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{{Short description| |
{{Short description|Indian banker (born 1957)}} |
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{{Multiple issues| |
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{{BLP sources|date=September 2016}} |
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{{Like resume|date=September 2016}}}} |
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{{Use Indian English|date=July 2015}} |
{{Use Indian English|date=July 2015}} |
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{{Use dmy dates|date= |
{{Use dmy dates|date=August 2023}} |
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{{Infobox person |
{{Infobox person |
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| name = Rana Kapoor |
| name = Rana Kapoor |
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| birth_date = {{Birth date and age|df=yes|1957|09|09}}<ref name="GHiscock_2007">{{cite book | title = India's global wealth club | author = Geoff Hiscock | edition = illustrated | publisher = [[John Wiley and Sons]] | year = 2007 | isbn = 978-0-470-82238-8 | page = 255 }}</ref> |
| birth_date = {{Birth date and age|df=yes|1957|09|09}}<ref name="GHiscock_2007">{{cite book | title = India's global wealth club | author = Geoff Hiscock | edition = illustrated | publisher = [[John Wiley and Sons]] | year = 2007 | isbn = 978-0-470-82238-8 | page = 255 }}</ref> |
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| birth_place = [[New Delhi]], India |
| birth_place = [[New Delhi]], India |
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| nationality = [[Indian people|Indian]] |
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| education = |
| education = |
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| alma_mater = [[University of Delhi]]<br> [[Rutgers University]] |
| alma_mater = [[University of Delhi]]<br> [[Rutgers University]] |
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| net_worth = >{{USD|1 billion}} (2017)<br>{{USD|377 million}} (July 2019)<ref name="Times of India">{{cite news |title=Yes Bank founder Rana Kapoor's wealth shrinks by $1 billion |url=https://timesofindia.indiatimes.com/business/india-business/yes-bank-founder-rana-kapoors-wealth-shrinks-by-1-billion-as-lender-tumbles/articleshow/70276845.cms |access-date=31 October 2019 |work=Times of India |date=18 July 2019}}</ref> |
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| spouse = Bindu Kapoor |
| spouse = Bindu Kapoor |
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| title = Co-founder, [[Yes Bank]] |
| title = Co-founder, [[Yes Bank]] |
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| children = 3 daughters |
| children = 3 daughters |
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| website |
| website = {{URL|ranakapoor.in}} |
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| footnotes = |
| footnotes = |
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}} |
}} |
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'''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.<ref>{{Cite news|title=YES Bank's Rana Kapoor felicitated as entrepreneurial banker of the decade|work=Business Today Magazine|url=https://www.businesstoday.in/magazine/cover-story/story/indias-new-business-families-yes-bank-rana-kapoor-18438-2011-04-14}}</ref> Following a career in financial institutions, he co-founded [[Yes Bank]] in 2003, with its registered office in Mumbai.<ref>{{Cite web|title=Yes Bank Ltd.|url=https://www.wsj.com/market-data/quotes/IN/XNSE/YESBANK/company-people|website=Wall Street Journal}}</ref> He was appointed as the president of [[ASSOCHAM]] in July 2013,<ref>{{Cite news|title=Rana Kapoor takes over as Assocham President|work=The Hindu Businessline|url=https://www.thehindubusinessline.com/economy/Rana-Kapoor-takes-over-as-Assocham-President/article20639624.ece}}</ref> and was succeeded by [[Sunil Kanoria|Sunil Katoria]] after serving his two year term.<ref>{{Cite web|title=Sunil Kanoria takes over as new President of ASSOCHAM|url=https://www.assocham.org/newsdetail.php?id=5345|website=ASSOCHAM}}</ref> |
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'''Rana Kapoor''' (born 9 September 1957) is an Indian former banker who is currently in jail for accusations of [[money laundering]].<ref>{{Cite news|url=https://economictimes.indiatimes.com/news/politics-and-nation/i-may-contract-coronavirus-in-jail-grant-me-bail-rana-kapoor/articleshow/74835546.cms?from=mdr|title=I may contract coronavirus in jail, grant me bail: Rana Kapoor|date=2020-03-26|work=The Economic Times|access-date=2020-04-26}}</ref> He is a co-founder, and former managing director and CEO of [[Yes Bank]], an Indian private sector bank, with its registered office in [[Mumbai]]. He was arrested on 8 March 2020 by the India's [[Enforcement Directorate]] over accusations of fraud worth over {{USD|100 million}}.<ref>{{Cite news|last1=Rajput|first1=Rashmi|url=https://economictimes.indiatimes.com/news/politics-and-nation/ed-arrests-yes-bank-founder-rana-kapoor-daughter-stopped-at-mumbai-international-airport/articleshow/74539869.cms?from=mdr|title=ED arrests Yes Bank founder Rana Kapoor; daughter stopped at Mumbai International Airport|date=2020-03-09|work=The Economic Times|access-date=2020-04-26|last2=Yadav|first2=Jaikishan}}</ref> |
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Kapoor was arrested on 8 March 2020 by India's [[Enforcement Directorate]] over accusations of fraud in excess of {{USD|100 million}} and is currently in jail.<ref>{{Cite news|last1=Rajput|first1=Rashmi|url=https://economictimes.indiatimes.com/news/politics-and-nation/ed-arrests-yes-bank-founder-rana-kapoor-daughter-stopped-at-mumbai-international-airport/articleshow/74539869.cms?from=mdr|title=ED arrests Yes Bank founder Rana Kapoor; daughter stopped at Mumbai International Airport|date=9 March 2020|work=The Economic Times|access-date=26 April 2020|last2=Yadav|first2=Jaikishan}}</ref> Rana Kapoor was granted bail in April 2024.<ref>{{cite web |title=Yes Bank Founder Rana Kapoor Granted Bail after Four Years in Jail |url=https://www.brutimes.com/news/business/yes-bank-founder-rana-kapoor-granted-bail-after-four-years-in-jail |website=Bru Times News |language=en}}</ref> |
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Kapoor was born on 9 September 1957 and was brought up in [[New Delhi]], India. |
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| ⚫ | |||
He attended the [[The Frank Anthony Public School, New Delhi|Frank Anthony Public School]] in |
Kapoor was born on 9 September 1957 and was brought up in [[New Delhi]], India. He attended the [[The Frank Anthony Public School, New Delhi|Frank Anthony Public School]] in New Delhi in 1973 and earned his bachelor's degree from [[Shri Ram College of Commerce]] in 1977.<ref>{{cite news |title=LUNCH WITH BS: Rana Kapoor |url=https://www.business-standard.com/article/opinion/lunch-with-bs-rana-kapoor-105030801008_1.html |date=14 June 2013}}</ref> He then obtained an [[Master of Business Administration|MBA]] from [[Rutgers University]] in [[New Jersey]], US in 1980.<ref name="iba_expo">{{cite web |
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|url = http://www.iba-banktech.com/RanaKapoor.html |
|url = http://www.iba-banktech.com/RanaKapoor.html |
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|title = Profile: Rana Kapoor |
|title = Profile: Rana Kapoor |
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|work = Banking Technology Conference & Expo. |
|work = Banking Technology Conference & Expo. |
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|publisher = Indian Banks' Association |
|publisher = Indian Banks' Association |
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|access-date = |
|access-date = 20 June 2010 |
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|url-status = dead |
|url-status = dead |
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|archive-url = https://web.archive.org/web/20100419213553/http://www.iba-banktech.com/RanaKapoor.html |
|archive-url = https://web.archive.org/web/20100419213553/http://www.iba-banktech.com/RanaKapoor.html |
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|archive-date = 19 April 2010 |
|archive-date = 19 April 2010 |
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|df = dmy-all |
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}}</ref> Kapoor received an honorary fellowship from All India Management Association ([[All India Management Association|AIMA]]), President's Medal from Rutgers University, and an honorary |
}}</ref> Kapoor received an honorary fellowship from All India Management Association ([[All India Management Association|AIMA]]), President's Medal from [[Rutgers University]], and an honorary PhD from GB Pant University of Agriculture & Technology.<ref>{{cite news |title=Career timeline of Yes Bank co-founder Rana Kapoor |url=https://www.cnbctv18.com/economy/heres-career-timeline-of-yes-bank-co-founder-rana-kapoor-881861.htm |date=21 September 2018}}</ref><ref>{{cite web |title=Rana Kapoor MD & CEO, YES BANK |url=https://www.huffingtonpost.in/author/rana-kapoor/ |access-date=23 September 2019}}</ref> |
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== Banking career == |
== Banking career == |
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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.<ref>{{Cite news|url= https://www.indiatvnews.com/business/news-rana-kapoor-yes-bank-crisis-money-laundering-enforcement-directorate-pmla-596280 | title = Who is Rana Kapoor, founder of now crisis-ridden Yes Bank? | publisher = India TV | accessdate = 8 March 2020}}</ref> 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. |
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| ⚫ | Kapoor later joined [[ANZ Grindlays]] Investment Bank (ANZIB) as general manager & country head in 1996.<ref name="bs_lunch">{{cite news | url = http://www.business-standard.com/india/news/lunchbs-rana-kapoor/216122/| title = Lunch with BS: Rana Kapoor | newspaper = Business Standard India | date = 8 March 2005 | publisher = [[Business Standard]]| access-date = 20 June 2010| last1 = Bhandari | first1 = Bhupesh }}</ref> He worked there for two years, until 1998.<ref>{{Cite web|title=Rana Kapoor|url=https://www.yesbank.in/pdf/ranakapoorpdf|website=Yes Bank}}</ref> |
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| ⚫ | In February 1995, a team from [[Rabobank]] arrived in India, scouting for opportunities.<ref name="bs_lunch"/> 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 {{INRConvert|90|m|year=1997|lk=r}} each. In 2003, the three sold their stake for $10 million each, generating the seed fund for the bank.<ref name="bs_lunch"/> 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 |
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=== Yes Bank === |
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| ⚫ | In 2005, Kapoor was named [[Ernst & Young]]'s ''Start-up Entrepreneur of the Year''.<ref>{{cite web | url = http://getahead.rediff.com/report/2010/mar/15/career-rana-kapoor-the-harder-you-work-the-luckier-you-get.htm | title = The harder you work, the luckier you get | work = [[Rediff.com]]| date = |
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[[File:Rana Kapoor, Chief Executive Officer, Yes Bank, India, at the 2010 Horasis Global India Business Meeting on what is needed to build global firms of Indian origin.jpg|thumb|Kapoor in 2010]] |
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| ⚫ | In February 1995, a team from [[Rabobank]] arrived in India, scouting for opportunities.<ref name="bs_lunch"/> 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 {{INRConvert|90|m|year=1997|lk=r}} each. In 2003, the three sold their stake for $10 million each, generating the seed fund for the bank.<ref name="bs_lunch"/> 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.<ref>{{Cite web|title=ABOUT US|url=https://www.yesbank.in/about-us/overview|website=YES BANK}}</ref> |
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Rana Kapoor held 26% stake in Yes Bank, Ashok Kapur held 11%, and Rabobank International held 20% stake.<ref>{{cite web| url = http://www.rediff.com/money/2003/nov/06rabo.htm| title = Rana Kapoor to exit Rabo, take up Yes Bank reins | work = [[Rediff.com]]| date = 6 November 2003 | access-date = 20 June 2010}}</ref> Ashok Kapur died in 2008 in [[2008 Mumbai attacks|Mumbai 26/11 attacks]].<ref name="Ashok Kapur">{{cite news|title=Late Ashok Kapur |url=https://timesofindia.indiatimes.com/business/india-business/Yes-Bank-chairman-found-dead-in-Oberoi/articleshow/3770334.cms |archive-url=https://archive.today/20130103094617/http://articles.timesofindia.indiatimes.com/2008-11-28/india-business/27894019_1_rana-kapoor-bank-spokesperson-new-generation-private-sector |url-status=live |archive-date=3 January 2013 |access-date=13 August 2012|newspaper=[[The Times of India]] |date=28 November 2008}}</ref> |
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| ⚫ | In January 2017, ''[[Bloomberg L.P.|Bloomberg]]'' noted that with the rising share price of Yes Bank, Kapoor had become a billionaire.<ref name="bloomberg1">{{cite |
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| ⚫ | In 2005, Kapoor was named [[Ernst & Young]]'s ''Start-up Entrepreneur of the Year''.<ref>{{cite web | url = http://getahead.rediff.com/report/2010/mar/15/career-rana-kapoor-the-harder-you-work-the-luckier-you-get.htm | title = The harder you work, the luckier you get | work = [[Rediff.com]]| date = 15 March 2010 | access-date = 20 June 2010}}</ref> |
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In September 2018, Yes Bank announced that they had ordered Kapoor to step down from his CEO position in January 2019. 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.<ref name="Times of India"/> |
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| ⚫ | In January 2017, ''[[Bloomberg L.P.|Bloomberg]]'' noted that with the rising share price of Yes Bank, Kapoor had become a billionaire.<ref name="bloomberg1">{{cite news|author=Sterling Wong |url=https://www.bloomberg.com/news/articles/2017-01-19/yes-bank-turns-rana-kapoor-into-billionaire-as-stock-climbs |title=India Just Got a New Billionaire Thanks to Soaring Bank Shares |newspaper=[[Bloomberg L.P.|Bloomberg]] |date=19 January 2017 |access-date=28 January 2017}}</ref> |
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== Fraud and arrest == |
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In September 2018, Yes Bank announced that they had ordered Kapoor to step down from his CEO position in January 2019.<ref>{{Cite book |last1=Venkatesh |first1=D. N. |url=https://sk.sagepub.com/cases/leadership-and-organizational-crisis-at-yes-bank |title=Leadership and Organizational Crisis at Yes Bank |last2=Bandaru |first2=Samanth |date=2022 |location=London|doi=10.4135/9781529798104 |isbn=9781529798104 |s2cid=245729157 }}</ref> 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.<ref name="Times of India">{{cite news |title=Yes Bank founder Rana Kapoor's wealth shrinks by $1 billion |url=https://timesofindia.indiatimes.com/business/india-business/yes-bank-founder-rana-kapoors-wealth-shrinks-by-1-billion-as-lender-tumbles/articleshow/70276845.cms |access-date=31 October 2019 |work=Times of India |date=18 July 2019}}</ref> |
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== Legal controversy == |
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{{Expand section|date=March 2020}} |
{{Expand section|date=March 2020}} |
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On 8 March 2020, the [[Enforcement Directorate]] (ED) registered a case against Kapoor under the [[Prevention of Money Laundering Act, 2002|Prevention of Money Laundering Act]] (PMLA) and he was arrested.<ref>{{Cite news|url=https://www.livemint.com/companies/people/ed-raids-yes-bank-director-rana-kapoor-s-mumbai-residence-11583514816068.html|title=ED registers money laundering case against Rana Kapoor|work=Mint|access-date=2020- |
On 8 March 2020, the [[Enforcement Directorate]] (ED) registered a case against Kapoor under the [[Prevention of Money Laundering Act, 2002|Prevention of Money Laundering Act]] (PMLA) and he was arrested.<ref>{{Cite news|url=https://www.livemint.com/companies/people/ed-raids-yes-bank-director-rana-kapoor-s-mumbai-residence-11583514816068.html|title=ED registers money laundering case against Rana Kapoor|work=Mint|access-date=8 March 2020}}</ref> Defense lawyer stated that Rana Kapoor was selectively targeted.<ref>{{Cite news|title=Yes Bank co-founder Rana Kapoor arrested at 3am, remanded to ED custody until 11 March|work=The Print|url=https://theprint.in/india/ed-arrests-yes-bank-co-founder-rana-kapoor-at-3am/377536/}}</ref> The [[Central Bureau of Investigation]] (CBI) also charged Kapoor and his family members in a bribery and money-laundering case linked to Yes Bank.<ref>{{cite news|url=https://www.ndtv.com/india-news/yes-bank-founder-rana-kapoors-wife-daughter-charged-by-cbi-in-alleged-bribery-case-2192282|title=Crisis-Hit Yes Bank Founder Rana Kapoor's Wife, Daughters Charged By CBI|date=9 March 2020|publisher=NDTV}}</ref> Kapoor denies the charges.<ref name="veconomist">{{cite news|url=https://www.economist.com/finance-and-economics/2020/03/14/yes-banks-rescue-deepens-worries-about-indian-finance|title=Yes Bank's rescue deepens worries about Indian finance|date=14 March 2020|newspaper=[[The Economist]]}}</ref> |
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According to the ED, Kapoor, his family members, and others, got benefits worth {{INRConvert|43|b}} through companies controlled by his family as [[Kickback (bribery)|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 (NPA)|non-performing assets]].<ref>{{Cite web|url=https://www.financialexpress.com/industry/banking-finance/yes-bank-rana-kapoor-bail-plea-coronavirus-yes-bank-fraud-case-news/1918351/|title=No relief for Yes Bank founder Rana Kapoor, court rejects interim bail plea|date=2020 |
According to the ED, Kapoor, his family members, and others, got benefits worth {{INRConvert|43|b}} through companies controlled by his family as [[Kickback (bribery)|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 (NPA)|non-performing assets]].<ref>{{Cite web|url=https://www.financialexpress.com/industry/banking-finance/yes-bank-rana-kapoor-bail-plea-coronavirus-yes-bank-fraud-case-news/1918351/|title=No relief for Yes Bank founder Rana Kapoor, court rejects interim bail plea|date=3 April 2020|website=The Financial Express|language=en-US|access-date=26 April 2020}}</ref> |
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The CBI and ED arrested Kapoor in another case which is the outcome of their investigations in [[Dewan Housing Finance Corporation|DHFL]] Mumbai case of fraud and embezzlement of over $3 Billion,<ref>{{Cite web|url=https://www.managementstudyguide.com/what-is-the-dhfl-scam.htm|title=What is the DHFL Scam?|website=www.managementstudyguide.com|access-date= |
The CBI and ED arrested Kapoor in another case which is the outcome of their investigations in [[Dewan Housing Finance Corporation|DHFL]] Mumbai case of fraud and embezzlement of over $3 Billion,<ref>{{Cite web|url=https://www.managementstudyguide.com/what-is-the-dhfl-scam.htm|title=What is the DHFL Scam?|website=www.managementstudyguide.com|access-date=19 April 2020}}</ref> 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.<ref>{{Cite web|url=https://www.businesstoday.in/magazine/banking/the-usual-suspect/story/398437.html|title=The Usual Suspect- Business News|website=www.businesstoday.in|date=17 March 2020 |access-date=19 April 2020}}</ref> |
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In May 2020, ED filed a charge sheet and named 7 individuals and 5 companies |
In May 2020, ED filed a charge sheet and named 7 individuals and 5 companies |
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Individuals: |
Individuals: |
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• Rana Kapoor |
• Rana Kapoor |
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• Bindu Kapoor (W/o Rana Kapoor) |
• Bindu Kapoor (W/o Rana Kapoor) |
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• Roshni Kapoor (Daughter of Rana Kapoor) |
• Roshni Kapoor (Daughter of Rana Kapoor) |
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• Radha Kapoor (Daughter of Rana Kapoor) |
• Radha Kapoor (Daughter of Rana Kapoor) |
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• Rakhee Kapoor (Daughter of Rana Kapoor) |
• Rakhee Kapoor (Daughter of Rana Kapoor) |
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• Dheeraj Wadhawan (DHFL promoter) |
• Dheeraj Wadhawan (DHFL promoter) |
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• Pankaj Wadhawan (DHFL promoter) |
• Pankaj Wadhawan (DHFL promoter) |
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Companies: |
Companies: |
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• Morgan Credit Pvt. Ltd (MCPL) – a “promoter company of Yes Bank” and owned by Rana Kapoor’s daughters. |
• Morgan Credit Pvt. Ltd (MCPL) – a “promoter company of Yes Bank” and owned by Rana Kapoor’s daughters. |
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• Yes Capital Pvt. Ltd (YCPL) – 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. |
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• Dewan Housing Finance Limited |
• Dewan Housing Finance Limited |
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• RKW Developers – owned by Dheeraj Wadhawan |
• RKW Developers – owned by Dheeraj Wadhawan |
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<ref>{{Cite news|url=https://sureshotfinance.com/yes-bank-fraud-case/|title=The YES Bank Fraud case: A story full of tragedies|date= |
<ref>{{Cite news|url=https://sureshotfinance.com/yes-bank-fraud-case/|title=The YES Bank Fraud case: A story full of tragedies|date=12 July 2020|work=Sure Shot Finance|access-date=12 July 2020}}</ref> |
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Currently Kapoor is |
Currently Kapoor is held at Taloja Jail, [[Maharashtra]].<ref>{{Cite web|url=https://timesofindia.indiatimes.com/city/mumbai/yes-banks-kapoor-sent-to-taloja-jail/articleshow/74739291.cms|title=Yes Bank's Rana Kapoor sent to Taloja jail |date=21 March 2020|first=Rebecca |last=Samervel |website=The Times of India|language=en|access-date=19 April 2020}}</ref> Kapoor's bail application in the [[Prevention of Money Laundering Act, 2002|Prevention of Money Laundering]] case filed on the grounds that he is keeping poor health and is at the risk of contracting [[Coronavirus disease 2019|COVID-19]], was rejected by Mumbai Court in April 2020.<ref>{{Cite news|url=https://economictimes.indiatimes.com/industry/banking/finance/banking/yes-bank-founder-rana-kapoors-interim-bail-plea-rejected/articleshow/74969840.cms?from=mdr|title=Yes Bank founder Rana Kapoor's interim bail plea rejected|date=3 April 2020|work=The Economic Times|access-date=19 April 2020}}</ref> |
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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.<ref>{{Cite web |last=Livemint |date=4 August 2023 |title=Supreme Court denies bail to Yes Bank founder Rana Kapoor |url=https://www.livemint.com/industry/banking/yes-bank-case-rana-kapoor-supreme-court-shares-of-yes-bank-stock-market-11691127815933.html |access-date=4 August 2023 |website=mint |language=en}}</ref> |
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==Personal life== |
==Personal life== |
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Kapoor resides in Mumbai and is married to Bindu Kapoor. They have three daughters, Radha Kapoor |
Kapoor resides in Mumbai and is married to Bindu Kapoor. They have three daughters, Radha Kapoor Khanna, Rakhee Kapoor Tandon, and Roshini Kapoor.<ref name="Radha, Rakhee, Roshini & Anniket">{{cite news|title=Radha, Rakhee & Roshini|url=http://www.weddingsutra.com/blog/index.php/2012/04/04/rana-kapoor-hosts-a-glittering-engagement-ceremony-in-delhi|website=Weddingsutra.com|access-date=4 April 2012}}</ref> The [[Central Bureau of Investigation|CBI]] named his wife, Bindu, and all three daughters, as co-accused in the 2020 case of money laundering.<ref>{{Cite web|url=https://www.businessinsider.in/finance/news/rana-kapoors-daughters-who-said-no-to-banking-are-now-in-the-dock-with-yes-bank-crisis/articleshow/74549729.cms|title=The three Kapoor sisters who said 'no' to banking are now in the dock with Yes Bank crisis|website=Business Insider|access-date=26 April 2020}}</ref> |
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== Awards and achievements == |
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* AAAI felicitated Kapoor with the award for pioneering banking & financing solutions to the Media and Communications Industry in the year 2018 <ref>{{Cite news|url=https://economictimes.indiatimes.com/industry/banking/finance/banking/rana-kapoor-felicitated-with-outstanding-brand-builder-award-by-aaai/articleshow/63734769.cms?from=mdr | title= RANA KAPOOR FELICITATED WITH OUTSTANDING BRAND BUILDER AWARD BY AAAI | newspaper = The Economic Times | date= 15 May 2019 | accessdate = 15 May 2019 }}</ref> |
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* Asian Banker CEO Leadership Achievement Award for India during the 3-Year period, 2011-2013<ref>{{Cite press release|url= https://www.prnewswire.com/news-releases/rana-kapoor--yes-bank-receive-top-honours-at-the-asian-banker-leadership-achievement-awards-2013-in-jakarta-indonesia-205768641.html | title = Rana Kapoor & YES BANK Receive Top Honours at the Asian Banker Leadership Achievement Awards 2013 in Jakarta, Indonesia | publisher = PR Newswire | accessdate = 2 May 2013}}</ref> |
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* Entrepreneurial Banker of the Decade by Bombay Management Association in 2001-2010<ref>{{Cite web|url= https://www.indiainfoline.com/article/news-corporate/rana-kapoor-md-ceo-yes-bank-receives-the-wtc-award-114062400724_1.html | title = Rana Kapoor - MD & CEO, YES BANK receives the WTC Award | publisher = Indiainfolin | accessdate = 13 June 2014 }}</ref> |
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* Best CEO-BFSI Hall of Fame:2014 IMM-JJ Awards for Excellence |
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* Received the SKOCH Award for significant contributions to Public Policies for Infrastructure Growth and National Development (2015) |
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* Exemplary Contribution To Entrepreneurship & Innovation by [[London Business School]]<ref>{{Cite web|url= http://www.businessworld.in/article/London-Business-School-LBS-felicitates-Rana-Kapoor-for-Exemplary-Contribution-to-Entrepreneurship-Innovation-/02-06-2016-98743/ | title = London Business School (LBS) Felicitates Rana Kapoor For "Exemplary Contribution To Entrepreneurship & Innovation" | publisher = Businessworld | accessdate = 27 May 2021}}</ref> |
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==References== |
==References== |
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Latest revision as of 20:05, 15 October 2024
Rana Kapoor | |
|---|---|
 Kapoor in 2012 | |
| Born | 9 September 1957[1] New Delhi, India |
| 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]
Early life and education
[edit]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]
Banking career
[edit]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]
Yes Bank
[edit]
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 million or US$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]
Legal controversy
[edit]![[icon]](/enwiki/wiki/File:Wiki_letter_w_cropped.svg){kind=small} | 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]
Personal life
[edit]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]
Awards and achievements
[edit]- AAAI felicitated Kapoor with the award for pioneering banking & financing solutions to the Media and Communications Industry in the year 2018 [36]
- Asian Banker CEO Leadership Achievement Award for India during the 3-Year period, 2011-2013[37]
- Entrepreneurial Banker of the Decade by Bombay Management Association in 2001-2010[38]
- Best CEO-BFSI Hall of Fame:2014 IMM-JJ Awards for Excellence
- Received the SKOCH Award for significant contributions to Public Policies for Infrastructure Growth and National Development (2015)
- Exemplary Contribution To Entrepreneurship & Innovation by London Business School[39]
References
[edit]- ^ Geoff Hiscock (2007). India's global wealth club (illustrated ed.). John Wiley and Sons. p. 255. ISBN 978-0-470-82238-8.
- ^ "YES Bank's Rana Kapoor felicitated as entrepreneurial banker of the decade". Business Today Magazine.
- ^ "Yes Bank Ltd". Wall Street Journal.
- ^ "Rana Kapoor takes over as Assocham President". The Hindu Businessline.
- ^ "Sunil Kanoria takes over as new President of ASSOCHAM". ASSOCHAM.
- ^ Rajput, Rashmi; Yadav, Jaikishan (9 March 2020). "ED arrests Yes Bank founder Rana Kapoor; daughter stopped at Mumbai International Airport". The Economic Times. Retrieved 26 April 2020.
- ^ "Yes Bank Founder Rana Kapoor Granted Bail after Four Years in Jail". Bru Times News.
- ^ "LUNCH WITH BS: Rana Kapoor". 14 June 2013.
- ^ "Profile: Rana Kapoor". Banking Technology Conference & Expo. Indian Banks' Association. Archived from the original on 19 April 2010. Retrieved 20 June 2010.
- ^ "Career timeline of Yes Bank co-founder Rana Kapoor". 21 September 2018.
- ^ "Rana Kapoor MD & CEO, YES BANK". Retrieved 23 September 2019.
- ^ "Who is Rana Kapoor, founder of now crisis-ridden Yes Bank?". India TV. Retrieved 8 March 2020.
- ^ a b c Bhandari, Bhupesh (8 March 2005). "Lunch with BS: Rana Kapoor". Business Standard India. Business Standard. Retrieved 20 June 2010.
- ^ "Rana Kapoor". Yes Bank.
- ^ "ABOUT US". YES BANK.
- ^ "Rana Kapoor to exit Rabo, take up Yes Bank reins". Rediff.com. 6 November 2003. Retrieved 20 June 2010.
- ^ "Late Ashok Kapur". The Times of India. 28 November 2008. Archived from the original on 3 January 2013. Retrieved 13 August 2012.
- ^ "The harder you work, the luckier you get". Rediff.com. 15 March 2010. Retrieved 20 June 2010.
- ^ Sterling Wong (19 January 2017). "India Just Got a New Billionaire Thanks to Soaring Bank Shares". Bloomberg. Retrieved 28 January 2017.
- ^ Venkatesh, D. N.; Bandaru, Samanth (2022). Leadership and Organizational Crisis at Yes Bank. London. doi:10.4135/9781529798104. ISBN 9781529798104. S2CID 245729157.
{{cite book}}: CS1 maint: location missing publisher (link) - ^ "Yes Bank founder Rana Kapoor's wealth shrinks by $1 billion". Times of India. 18 July 2019. Retrieved 31 October 2019.
- ^ "ED registers money laundering case against Rana Kapoor". Mint. Retrieved 8 March 2020.
- ^ "Yes Bank co-founder Rana Kapoor arrested at 3am, remanded to ED custody until 11 March". The Print.
- ^ "Crisis-Hit Yes Bank Founder Rana Kapoor's Wife, Daughters Charged By CBI". NDTV. 9 March 2020.
- ^ "Yes Bank's rescue deepens worries about Indian finance". The Economist. 14 March 2020.
- ^ "No relief for Yes Bank founder Rana Kapoor, court rejects interim bail plea". The Financial Express. 3 April 2020. Retrieved 26 April 2020.
- ^ "What is the DHFL Scam?". www.managementstudyguide.com. Retrieved 19 April 2020.
- ^ "The Usual Suspect- Business News". www.businesstoday.in. 17 March 2020. Retrieved 19 April 2020.
- ^ "The YES Bank Fraud case: A story full of tragedies". Sure Shot Finance. 12 July 2020. Retrieved 12 July 2020.
- ^ Samervel, Rebecca (21 March 2020). "Yes Bank's Rana Kapoor sent to Taloja jail". The Times of India. Retrieved 19 April 2020.
- ^ "Yes Bank founder Rana Kapoor's interim bail plea rejected". The Economic Times. 3 April 2020. Retrieved 19 April 2020.
- ^ Livemint (4 August 2023). "Supreme Court denies bail to Yes Bank founder Rana Kapoor". mint. Retrieved 4 August 2023.
- ^ "Radha, Rakhee & Roshini". Weddingsutra.com. Retrieved 4 April 2012.
- ^ "The three Kapoor sisters who said 'no' to banking are now in the dock with Yes Bank crisis". Business Insider. Retrieved 26 April 2020.
- ^ "THE STORY OF YES BANK - MORE THAN A SOAP OPERA". www.sptulsian.com. Retrieved 26 April 2020.
- ^ "RANA KAPOOR FELICITATED WITH OUTSTANDING BRAND BUILDER AWARD BY AAAI". The Economic Times. 15 May 2019. Retrieved 15 May 2019.
- ^ "Rana Kapoor & YES BANK Receive Top Honours at the Asian Banker Leadership Achievement Awards 2013 in Jakarta, Indonesia" (Press release). PR Newswire. Retrieved 2 May 2013.
- ^ "Rana Kapoor - MD & CEO, YES BANK receives the WTC Award". Indiainfolin. Retrieved 13 June 2014.
- ^ "London Business School (LBS) Felicitates Rana Kapoor For "Exemplary Contribution To Entrepreneurship & Innovation"". Businessworld. Retrieved 27 May 2021.