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ED probe shows how Kapoor became larger than life CEO
Former Yes Bank CEO's web of questionable transactions come to light
New Delhi: Investigations by the Enforcement Directorate into the business dealings of former Yes Bank CEO, Rana Kapoor and family has brought to light a web of questionable transactions hinging on hundreds of bank accounts, investment companies.
The ED investigations show that the family held as many as 168 bank accounts and 101 investment companies which led to Kapoor starting as a professional banker and becoming one of India's most high profile promoters with a lavish lifestyle. Kapoor is in jail facing multiple charges of financial wrongdoing.
Fond of a flamboyant lifestyle, Kapoor was a tenant of a palatial duplex owned by BJP leader Jyodiraditya Scindia in the Samudra Mahal complex in Worli in Mumbai. This was the address where parties were thrown by Kapoor regularly.
Kapoor and family had as many as 101 investments configured through three holding firms - Morgan Credits (MCPL), Yes Capital India (YCPL) and RAB Enterprises, according to the ED.
Rana Kapoor, wife Bindu and their daughters Roshni, Radha and Rakhee Kapoor 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. There was a separate room at Samudra Mahal to keep these paintings. Among others, the paintings include a portrait of the late Rajiv Gandhi by celebrated artist MF Hussain.
According to ED investigations, the Kapoor family first began these investment companies from 1991. That was the year MCPL was formed. YCPL, previously named DoIT Capital, was incorporated in May 2003. Later that year -- Yes Bank was formed in 2004 - both these companies were approved by Reserve Bank of India (RBI) as investment companies.
