The Mumbai Police have registered a First Information Report (FIR) against Rana Kapoor, the former CEO of Yes Bank, and investor Sudhir Valia, following allegations of a ₹1,000-crore fraud involving loan assignments and the undervalued sale of mortgaged assets. The FIR was filed based on a complaint by Lakhminder Dayal Singh, a suspended director of Sapphire Land Development Pvt Ltd, which secured a ₹150-crore credit facility from Yes Bank in September 2016 for a real estate project in Virar, Maharashtra. The complaint claims that Yes Bank transferred recovery rights of the loan to Suraksha Asset Reconstruction Company (ARC) prematurely, just 10 months after the loan was sanctioned, without properly classifying the loan as a Non-Performing Asset (NPA). This transfer allegedly led to the sale of high-value properties, including Dreams Mall and Harmony Mall, at heavily undervalued rates, resulting in significant financial losses. The investigation is also looking into findings from a 2019 Special Audit Report, which highlighted irregular asset transfers within the bank. The case underscores ongoing concerns regarding financial governance and accountability in the banking sector.