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CBI court rejects Yes Bank founder Rana Kapoor’s anticipatory bail plea

PUBLISHED ON SEP 08, 2020 01:24 AM IST

The special Central Bureau of Investigation (CBI) court on Monday rejected the anticipatory bail application of Yes Bank founder Rana Kapoor in connection with the case related to the purchase of property at Amrita Shergill Marg, New Delhi. The property belonged to Avantha Group companies and was later purchased by the company in which Kapoor’s wife is a director.

As per the case registered by CBI, Kapoor entered into a criminal conspiracy with his wife, Bindu –director of M/s Bliss Abode Private Ltd (BAPL) – and Gautam Thapar, who is the promoter of AG Companies for the purpose of obtaining illegal gratification.

It is alleged that the property – a lavish bungalow spread over an area of around 1.2 acres – was under mortgage with two banks for a loan of Rs350 and a loan of Rs30 crore, respectively. The agency claimed that Kapoor sanctioned a loan of Rs400 crore to Avantha Reality Pvt Ltd as lease rental, discounting for a period of 10 years, in March 2016.

“For this, Avantha had entered into an agreement with M/S BILT Graphics Paper Pvt Ltd (Avantha group of company) for a yearly rental of Rs65 crore, payable by the former. The agreement was signed on March 22, 2016, two days prior to the sanction of the loan of Rs400 crore by Yes Bank to Avantha,” reads the first information report (FIR) registered by CBI.

The agency claimed that the property was earlier leased on the rate of Rs1.02 crore per annum. The agency claimed that the lease rent was inflated to make the loan approval look justifiable.

“This appears to have been done with an intention to get the loan account become stressed for justifying sale of the property by the Avantha Group,” CBI claimed.

It was alleged that the valuation of the property at the time of the sanction was at Rs550 crore. Further, as per Yes Bank Ltd sanction Credit Appraisal Memorandum (CAM), the estimated value of the property was shown as Rs500 crore. The agency claimed that Kapoor was also head of the management credit committee (MCC) of the bank, approved the said loan of Rs400 crore to Avantha Reality Ltd as well as release of property against repayment of loan.

“Though the account had started showing signs of stress from April 1, 2017, onwards, the unpaid interest and principal liability as on June 1, 2017 was only Rs12 crore approx. This amount does not appear to be high enough to justify sale of the collateral, either at the instance of the bank or the borrower. ln furtherance to the said conspiracy, it was however decided to sale the charged property against the said loan,” the CBI claimed.

The agency further said that M/S Interglobe Enterprises Ltd had made the first offer to buy the property for Rs375 crore in April 2017. However, it was withdrawn without citing any reasons on August 31, 2017. Later, Avanta received the offer from Bliss Abode Pvt Ltd to buy the property for Rs378 crore. The deal materialised in September 2017.

However, The CBI claimed that a total amount of Rs375 crore had been received by M/S Bliss Abode Pvt Ltd from lndia Bulls Housing Finance Ltd (IBHFL), including above Rs90 crore, taken as a loan vide agreement dated July 13, 2017. “Loan agreements were, however, executed between M/S Bliss Abode Pvt Ltd and IBHFL, much later on October 5, 2017, showing a balance amount of Rs285 crore out of above Rs375 crore also taken as loans. Kapoor is shown as a co-borrower in all these subsequent loan agreements dated October 5, 2017 as well,” the CBI said.

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