Yet another case against Yes Bank’s Rana Kapoor

The Central Bureau of Investigation on Friday conducted searches in another case against Rana Kapoor, the then Yes Bank promoter director, his wife Bindu and others in connection with alleged illegal gratification of ₹307 crore for concessions in loan repayments and more credit facilities to Avantha Group (AG) companies.

The amount was paid allegedly through sale of a Lutyens’ Delhi bungalow on Amrita Shergill Marg, against a declared value of ₹685 crore, for only ₹378 crore to Bliss Abode Private Limited, in which Ms. Kapoor was a director.

The CBI alleges that in January, the total outstanding against various loans from Yes Bank to the AG entities stood at ₹1,900 crore. “Searches were carried out in the National Capital Region and Mumbai, on the premises of Mr. Kapoor, his wife, office of Avantha Realty Limited (ARL), Bliss Abode and another private company,” said an official.

Thapar named

In the second FIR, Gautam Thapar, promoter of the Avantha Group of companies, has also been named as an accused, apart from ARL and Bliss Abode.

The agency alleges that as part of the conspiracy, a loan of ₹400 crore was sanctioned to ARL in March 2016 for 10 years, despite its poor financial condition. Yes Bank had already extended credit facilities of about ₹2,500 crore to various group entities prior to the ₹400 crore loan, which was used to clear the dues of ICICI Bank and Development Credit Bank for loans to Avantha Holding, a group entity.

The Lutyens’ property, used as a collateral, was earlier evaluated in ICICI Bank’s report as worth ₹550 crore in March 2016. Yes Bank report had priced it at ₹500 crore. Mr. Kapoor then headed the bank’s management credit committee, which cleared the loan and also allowed the release of property for repayment.

On the pretext of repaying the loan, the property was allegedly sold to Bliss Abode after the bank, under Mr. Kapoor, issued a no-objection certificate to it in September 2017.

Yes Bank did not press for sale of any other asset of AG group companies for recovering dues, even when other loan accounts had turned non-performing assets. The bank rather extended more credits of ₹515 crore to Oyster Buildwell and ₹650 crore to Solaris Chemtech Industries, the agency alleges.

According to the FIR, Bliss Abode had already got ₹90 crore in loan from India Bulls Housing Finance Limited (IBHFL) on July 13, 2017, allegedly against the Amrita Shergill Marg property. Mr. Kapoor was a co-borrower. The total loan amount was ₹375 crore. The money was used to pay for the property.

Same collateral

The agency alleges that two more firms linked to Ms. Kapoor, Imagine Estate and Imagine Home, had taken loans of ₹310 crore from IBHFL by placing the same property as a collateral.

The CBI had earlier this month booked Mr. Kapoor and others for extending ₹3,700 crore in loans to DHFL allegedly in lieu of investment to the tune of ₹600 crore in an entity linked to his family members. The Enforcement Directorate arrested him on money laundering charge.

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Printable version | Sep 29, 2020 10:15:34 AM |

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