Yes Bank co-founder Rana Kapoor's Delhi property sold for Rs 114 crore in auction by Indiabulls Housing

Rana Kapoor (Image: Reuters)

Indiabulls Housing Finance has sold Yes Bank co-founder Rana Kapoor's posh Delhi property as part of efforts to raise Rs 240 crore it loaned to Bliss Villa, of which Kapoor was the guarantor.

The property located in South Delhi’s Kautilya Marg has been sold to a Delhi-based real estate developer for Rs 114 crore, the Economic Times reported, citing three people in the know.

"Indiabulls had taken over the possession of the property in early January this year. The company had defaulted on three loans of Rs 83.43 crore, Rs 69.88 crore, and Rs 86.56 crore following which the finance company decided to go for auction at a base price of Rs 114.32 crore," a person aware of the deal told the newspaper.

The property houses a building of ground plus two floors and is spread over 1,234 square yards.

The Enforcement Directorate, which is probing the money-laundering case, had provisionally attached assets worth Rs 792 crore belonging to Kapoor and related entities. These include an independent residential building and several apartments in South Mumbai.

Indiabulls Housing did not respond to the publication's request. His daughter Radha, too, did not respond to a text message seeking comment, the report said.

Kapoor was arrested in March last year by the ED and is currently lodged at Navi Mumbai’s Taloja Jail.

The central agency is conducting an investigation against Kapoor, his wife, and their three daughters for alleged money laundering. As per the ED, Kapoor, his family members and aides allegedly received benefits of Rs 4,300 crore through companies controlled by them as kickbacks for sanctioning loans.