The Enforcement Directorate (ED) is examining a fresh case registered by the Central Bureau of Investigation (CBI) that pertains to YES Bank’s former managing director and CEO Rana Kapoor’s property at Amrita Shergill Road in New Delhi. The bungalow in question was allegedly procured for less than the market value, in return for Kapoor issuing loans.
The ED is looking into the possibility of money laundering in the case and may register a separate Enforcement Case Information Report (ECIR), ED sources said, requesting anonymity.
“CBI has registered a case against Shri Rana Kapoor, the then MD and CEO of Yes Bank Ltd; Shri Gautam Thapar, promoter Avantha Group companies; Smt. Bindu Rana (wife of Shri Rana Kapoor), Director M/s Bliss Abode Pvt Ltd and unknown others under sections 120B and 420 of the Indian Penal Code (IPC) and sections 7, 11 & 12 of Prevention of Corruption Act, 1988,” said an official release by the CBI on Friday. Reacting to the first information report, an officer from ED, privy to the development, said that they will soon examine the CBI case. The anti-money laundering agency is likely to probe the money trail in the deal. The cases under the Prevention of Money Laundering Act (PMLA), 2002, deal with the profit of crimes emanating from the predicate offences. In this case, the fresh CBI case can be ED’s predicate offence. ED sources said they are also probing the circumstances of the loans issued by YES Bank during Rana’s tenure to certain corporates which later turned into non-performing assets. The agency is likely to question defaulters.
“It was alleged that Rana Kapoor conspired with other FIR-named accused to obtain illegal gratification in the form of a bungalow at Amrita Shergill Marg, New Delhi, by paying only ₹378 crore (approximately) through M/s Bliss Abode Pvt Ltd, where Shri Rana’s wife was one of the two directors. This property was immediately thereafter mortgaged to India Bulls Housing Finance Ltd for a loan of ₹685 crore (approx). It was further alleged that much less consideration than the market value was paid to M/s Avantha Realty Ltd for relaxation in other existing loans of M/s Avantha Group of companies and for advancing new/additional loans to M/s Avantha Group of companies,” the official CBI statement said.
{{/usCountry}}“It was alleged that Rana Kapoor conspired with other FIR-named accused to obtain illegal gratification in the form of a bungalow at Amrita Shergill Marg, New Delhi, by paying only ₹378 crore (approximately) through M/s Bliss Abode Pvt Ltd, where Shri Rana’s wife was one of the two directors. This property was immediately thereafter mortgaged to India Bulls Housing Finance Ltd for a loan of ₹685 crore (approx). It was further alleged that much less consideration than the market value was paid to M/s Avantha Realty Ltd for relaxation in other existing loans of M/s Avantha Group of companies and for advancing new/additional loans to M/s Avantha Group of companies,” the official CBI statement said.
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