The CBI has booked Positive Monetary establishment founder Rana Kapoor for allegedly obtaining Rs 307 crore bribe throughout the gain of a Lutyen’s zone bungalow from a realty corporate to transport easy on spherical Rs 1,900 crore monetary establishment loans to the seller’s crew corporations, officials discussed on Friday. Besides Kapoor, the CBI has moreover booked his partner Bindu, her company Bliss House Pvt Ltd along with Avantha Realty Ltd and Gautam Thapar the promoter of Avantha Body of workers, which purchased the bungalow, the officials discussed. On Friday, the CBI carried out searches at the place of dwelling of Kapoor, former MD and CEO of Positive Monetary establishment and his partner Bindu in Mumbai, and offices of Bliss House Pvt Ltd, Thapar and Avantha crew corporations and Indiabulls Housing Finance Ltd in New Delhi and NCR, they discussed.
In a remark, Indiabulls Housing Finance, however, discussed no raid of the CBI has happened on Indiabulls crew or at any of its offices. “CBI raids have happened on Yes Bank/Rana Kapoor who have their offices in Indianbulls Finance Centre in the capacity of a tenant,” company secretary Amit Jain discussed. When asked, CBI officials maintained that searches happened at Indiabulls Housing Finance Ltd workplace in New Delhi. The case pertains to a 1.2-acre uber luxe bungalow at 40, Amrita Shergill Marg which the Avantha crew had mortgaged to ICICI Monetary establishment and DCB monetary establishment at Rs 550 crore, of which Rs 380 crore was once as soon as outstanding in March, 2016, the officials discussed.
Positive Monetary establishment chipped in with a loan of Rs 400 crore as Hire Rental Discounting through which discounted values of longer term rent rentals proposed to be gained by means of the borrower by means of leasing its property are sanctioned as a loan amount, they discussed. With a view to justify the higher loan amount, Avantha Realty (ARL) allegedly entered in a sham rent agreement with a number company, BILT Graphics Paper Pvt Ltd, at a whopping Rs 65 crore in step with annum with five in step with cent once a year escalation, they discussed. The agreement was once as soon as carried out on March 22, 2016, two days prior to sanction of the loan from Positive Monetary establishment to ARL.
Surprisingly, the equivalent property was once as soon as leased to each different Avantha crew company for Rs 1.02 crore in step with annum faster than, officials discussed. “It was essentially a sham agreement entered into with an intention to defraud and cheat Yes Bank Ltd for justifying loan of Rs 400 crore to ARL for the purpose of acquiring the property by Bindu Kapoor who was a director in Bliss Abode Pvt Ltd,” the CBI FIR alleged.
The corporate has alleged that at the time of sanctioning the loan, the outstanding liabilities of Avantha Body of workers were a staggering Rs 1,333 crore towards Positive Monetary establishment which had extended credit score rating facilities of Rs 2,500 crore to it. The company was once as soon as not eligible for the loan, they discussed. Avantha crew used the Rs 400 crore loan to clear loans of ICICI Monetary establishment and DCB, following which the price of the property, which commanded a valuation of Rs 550 crore, was once as soon as created in favour of Positive Monetary establishment, the FIR discussed.
For the main year, elementary loan repayment was once as soon as stored at Rs 5 lakh in line with 30 days which was once as soon as 100 events lower than the apartment income the property was once as soon as projected to fetch, the CBI FIR alleged, together with it was once as soon as done to stick the accounting standard as ARL would have found out it difficult to supplier the loan. A year later, the account were given right here underneath pressure with elementary liabilities of Rs 12 crore and unpaid pastime alternatively not enough to justify the sale of the collateral — the bungalow. Alternatively, a decision to advertise the property in opposition to the loan was once as soon as taken, the FIR alleged.
A well-known company showed pastime to buy the property at Rs 375 crore for which ARL sought a no-objection certificate from the monetary establishment which was once as soon as given on the scenario that the entire loan it will be repaid, the CBI discussed. This offer was once as soon as allegedly withdrawn on August 29, 2017, and Bliss House pitched in to shop for the property at Rs 378 crore which was once as soon as readily agreed by means of a Regulate Credit score rating Committee (MCC) headed by means of Kapoor and a no-objection certificate (NOC) was once as soon as issued, they discussed. Bliss House mortgaged the property to Indiabulls Housing Finance Limited for an entire loan of Rs 685 crore loan — Rs 375 crore gained in two gives of Rs 90 crore and Rs 285 crore, and Rs 310 crore of extra loans to Consider Belongings Pvt Ltd and Consider Area Pvt Ltd, every having Bindu as director, they discussed.
The loan of Rs 90 crore by means of Bliss House, through which Rana Kapoor was once as soon as a co-borrower, from Indiabulls Housing Finance Ltd in July 2017, on a property in rate with Positive Monetary establishment, and other details were not disclosed by means of him to the Positive Monetary establishment board and the MCC which was once as soon as allegedly throughout the struggle of pastime, violation of economic establishment’s code of conduct and certain provisions of the Corporations Act, 2013.
“This appears to have been done with an ulterior motive to acquire the property as illegal gratification for various favours extended by Rana Kapoor to AG companies,” the FIR alleged. Instead of seeking the sale of other houses, he gave further loans of Rs 1,165 crore to its crew corporations underneath pressure. “These loans are yet to be repaid to Yes Bank Limited and there is stated to be a total outstanding of Rs 1900 crore against various credit facilities extended by YBL to AG companies by January 2020,” it discussed.