Central Bureau of Investigation (CBI) on March 13 registered a second case against Rana Kapoor, wife Bindu Kapoor, Bliss Abode and Avantha Realty in a case pertaining to purchase of one of the prime properties on Delhi's Amrita Shergill Marg.
The agency said: "CBI has registered a case against Rana Kapoor, the then MD and CEO of Yes Bank Ltd; Gautam Thapar, Promoter Avantha Group companies; Bindu Rana (wife of Shri Rana Kapoor), Director M/s Bliss Abode Pvt Ltd and unknown others u/s 120 B & 420 of IPC and Section 7, 11 & 12 of PC Act, 1988."
According to sources, the agency also conducted searches at residences of Rana Kapoor in Delhi and Mumbai, Bliss Abode office, Avantha Realty office and Indiabulls Housing Finance Company.
However, Indiabulls denied searches at their offices by the CBI. It said, "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."
CBI alleged Rana Kapoor conspired with other accused named in the First Information Report (FIR) to obtain illegal gratification in the form of a Bunglow at Amrita Shergill Marg, New Delhi by paying only Rs 378 crore through Bliss Abode Pvt Ltd, where Kapoor’s wife was one of the two Directors.
CBI said this property was immediately thereafter mortgaged to Indiabulls Housing Finance Ltd for a loan of Rs 685 crore.
"Bindu Kapoor bought the prime property on 40, Amrita Shergill Marg through her company Bliss Properties Delhi Private Limited on account of a loan default by Avantha Realty. Yes Bank’s exposure to Avantha Realty was Rs 500 crore. Bliss bought this property by raising Rs 378 crore from a Mumbai-based Indiabulls Housing," CBI said.
Moneycontrol reported on March 11 about these three properties under scanner of Rana Kapoor of Enforcement Directorate.
Three prime real estate properties in Delhi belonging to Yes Bank founder Rana Kapoor's wife Bindu Kapoor, are collectively valued at more than Rs 1,000 crore, and are under the Enforcement Directorate’s and CBI's scanner.
The other two properties are also in the key areas of the national capital. These properties are also owned by Bliss Abode.
The FIR stated that M/s Avantha Holding Ltd. (AHL) had obtained credit facilities from lClCl Bank Ltd. and Development Credit Bank (DCB) against collateral security of the immovable property (40, Amrita Shergill Marg, New Delhi).
The property, owned by Avantha Realty Limited, is a lavish bungalow spread over 1.2 acres approx. in Lutyens'Delhi. ln the loan books of lClCl Bank, this property's valuation was Rs 550 crore.
Both Avantha Holding Limited and Avantha Realty Limited are part of Avantha Group.
CIB alleged that the purchase of a property in charge with Yes Bank was not disclosed by Rana Kapoor to MCC and board of Yes Bank. MCC, headed by Kapoor, had granted approval for issuance of NOC for the sale of property. The agency said that since Kapoor was under an obligation to disclose his interest in BAPL and above transactions to the above committee and to the board of the bank, there was a situation of conflict of interest and related party transaction and a clear violation of the bank's code of conduct as well as the provisions of the Companies Act, 2013.
CBI also said that that two other companies related to Bindu Kapoor - lmagine Estate Pvt. Ltd and lmagine Home Pvt. Ltd - took loans worth Rs 310 crore from IBHFL by placing the Amrita Shergill Marg property as collateral. Hence, a total loan of Rs. 685 crore had been obtained by companies in which Rana Kapoor was a director at IBHFL by placing the above property as collateral.
Yes Bank, under Kapoor's leadership, allegedly did not press for sale of any other property of Avantha group companies in its charge kept as collateral even when other loans of AG companies became NPAs.