FIR Filed Against Former Yes Bank Chief in HDIL Loan Dispute

In a significant legal development, an FIR has been filed against former Yes Bank Chief Rana Kapoor and others in connection with a loan dispute involving HDIL. The complaint alleges fraudulent activities, including the improper transfer of a loan and undervalued sales of mortgaged properties. The police have initiated an investigation into these serious allegations, which could have far-reaching implications for those involved. This case highlights ongoing concerns regarding financial misconduct in the banking sector.

By Narendra Chaudhary May 15, 2026, 20:40 IST

Significant Legal Action in HDIL Loan Case

Mumbai: A significant turn of events has occurred in the loan dispute linked to HDIL, as an FIR has been lodged at the Worli Police Station against Rana Kapoor, the former Chief of Yes Bank, along with Sudhir Walia and other officials from YES Bank. This action falls under Sections 409 and 120B of the Bharatiya Nyaya Sanhita (BNS). The complaint was submitted by Lakhaminder Dayal Singh, who is a suspended director at Sapphire Land Development Pvt Ltd, a subsidiary of Housing Development and Infrastructure Limited.

The FIR claims that YES Bank had approved a credit facility amounting to ₹150 crore for Sapphire Land Development Pvt Ltd. In exchange, various assets and development rights linked to HDIL, purportedly valued at around ₹1,000 crore, were mortgaged as collateral.

According to the complaint, although the loan was supposed to be repaid over a period of 36 months, the exposure was allegedly transferred much sooner to Suraksha Asset Reconstruction Limited under the SARFAESI Act. The FIR contends that this transfer was executed without adhering to proper legal protocols, including violations of asset valuation and classification standards.

Furthermore, the complaint alleges that the margin money for this transaction was sourced through entities connected to Suraksha ARC, and that some mortgaged properties were sold at significantly lower prices, leading to considerable financial losses for the company. The complainant also mentions four additional cases involving the HDIL group where similar fraudulent activities, amounting to crores of rupees, are purportedly committed by Sudhir Walia.

The FIR accuses Rana Kapoor, Sudhir Walia, and other bank officials of engaging in a criminal conspiracy and breaching trust concerning this transaction. The police have commenced an investigation into these allegations.