CBI charge sheets Rana Kapoor, his wife, Avantha Group promoter

Last March, CBI had registered a case against Rana Kapoor and others alleging that he misused his official position as then MD and chief executive officer of Yes Bank and acquired a prime Delhi property, mortgaged with the bank

The Central Bureau of Investigation (CBI) on Friday filed a charge sheet in the special CBI court in Mumbai against YES Bank founder Rana Kapoor, his wife Bindu, Avantha Group promoter Gautam Thapar and two companies in connection with the alleged fraud involving a Delhi Lutyens property.

CBI also claimed that the sale proceeds were not used to clear the entire loan, and instead the loan was subsequently declared as a non-performing asset. (Satish Bate/HT Photo)

Last March, CBI had registered a case against Kapoor and others alleging that he misused his official position as then managing director (MD) and chief executive officer (CEO) of Yes Bank and acquired a prime Delhi property, mortgaged with Yes Bank, at a price lesser than its market value.

The agency claimed that the market value of the property, mortgaged as collateral for a ₹400-crore loan advanced to Avantha Group, was about ₹550 crore, but it was acquired by M/s Bliss Adobe Pvt Ltd, a firm in which Kapoor’s wife Bindu is a director and authorised signatory, for ₹378 crore.

CBI also claimed that the sale proceeds were not used to clear the entire loan, and instead the loan was subsequently declared as a non-performing asset.

“Against this favour, the then MD and CEO of Yes Bank extended an additional loan of ₹1,360 crore (approximately) to some other company of Avantha Group,” said a CBI officer.

“It was also alleged that the said loans were never utilised for the purpose for which they were given and the borrowers were allowed to divert the funds for ever-greening of existing loans of the group companies” said the CBI officer.