Rana Kapoor

In September 2022, SEBI imposed a penalty of 2 crore rupees on Rana Kapoor in connection with the sale of Yes Bank Additional Tier-1 bonds to investors. The regulator considered that he had played a role in promoting these instruments without adequately disclosing the risks.

State of the evidence

SEBI adjudication order and SAT appeal proceedings documented

Legal status — source text

SEBI penalty of 2 crore rupees; appeal before the SAT not yet finally resolved in the latest publicly available order identified

Attribution

Personal regulatory liability determined by SEBI, under appeal

In May 2026, Mumbai police registered a new FIR against Rana Kapoor, Sudhir Valia and others in a case involving Sapphire Land, the assignment of recovery rights to Suraksha ARC and the alleged sale or transfer of assets at undervalued prices. The alleged losses amounted to approximately 1,000 crore rupees. The ED subsequently conducted searches in connection with the case.

State of the evidence

Police FIR and ED searches documented

Legal status — source text

Investigation ongoing as at 27 August 2026; no conviction

Attribution

Rana Kapoor personally named; allegations remain under investigation

In August 2026, former HDIL promoter Rakesh Wadhawan approached Mumbai's Economic Offences Wing concerning the 2017 assignment of a loan of approximately 600 crore rupees from Privilege Power and Infrastructure Pvt Ltd to Suraksha ARC. He alleges that the account was not classified as a non-performing asset (NPA) and that the assignment and securities were irregular; the complaint names Rana Kapoor, among others.

State of the evidence

Detailed EOW complaint and reported commencement of an examination

Legal status — source text

Complaint/investigation at an initial stage; no FIR or judgment establishing guilt confirmed in the verified sources

Attribution

Rana Kapoor personally named in the complainant's allegations

SEBI examined investments totalling approximately 2,150 crore rupees by Reliance Mutual Fund in Yes Bank AT1 bonds between 2016 and 2019, under an arrangement described by investigators as potentially linked to loans granted by Yes Bank to Reliance Group companies. A settlement proposal involving Rana Kapoor, among others, was rejected in 2025.

State of the evidence

Regulatory investigation and rejection of a settlement proposal documented

Legal status — source text

Regulatory proceedings not finally adjudicated; settlement proposal rejected in 2025

Attribution

Rana Kapoor is among the individuals concerned by the alleged findings and investigations; no final determination of guilt

In September 2025, the CBI filed charge sheets naming Rana Kapoor and Anil Ambani, among others, in the RCFL/RHFL cases, alleging that a system of loans and investments had caused approximately 2,796.77 crore rupees in losses to Yes Bank and provided benefits to companies linked to the Kapoor family. In December 2025, the Enforcement Directorate questioned Kapoor in a PMLA investigation into the same financial relationships, with agency sources referring to a "quid pro quo" that allegedly caused Yes Bank's exposure to the Ambani group to double.

State of the evidence

CBI charge sheets and ED questioning/investigation documented

Legal status — source text

CBI prosecution proceedings ongoing; ED questioned Rana Kapoor in December 2025 in a PMLA investigation; no final conviction established

Attribution

Personal allegations of conspiracy and abuse of office, not finally adjudicated

Investigators alleged that Rana Kapoor had acquired, through a family company, a Delhi bungalow belonging to Avantha Realty at a price significantly below its value, in exchange for concessions or facilities granted to the group by Yes Bank. This case was one of the matters that kept him in detention.

State of the evidence

CBI/ED case and bail decisions documented

Legal status — source text

Prosecution not finally adjudicated; final bail required for his release granted in April 2024

Attribution

Personal allegation of illicit gratification and preferential banking treatment, not established by a final judgment

The CBI and ED accused Rana Kapoor of having Yes Bank subscribe to several thousand crore rupees' worth of DHFL securities and receiving approximately 600 crore in return through a loan from DHFL to DOIT Urban Ventures, a company linked to his family. Other loans, including financing for Belief Realtors, were also incorporated into the case. The Supreme Court subsequently refused him interim bail in August 2023 in connection with the same DHFL matter, before other bail decisions were issued in different cases.

State of the evidence

CBI FIR, ED prosecution proceedings and bail decisions documented

Legal status — source text

ED arrest in March 2020; second bail application rejected by the Bombay High Court in May 2023; Supreme Court refused interim bail in August 2023; proceedings on the merits not finally adjudicated in the verified sources

Attribution

Personal allegations of conspiracy, corruption and money laundering, not yet established by a final conviction

The ED arrested Rana Kapoor in the Mack Star case, alleging that six loans granted by Yes Bank between 2011 and 2016, totalling approximately 200 crore rupees, had been diverted to HDIL entities and used to evergreen debts rather than for their stated purposes.

State of the evidence

ED arrest, CBI investigation and bail decision documented

Legal status — source text

Proceedings not finally adjudicated; bail granted in April 2023

Attribution

Personal allegations relating to the approval and handling of loans, not established by a conviction

The ED prosecuted Rana Kapoor in a case concerning, in particular, loans granted by Yes Bank to Oyster Buildwell/Jhabua Power, alleging that funds had been diverted and that certain transactions formed part of a conspiracy intended to cause losses to the bank.

State of the evidence

ED complaint, court summons and bail decision documented

Legal status — source text

Criminal/money laundering proceedings not finally adjudicated in the verified sources

Attribution

Rana Kapoor was summoned by the PMLA court in a case involving loans to Avantha Group entities; allegations not finally established

In the Cox & Kings investigation, the ED alleged that the company and its related entities had accumulated substantial debts with Yes Bank and that Rana Kapoor had instructed that certain loans should not be recovered. The agency linked the case to extensive suspicions of fund diversion.

State of the evidence

ED investigation and allegations reported in procedural documents

Legal status — source text

No final conviction of Rana Kapoor relating to this matter found

Attribution

Personal allegations of favouritism or intervention in debt recovery, open to challenge in court