Hours after the news about the Yes Bank crisis broke out, social media posts linking the troubled bank's co-founder - Rana Kapoor and former Finance Minister P Chidambaram, went viral.
The viral post claims 'the man behind Yes Bank crisis - Rana Kapoor - turned out to be the son-in-law of P Chidambaram. Now ask Congress sycophants what led to the Yes Bank fiasco.'
(Hindi: YES बैंक को डुबोने वाला राणा कपूर पी● चितम्बरम का दामाद निकला अब पूछो कांग्रेस से चमचों YES बैंक क्यों डूबा)
BOOM found out these claims to be false.
Archived version of the viral post can be viewed here.
BOOM also came across a photo of Kapoor and family posing with P Chidambaram at, what seems to look like, a wedding reception.
In a shock move on March 5, 2020 the Reserve Bank of India put the cash-starved Yes Bank under a moratorium fixing a Rs 50,000 withdrawal limit for the bank's customers.
BOOM went through several news articles to find out the truth behind the viral claim. While looking for the history of Yes Bank, we also found out about Rana Kapoor's personal life. Here's a brief history.
Yes Bank was founded by Rana Kapoor and Ashok Kapur in 2004. While Ashok Kapur was the chairman, Rana was the managing director and CEO of the bank.
The business partnership between Ashok Kapur and Rana Kapoor turned into a familial bond with Ashok's wife's sister marrying Rana Kapoor. As Bindu Kapur, sister of Ashok's wife Madhu Kapur, married Rana Kapoor, the business partners became co-brothers. Click here for more details on the Kapoors and Kapurs.
Another article published in Business Standard dated June 14, 2013, BOOM found it mentioned Kapur's and Rana's wives were sisters. The BS article has, however, wrongly named Ashok Kapur as Ajay Kapur.
Ashok Kapur meanwhile lost his life during the terrorist attack on Mumbai on November 26, 2008. A Times of India article dated November 28, 2008 had reported that Kapur's body was found in Mumbai's Oberoi Hotel which was under terrorists' siege. The article mentions Ashok Kapur as brother-in-law of Rana Kapoor.
BOOM also read more on P Chidambaram's family tree and found out that Chidambaram has one son: Karti P Chidambaram. We also contacted Karti Chidambaram about the viral message. Karti rubbished the viral claim.
"We can't be reacting to all silly gossip which are circulated in SM," Karti Chidambaram told BOOM.
A reverse image search on the photograph showing P Chidambaram along with the Kapoor family led us to a 2012 picture on the official website of GettyImages. The picture is from the marriage reception party of Rana Kapoor's eldest daughter.
The caption with the photograph read: 'NEW DELHI, INDIA - NOVEMBER 30: Rana Kapoor and his family pose with the Indian Finance Minister P. Chidambaram during the marriage reception of Kapoors's elder daughter at Taj Palace on November 30, 2012 in New Delhi, India. Kapoor is the MD & CEO of YES Bank, which is the 4th largest private sector bank in the country. (Photo by Rajesh Kashyap/Hindustan Times via Getty Images)'
Updated On: 2020-03-09T16:38:08+05:30
Claim Review : Rana Kapoor is the son-in-law of former Finance Minister P Chidambaram
Claimed By : Facebook pages
Fact Check : False