The CBI has booked Yes Bank founder Rana Kapoor, his wife Bindu and Avantha Group promoter Gautam Thapar and unknown officials in a fresh case under Indian Penal Code Sections relating to criminal conspiracy and cheating besides relevant provisions of the Prevention of Corruption case.
The case relates to the Amrita Shergill bungalow deal and alleged bribe for relaxation in realisation of loans worth over Rs 1,900 crore from Avantha Group companies.
Besides Kapoor, Bindu and Thapar, the CBI has named Avantha Realty Ltd and Bliss Abode run by Bindu as accused in the FIR.
The CBI on Friday conducted searches in Delhi and National Capital Region besides Mumbai at multiple locations, including the office and residences of Kapoor, his wife Bindu, office of Bliss Abode linked to Bindu, Avantha Realty Ltd, and another private company.
“It was alleged that Rana Kapoor conspired with other FIR-named accused to obtain illegal gratification in the form of a Bunglow at Amrita Shergill Marg, New Delhi by paying only Rs 378 crore (approx.) through Bliss Abode Pvt Ltd, where Rana’s wife was one of the two Directors,” an official said.
This property was immediately thereafter mortgaged to India Bulls Housing Finance Ltd for a loan of Rs 685 crore (approx.). It was further alleged that much less consideration than the market value was paid to Avantha Realty Ltd for relaxation in other existing loans of Avantha Group of companies and for advancing new/additional loans to Avantha Group of companies, the official added.
“The facts relating to criminal conspiracy establish obtaining illegal gratification to the tune of Rs 307 crore by Rana Kapoor, then MD and CEO OF Yes Bank Ltd (YBL) by acquiring an expensive property situated at a prime location in New Delhi at 40, Amrita Shergill Marg at a price of Rs 378 crore against the decalred value of Rs 685 crore by Bindu Kapoor and Rana Kapoor themsleves in lieu of favours extended by YBL to Avantha group companies promoted by Gautam Thapar,” reads the FIR.
“Information further reveals that YBL headed by Rana Kapoor did not press for sale of any other property of Avantha Group companies in its charge kept as collateral for the purpose of recovering outstanding loans even when other loans of AG (Avantha Group) companies became stressed and (turned) NPA (Non Performing Assets),” the FIR alleged.
YBL (Yes Bank Ltd) at the instance of Rana Kapoor, rather extended further credits of Rs 515 crore to Oster Buildwell Pvt Ltd and Rs 650 crore to Solaris Chemtech Industries Ltd after property at 40, Amrita Shergill Marg had been purchased by Bliss Abode Pvt Ltd in 2017. These loans are yet to be repaid to YBL and there is stated to be a total outstanding of 1,900 crore against various credit facilities extended by YBL to AG companies by January, 2020, according to the contents of the FIR.
“Information further reveals that two other companies related to Bindu Kapoor, wife of Rana Kapoor namely, Imagine Estate Pvt Ltd and Imagine Home Pvt Ltd took further loans totaling to Rs 310 crore from IBHFL (Indiabulls Housing Finance Ltd) by placing property at 40, Shergill Marg, New Delhi as collateral. …Hence a total loan of Rs 685 crore had been obtained by companies in which Smt Rana Kapoor (Bindu Kapoor) was a Director from IBHFL by placing above property as collateral,” added the FIR.
