InvestorQ : Is it true that Rana Kapoor and his family ran a complex network of companies and bank accounts to take money out of Yes Bank?
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Is it true that Rana Kapoor and his family ran a complex network of companies and bank accounts to take money out of Yes Bank?

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Arusha Ray answered.
1 year ago
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At least, that is what the early indications coming from the ED appear to suggest. Apparently, Rana Kapoor and members of his family ran a byzantine maze of over 100 companies through three holding firms; Morgan Credits, Yes Capital and RAB Enterprises. The maze of companies ran every conceivable business ranging from real estate to renewable energy to ecotourism. It also had interests in milk products, art and even the laundry and dry cleaning business. Interestingly, between Rana Kapoor, wife Bindu and their daughters; they held a total of 168 bank accounts in different banks. The family holding companies invested across 15 mutual funds and owned a collection of 59 paintings worth Rs.4 crore. As per the ED investigations, Kapoor family began to build the web of companies from 1991. With the help of supportive governments, Kapoor had managed to get a slew of RBI approvals for his bank and investment companies. What has also come out of the ED investigations is the nexus between Rana Kapoor and the Wadhawans of DHFL Housing Finance; another company that folded recently and faces bankruptcy proceedings with dues of over Rs.40,000 crore. Each loan by Yes Bank to DHFL was accompanied by kickbacks to Kapoor and family. That is where the web of companies were used to route trarnsactions.

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