kapoor: Mumbai: Rs 307 crore cheating chargesheet against Rana Kapoor & wife | Mumbai News – Times of India

MUMBAI: The CBI has filed a chargesheet against Yes Bank co-founder Rana Kapoor, his wife Bindu, her company Bliss Abode Pvt Ltd, Gautam Thapar and his company Avantha Reality in a cheating case before a special court here on Friday.
Kapoor, the then MD and CEO of Yes Bank, allegedly acquired a bungalow at Amrita Shergill Marg in Delhi for Rs 378 crore in the name of his wife’s company, Bliss Abode, against its market value of Rs 550 crore from Thapar’s Avantha Realty for favouring him by granting bank loans. CBI officials said Kapoor had conspired with other accused for illegal gratification of Rs 307 crore in this transaction.
The bungalow was mortgaged to Yes Bank against a Rs 400-crore loan but after the sale, Avantha did not utilise the proceeds to settle the loan. Later, the loan was declared an NPA by the bank, said the CBI.
The CBI registered an FIR last year alleging that Kapoor paid a low price for the bungalow in lieu of Yes Bank relaxing the terms for existing loans to Avantha Group companies and even advancing fresh loans to them. Yes Bank had extended Rs 2,500 crore credit facilities to Avantha Group companies.
In 2016, Avantha Realty took Rs 350 crore credit facility from ICICI Bank against collateral security of the bungalow after showing its valuation at Rs 550 crore. Yes Bank sanctioned Rs 400 crore loans to Avantha Realty in March 2016, although it was not eligible for loan as they already had outstanding liabilities with Yes Bank.
Subsequently, Avantha Realty entered into a lease agreement of the bungalow with its group companies showing Rs 65 crore yearly rent. The agreement was allegedly executed two days before the sanctioning of the Yes Bank loan. The CBI alleged that Avantha Group increased the rent intentionally to deceive the bank to make loan approval justifiable. Avantha Realty used the money to clear the ICICI Bank loan.
Kapoor helped Thapar further to extend an additional loan of Rs 1,360 crore to his other group companies during and after the acquisition of the bungalow. It was also alleged that these loans were never utilised for the purpose for which they were given and Thapar was allowed to divert the funds for evergreening of the existing loans of the group companies.


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