- ED files chargesheet of Rana Kapoor in PMLA court
- Case of taking bribe to buy mortgaged bungalow in Delhi
- Bought a bungalow worth Rs 685 crore for Rs 380 crore
- Kapoor and his wife accused of taking 305 crore bribe
The Enforcement Directorate has filed a money laundering case against Yes Bank co-founder Rana Kapoor, his wife Bindu Kapoor and Avanta Group promoter Gautam Thapar (Gautam Thapar) in Mumbai’s PMLA (PMLA). Chargesheet has been filed in PMLA court. This case pertains to the purchase of a mortgaged bungalow in Delhi at a price below the market value.
Located on Amrita Shergil Marg in Delhi, this bungalow belonged to Thapar which he had mortgaged to Yes Bank. Its cost is being said to be Rs 685 crore. It is alleged that this bungalow was bought for Rs 380 crore. In this case, Rana Kapoor and his wife are accused of taking bribe of Rs 305 crore. Thapar’s companies had defaulted in loan payments of Rs 2500 crore to Yes Bank.
Last day to file ITR, if not filed today, a fine of Rs 5,000 may be imposed
Several cases against Kapoor
The ED has named 10 accused in a charge sheet of about 3000 pages. These include several senior officials of Yes Bank who helped Kapoor in money laundering. The bungalow spread over 1.2 acres is part of Kapoor’s black money and the ED has already attached it. The ED is probing 6 cases of money laundering against Kapoor and charge sheets have been filed against him in most of the cases.
The Avanta Group had taken Rs 350 crore from ICICI Bank and Rs 30 crore from Development Credit Bank by keeping this bungalow on bail. The price of this bungalow was estimated at Rs 550 crore in ICICI loan in 2016. In the same year, Yes Bank gave a loan of Rs 400 crore to Avanta Realty. The company was not entitled to this loan as it was already owed to Yes Bank. The company cleared the dues of ICICI Bank and DCB from Yes Bank loan. Then this bank was mortgaged to Yes Bank.
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Bungalow sold for 380 crores
Yes Bank gave more loans to Avantha Group companies. His total outstanding was Rs 2500 crore. Later the accounts of Avanta Group companies became NPAs and it obtained NOC from Yes Bank for the auction of the bungalow. But the company did not follow the due process and sold it to Bindu Kapoor’s company Bliss Abode in 2017 for Rs 380 crore.
It was later mortgaged to Indiabulls Housing Finance Limited for Rs 685 crore. The difference between the purchase price and the mortgage value is believed to have been received by Kapoor and his wife as a bribe from the Thapar Group. In return, he gave many facilities along with loans to Thapar Group companies. Rana Kapoor is currently lodged in a jail in Mumbai. Apart from ED, CBI is also investigating against him.
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