The Central Bureau of Investigation (CBI) has filed a fresh case against YES Bank co-founder Rana Kapoor and his wife, Bindu Kapoor, for allegedly obtaining illegal gratification by acquiring a property in New Delhi from Gautam Thapar’s Avantha group and, in exchange, waiving the industrial house’s dues and advancing new loans.
The CBI has charged Thapar, Rana Kapoor, and his wife with criminal conspiracy and cheating under the Indian Penal Code and the Prevention of Corruption Act, according to the report.
According to the CBI first information report, Kapoor and his wife entered into a criminal conspiracy with the Gautam Thapar group and bought a 1.2-acre bungalow in Amrita Shergill Marg at a discounted price of Rs 378 crore. The
valuation of the property was done at Rs 550 crore.
The transaction was through Bliss Abode, a company which is now an accused in the fresh case and in which Bindu Kapoor is one of the two directors.
And in exchange Kapoor disbursed Rs 1,900 crore as loan from YES Bank to Thapar’s Avantha Realty and other group companies, the CBI said.
The central agency on Friday carried out searches at the residence and offices of Rana Kapoor and his wife in Mumbai, the premises of Bliss Abode, and the offices of Avantha Realty in Delhi and the National Capital Region, said the CBI.
Explaining the details of the transaction, the CBI alleged Kapoor bought the bungalow at Rs 378 crore, paying through Bliss Abode, adding that it was mortgaged to Indiabulls Housing Finance (IBHFL) for a loan of Rs 685 crore.
Loan agreements were executed between Bliss Abode and IBHFL later on October 5, 2017. Kapoor is shown as a co-borrower in all these loan agreements.
Further, the CBI alleged this loan transaction with IBHFL was not disclosed by Kapoor to the board of YES Bank.
“… There was a situation of conflict of interest and related party transaction and a clear violation of the Bank's code of conduct as well as the provisions of the Companies Act, 2013,” the CBI said.
The agency has alleged the property was mortgaged to ICICI Bank, and then released in favour of YES Bank through a loan of Rs 400 crore given to Avantha Realty.
In June 2017, Rana Kapoor persuaded Avantha Realty to sell this property to Bliss Abode in return for the favours given to the Avantha group and extending another Rs 1,165 crore as loan to the group companies even when the existing loans were under stress, it added.
Meanwhile, the Enforcement Directorate has identified further investment of Kapoor and his family in hotels in the UK and the US.
According to the officials, Kapoor invested Rs 348 crore in hotel projects in New York and London.