CBI files indictment against Rana Kapoor, wife in Rs 1,700 crore loan scam, Real Estate News, ET RealEstate

NEW DELHI: The CBI has filed a complaint against former Yes Bank chief executive and CEO Rana Kapoor, his wife Bindu and Avantha Group Company promoter Gautam Thapar in connection with an alleged loan scam of more than Rupees 1,700 crore, officials said on Friday.

In the indictment filed in a special IWC court in Mumbai, the Central Investigation Agency alleged that Kapoor abused his official position and acquired a 1.2 acre uber-luxury bungalow at 40 Amrita Shergill Marg at a much lower price than actual market value. .

In its FIR, the CBI alleged that the property was mortgaged to Yes Bank against a loan of Rs 400 crore by Avantha Group.

“It was also alleged that the actual value of the property was around Rs 550 crore which was acquired by the Managing Director and CEO of Yes Bank at a value of around Rs 378 crore and that the proceeds of the sale were n ‘was not fully used to liquidate the existing loan, later declared NPA by the bank, ”CBI spokesman RC Joshi said.

The property was reportedly purchased in the name of a Bliss Abode Pvt Ltd company of which Kapoor’s wife Bindu was a director and signing officer.

“It was further alleged that against this favor, the Managing Director and CEO (Kapoor) of Yes Bank Ltd. granted an additional loan of approximately Rs 1360 crore to other companies of said Promoter / Director (Thapar) during and after acquiring said property, ”Joshi said.

The CBI said these loans were never used for the purpose for which they were made and borrowers were allowed to divert funds for the rollover of existing loans from group companies.

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