflict of interest. Subsequently, she was fired by ICICI Bank, a decision which was later upheld by the Supreme Court of India.
Yes Bank is an Indian private sector bank, headquartered in Mumbai, catering to retail customers, MSMEs, and corporate clients. The bank was founded by Rana Kapoor and Ashok Kapur in 2003. Its network is spread across 300 districts in India and comprises 1,198 branches, 193 BCBOs and 1,287+ ATMs.
Gautam Thapar is an Indian businessman who is the chairman of Avantha Group and is part of the Thapar family.
The Adarsh Housing Society is a 31-story building constructed on prime real estate in Colaba, Bombay, for the welfare of war Widows and personnel of India's Ministry of Defence. Over a period of several years, politicians, bureaucrats and military officers allegedly conspired to bend several rules concerning land ownership, zoning, floor space index and membership getting themselves flats allotted in this cooperative society at below-market rates.
The 2010 fake housing loan in India was uncovered by the Central Bureau of Investigation (CBI) in India. CBI arrested eight top-ranking officials of public sector banks and financial institutions, including the LIC Housing Finance CEO Ramchandran Nair, in connection with the scam.
Usha Ananthasubramanian is the former managing director and chief executive officer of the Allahabad Bank,
Cobrapost is a non-profit Indian news website that was founded in 2005 by Aniruddha Bahal – the co-founder of Tehelka. It is particularly known for its undercover investigative journalism.
Rakhee Kapoor Tandon, is an Indian business entrepreneur and venture capitalist. She is the daughter of Rana Kapoor, managing director of Yes Bank. She has worked as an investment banker in the United States and also holds an MBA degree from the Wharton School of the University of Pennsylvania. She is one of "India’s 25 Most Influential Women", according to India Today.
Indrani Mukerjea is an Indian-born British former HR consultant and media executive, a main accused murderer in her daughter’s case. She was the wife of Peter Mukerjea, a retired Indian television executive. In 2007, she co-founded INX Media with her ex-husband, where she took on the role of CEO. In 2009, she resigned from the company and later sold her stake in it. In August 2015, she was arrested by Mumbai Police and charged as the main accused in the alleged murder of her daughter, Sheena Bora. After more than six years in custody, she was released on bail, and the murder case remains pending.
Paytm Payments Bank (PPBL) was an Indian payments bank, founded in 2017 and headquartered in Noida. In the same year, it received the license to run a payments bank from the Reserve Bank of India and was launched in November 2017. In 2021, the bank received a scheduled bank status from the RBI.
Piramal Capital and Housing Finance Limited is a non-deposit taking housing finance company, headquartered in Mumbai with branches in major cities across India. DHFL was established to enable access to economical housing finance to the lower and middle income groups in semi-urban and rural parts of India. DHFL is the second housing finance company to be established in the country. The company also leases commercial and residential premises. DHFL is among the 50 biggest financial companies in India.
The Punjab National Bank Fraud Case relates to fraudulent letter of undertaking worth ₹12,000 crore issued by the Punjab National Bank at its Brady House branch in Fort, Mumbai; making Punjab National Bank liable for the amount. The fraud was allegedly organized by jeweller and designer Nirav Modi. Nirav, his wife Ami Modi, brother Nishal Modi and uncle Mehul Choksi, all partners of the firms, M/s Diamond R US, M/s Solar Exports and M/s Stellar Diamonds; along with PNB officials and employees, and directors of Nirav Modi and Mehul Choksi's firms have all been named in a charge sheet by the CBI. Nirav Modi and his family absconded in early 2018, days before the news of the scam broke in India.
On 14 June 2020, Indian actor Sushant Singh Rajput was found dead at his room in Bandra, Mumbai, aged 34. The cause of death was ruled as suicide, with official postmortem reports confirming Rajput died of asphyxia due to hanging. The Mumbai Police launched an investigation into the death, which had become a subject of widespread speculation and rumours.
{{cite book}}
: CS1 maint: location missing publisher (link)