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Rana Kapoor, Gandhis, MF Hussain, Yes Bank, and the painting that connects them

Loan Scams

Rana Kapoor, Gandhis, MF Hussain, Yes Bank, and the painting that connects them

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On April 23, it was revealed that disgraced banker Rana Kapoor has admitted in front of the Enforcement Directorate (ED) that he was forced to buy an MF Hussain painting from Priyanka Gandhi Vadra for Rs 2 crores. He further mentioned in his confession to ED that he was promised Padma Bhushan in exchange for the money. The amount he paid was allegedly used for Congress leader Sonia Gandhi’s treatment in New York. Here is all you need to know about Rana Kapoor, the painting in question, and the Yes Bank scam.

Who is Rana Kapoor?

Rana Kapoor is the co-founder, former Managing Director, and former Chief Executive of Yes Bank. Born and brought up in Delhi, Kapoor did his schooling at Frank Anthony Public School, New Delhi. He graduated from Shri Ram College of Commerce, Delhi University, and did his MBA from Rutgers University in the United States.

Kapoor started his banking career as a junior banker in the Barakhamba branch of Bank of America. He worked there for 16 years. After a short stint at ANZ Grindlays for three years, he joined hands with his brother-in-law Ashok Kapur and Harkirat Singh to form Rabo India Finance. In 2003, all three sold their equity and got a license to set up a private bank. In 2004, Yes Bank was established. In 2019 he stepped down from the post of CEO.

What is the Yes Bank scam?

Everything was fine till March 2014 with Yes Bank. It had a loan book of Rs 55,633 crores, and deposits were Rs 74,192 crores. However, within five years, by…

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