The CBI has registered a fresh FIR against Yes Bank promoter Rana Kapoor and his wife Bindu, among others, in connection with the purchase of a property worth Rs 685 crore in Delhi at a much lower price. The CBI has alleged that the property was bought by Kapoor’s wife fraudulently from Avantha Group using a loan taken from Indiabulls Housing Finance Ltd.
The CBI Friday also conducted searches on premises associated with the Kapoors in Mumbai and Delhi-NCR, their company Bliss Abode Pvt Ltd and Avantha Realty. All have been arraigned as accused in the CBI FIR.
According to the FIR, Yes Bank had loaned Rs 2,500 crore to Avantha Group and it was under stress. Avantha Group company Avantha Realty owned a property on Amrita Shergill Marg in Delhi, valued at Rs 550 crore, which it had mortgaged to ICICI Bank for a loan. To repay this loan, the company took a loan of Rs 400 crore from Yes Bank in March 2016. Since the property was mortgaged to ICICI Bank, the loan was sanctioned on the basis of a lease rental agreement Avantha Realty entered into with BILT Graphics Paper Ltd (BGPPL), a group company of Ballarpur Industrial Ltd. However, the lease, according to CBI, was a sham as the annual rent of Rs 65 crore fixed for the property was exorbitant and the previous tenant — none other than Ballarpur Industries Ltd — was paying only Rs 1.02 crore annually.
BGPPL never paid any rent to Avantha Realty, the CBI has alleged. Avantha used Yes Bank’s loan to repay ICICI and the property became Yes Bank’s collateral, the FIR says. In due course, the loan became stressed and Yes Bank asked Avantha to sell off the property to recover it, it says.
In August 2017, Bliss Abode Pvt Ltd (BAPL), owned by Kapoor’s wife Bindu, bought the property for Rs 378 crore. Interestingly, even before making the offer to Avantha, for which an NOC was given by the Yes Bank board headed by Kapoor, BAPL entered a loan agreement with Indiabulls and received a loan of Rs 90 crore on the property which was still not owned by it, says the FIR, adding that Indiabulls financed rest of the loan to purchase the property.
Elaborating on Indiabulls’s role, the FIR said, “Loan agreements were however executed between Bliss Abode Pvt. Ltd. and Indiabulls much later on October 5,2017 showing balance amount of Rs. 285 crore out of above Rs 375 crore also taken as loans. Shri Rana Kapoor is shown as a co-borrower in all these subsequent loan agreements dated October 5,2017 as well.”
“If that was not all, Kapoors further mortgaged the property to take loans from Indiabulls through two more companies and ended up leveraging a loan of over Rs 600 crore on the property from Indiabulls,” the FIR said.
“The above-stated facts relating to criminal conspiracy establish obtaining illegal gratification to the tune of Rs 307 crore by Shri Rana Kapoor, then MD and CEO of Yes Bank Ltd. 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 declared value of Rs 685 crore by Mrs Bindu Kapoor and Mr Rana Kapoor themselves in lieu of favours extended by YBL to the Avantha group companies promoted by Mr Gautam Thapar as stated above,” the FIR said.
An Indiabulls spokesperson said, “This is to inform you that no raid of CBI has happened on Indiabulls Group or any of its offices. The CBI Raids have happened on Yes bank/ Rana Kapoor who have their offices in Indiabulls Finance Center complex in the capacity of a tenant.”
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