How Rana Kapoor Allegedly Made 20 Billion From Loans Worth 60 Billion
DELHI, Nov. 22 -- "Diamonds are forever," tweeted a confident Rana Kapoor after he was ousted from the once shining private bank, an institution that he founded. These diamonds were Yes Bank's shares, which he said he would eventually bequeath to his daughters and they'd stay in the family forever. Clearly, he spoke too soon. From over 15% stake that he held a decade ago, along with his promoter firms Yes Capital and Morgan Credits, today he owns a meagre 900 shares. That's almost negligible, not even worth 60,000 at its current market price of 64. The final stake sale on November 12-13 came just days before RBI found that the bank had under-reported bad loans worth 32.7 billion. As new skeletons continue to fall out of the closet,there are...
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