Rana Kapoor, the controversial co-founder of Yes Bank, linked to Priyanka Gandhi-Vadra

28 April, 2022 | Riya Girdhar

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Yes Bank's Rana Kapoor, who is in jail for money laundering, told the ED that he was forced to buy an MF Husain painting from Priyanka Gandhi-Vadra, and that the proceeds were used to pay for Sonia...

The Congress and the Bharatiya Janata Party (BJP) exchanged barbs over allegations by Yes Bank co-founder Rana Kapoor that he was “forced” to buy an MF Husain painting from Priyanka Gandhi Vadra and that the sale proceeds were used by the Gandhi family to pay for Sonia Gandhi’s treatment in New York.

The BJP lashed out at the Congress on Sunday, with Union Minister Anurag Thakur demanding answers from the party. He claimed that the “only job of the grand old party was to sell the country.”

Of course, the Congress attacked the BJP government, accusing it of political vendetta, and questioned Rana Kapoor’s credibility, calling him a “crook” and a “fraudster.”

The Reserve Bank of India (RBI) was keeping a close eye on Yes Bank and was dissatisfied with its governance practises. The bank has risky loans and has accumulated non-performing assets as a result.

Even though Kapoor had the board’s support, the board denied him an extension after his term expired. He was eventually granted an extension until January of 2019.

After leaving the bank, Kapoor sold his stake, and by November 2019, he owned 900 shares in Yes Bank Capital (India) Private Limited.

The RBI imposed a temporary moratorium on capital-starved Yes Bank in March 2020, capping withdrawals at 50,000 per account. Two days later, the Enforcement Directorate (ED) arrested Kapoor under the Prevention of Money Laundering Act (PMLA) for allegedly failing to cooperate in the investigation.

During an interrogation, Rana Kapoor told the ED that he was forced to buy the MF Hussain painting from Priyanka Gandhi.

The former Yes Ban CEO also claimed that then-petroleum minister Murli Deora told him that refusing to purchase the painting would not only prevent him from developing a relationship with the Gandhi family, but would also jeopardise his chances of receiving the Padma Bhushan, the country’s third-highest civilian award.