December 15th 2025.
Rana Kapoor, the former CEO of Yes Bank, recently made an appearance at the Enforcement Directorate headquarters in Delhi to face questioning from officials. The reason behind this is his alleged involvement in a money laundering case linked to Anil Ambani.
According to investigations, Rana Kapoor and Anil Ambani had a "quid-pro-quo" deal which resulted in significant losses for Yes Bank. This means that they both had an agreement where one party would provide something in exchange for something else. In this case, it caused a lot of trouble for the bank.
During Rana Kapoor's time as the head of Yes Bank, the bank had a considerable exposure of about Rs 6000 crore to the Reliance Anil Ambani Group. This number increased to a whopping Rs 13,000 crore by the end of March 2018. To make matters worse, the bank also invested over Rs 5 thousand crore in two ADAG Group companies, Reliance Home Finance Limited and Reliance Commercial Finance Limited.
Unfortunately, a large portion of these investments turned into Non-Performing Investments, meaning they didn't yield any returns for the bank. This resulted in a loss of approximately Rs 3300 crore for Yes Bank. What's even more concerning is that these were not regular business transactions, but rather a "quid-pro-quo" arrangement. In exchange for the bank's investments, ADAG companies granted loans to firms controlled by Rana Kapoor's family members.
It has also been discovered that Rana Kapoor and Anil Ambani had private business meetings, excluding other officials from Yes Bank, to finalize these illegal arrangements. Rana Kapoor then instructed Yes Bank officers to process these non-genuine proposals, further adding to the bank's troubles.
In other news, it has been found that Indian tourists are one of the biggest spenders on luxury goods in Singapore. Despite the global downtrend in premium products spending, retailers in Singapore are defying the odds and seeing a rise in sales. It just goes to show the purchasing power of Indian tourists and their love for luxury goods.
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