Rana Kapoor, wife sentenced in new corruption case

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New Delhi: The CBI has reserved Yes Bank founder Rana kapoor and his wife Bindu for allegedly obtaining a bribe of Rs 307 crore by buying a bungalow in an area of ​​Delhi from a real estate company at half the market price and facilitating bank loans of around Rs 1,900 crore in return officials said on Friday.

The agency suspects that the discounted transaction for the 1.2 acre bungalow on Amrita Shergill Marg was a gratuity to Kapoor via the company Bliss Abode Pvt Ltd in return for not realizing more than Rs 1,900 crore in loans from Yes Bank to Gautam Thapar promoted Avantha Realty and group companies, they said.

Kapoor’s wife Bindu is one of the two directors of Bliss Abode Pvt Ltd.

The CBI has engaged Thapar, Rana Kapoor and his wife Bindu in the new case of alleged conspiracy and cheating under India’s Penal Code and provisions of the Corruption Prevention Act, officials said.

The agency searched the home and office of Kapoor and his wife Bindu in Mumbai, as well as the company Bliss Abode, the offices of Avantha Realty and Indebulls Housing Finance Limited in Delhi and NCR, they said.

It is alleged that Kapoor bought the bungalow at Rs 378 crore, paying through Bliss Abode, they said, adding that the property was immediately mortgaged to Indiabulls Housing Finance Limited for a loan of Rs 685 crore – that is to say 307 Rs less than the market price. .

The transaction shows that Bliss Abode paid much less than market value to the Avantha Group for the alleged easing of other existing loans to the companies in the group and for the granting of new and additional loans.

The agency alleged that the property was under mortgage with ICICI Bank, which was released in favor of Yes Bank thanks to a loan of Rs 400 crore granted to Avantha Realty, they said.

The bank had sanctioned this loan in 2016 as a lease, with a 10-year discount against a prank lease agreement between Avantha Realty and its other group company BILT Graphics Paper Pvt Ltd, they said.

The deal between Avantha Realty and BILT was ludicrous as the rental value was increased from one Rs crore per year to Rs 65 crore with no basis, officials said.

No rent was received from BILT at Avantha Realty, however, they said.

In June 2017, Rana Kapoor persuaded Avantha Realty to sell this property to Bliss Abode Pvt Ltd against the favor given to other earlier advances from the Avantha group of companies and to extend another loan of Rs 1165 crore to the companies in the group, even when existing loans were under strain, they said.

In a statement, Indiabulls Housing Finance said no CBI raid had taken place against the Indiabulls Group or any of its offices.

“The CBI raids took place against Yes Bank / Rana Kapoor who have their offices at Indianbulls Finance Center as a tenant,” said Amit Jain, company secretary.

When questioned, CBI officials claimed that searches had taken place at the office of Indiabulls Housing Finance Ltd in New Delhi.

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