CBI Files FIR Against Rana Kapoor, His Wife In Fresh Corruption Case
Mumbai: The CBI registered a fresh case against Yes Bank founder Rana Kapoor and his wife Bindu Kapoor for allegedly taking a ₹ 307-crore bribe through the purchase of a 1.2-acre bungalow on Delhi’s Amrita Shergill Marg.
The bungalow owned by Avanta Realty was allegedly obtained by them for half the market value, in return, the Avanta Group was offered 1,900-crore bank loan.
On Friday, the CBI searched Mumbai’s former MD and CEO Kapoor and his wife Bindu and Bliss Abode Pvt Ltd, Thapar and Avanta Group companies and offices of Indiabulls Housing Finance Ltd and in New Delhi. NCR, he said.
However, Indiabulls Housing Finance said in a statement that no CBI raids were conducted on Indiabulls Group or any of its offices. The company’s secretary Amit Jain said, “The CBI raid has taken place on Yes Bank / Rana Kapoor, who has their offices in the IndianBulls Finance Center as a tenant.”
When questioned, CBI officials said that the search took place at the office of Indiabulls Housing Finance Limited in New Delhi. Officials said the case pertains to an AC-Uber Lux bungalow situated on the 40-acre Amrita Shergill Road, which was availed by the Avanta Group to ICICI Bank and DCB Bank for Rs 550 crore, of which Rs 380 crore was due in March, There were arrears in 2016.
Yes Bank cheated with a loan of Rs 400 crore in the form of lease rental discounting, in which the discounted values of future lease rentals were proposed to be received by the borrower, approving its assets as loan amount Was gone, he said. To justify the higher loan amount, Avantha Realty (ARL) allegedly entered into a sham lease agreement with a group company, BILT Graphics Paper Private Limited, with an annual increase of five per cent to 65 crores. The rupee increased every year. The agreement was executed on 22 March 2016, two days before the approval of the loan to ARL from Yes Bank.
Officials said that surprisingly, the same property was leased to another Avanta Group company for Rs 1.02 crore per year. “It was essentially a shameful pact, in which Bindu Kapoor, director of Ninada Bank of India Ltd, was created by Bindu Kapoor with the intention of justifying and defrauding the loan of Rs 400 crore to ARL for the acquisition of the property, which Bliss was a director of Abode Pvt Ltd,” the CBI FIR alleged.
The agency has alleged that at the time of sanctioning the loan, Avanta Group’s outstanding liabilities were to Yes Bank of Rs 1,333 crore, which had increased its credit facilities by Rs 2,500 crore. The company was not eligible for the loan, he said. The FIR stated that the Avanta group had used a loan of Rs 400 crore to clear the debts of ICICI Bank and DCB, after which the property charge, which commanded a valuation of Rs 550 crore, was created in favour of Yes Bank, the FIR said.
A loan of Rs 90 crore by Bliss Abode, of which Rana Kapoor was a co-borrower, was in charge of a property with Yes Bank from Indiabulls Housing Finance Limited in July 2017, and other details were not disclosed by him to Yes Bank. Boards and MCCs which allegedly violate certain provisions of Conflict of Interest, Code of Conduct of the Bank and Companies Act, 2013.
The FIR alleges that it appears to have been done by Rana Kapoor with an ulterior motive to acquire assets as illegal assets for various favours given to AG companies. Instead of demanding the sale of other properties, he got stressed and gave a loan of Rs 1,165 crore to his group companies. “These loans are yet to be repaid to Yes Bank Limited and there is stated to be a total outstanding of Rs 1900 crore against various credit facilities extended by YBL to AG companies by January 2020,” it said
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