The CBI on Friday filed a charge-sheet against then Managing Director and CEO of Yes Bank Ltd Rana Kapoor and others including his wife Bindu Kapoor and promoter of a private company Gautam Thapar in a multi hundred crore fraud case.
Having registered offences in the Yes Bank Ltd fraud case on March 12, 2020 and investigated the case, the CBI – in its charge-sheet filed in the Court of Special Judge for CBI Cases, Mumbai --named Rana Kapoor, then MD and CEO of Yes Bank Ltd, Gautam Thapar, promoter of Avantha Group Company, M/s Avantha Reality Ltd and Bindu Rana Kapoor (Director of M/s Bliss Abode Pvt Ltd.) and M/s Bliss Abode Pvt Ltd as the accused in the case.
The CBI’s allegation is that Rana Kapoor, in his capacity as MD and CEO of Yes Bank, had abused his official position and acquired a Delhi Lutyens property at a very less price than the actual market value.
The CBI also alleged in its charge-sheet that the property was mortgaged to Yes Bank Ltd. against a loan of Rs. 400 crore (approx.) given to a group company (private) promoted by the said Promoter, charge-sheeted in this case.
The CBI further contented that the actual value of the property was Rs. 550 crore (approx.) which was acquired by then MD & CEO of Yes Bank at a value of Rs. 378 crore (approx.) and the proceeds of the sale was not used fully to liquidate the existing loan, later declared NPA by the Bank. The property was allegedly purchased in the name of a company where wife of said then MD & CEO of Yes Bank, was the Director & authorized signatory.
The CBI also alleged that against this favour, then MD & CEO of Yes Bank Ltd. extended additional loan of Rs. 1360 crore (approx.) to other companies of said Promoter/Director during & after the acquisition of the said property. It also contended that these loans were never utilized for the purpose for which they were given and the borrowers were allowed to divert the funds for ever-greening of the existing loans of the group companies.
It may be recalled that the CBI had earlier on June 25, 2020, filed againt Rana Kapoor, M/s Dewan Housing Finance Ltd, its promoters Kapil Rajesh Wadhawan, Dheeraj Rajesh Wadhawan and M/s DOIT Urban Ventures (India) Pvt. Ltd (DUVIPL), its promoter Ms. Roshni Kapoor and others in the in the Rs.3,700-crore Yes Bank fraud case.
The CBI filed the charge sheet in connection with a case of cheating and criminal conspiracy registered on March 7, 2020 against Kapoor and his family members for allegedly colluding with DHFL’s promoter Kapil Wadhwan and his family members.
The CBI in all booked 12 accused including Promoter/Director of M/s Yes Bank Limited, Mumbai based private companies and other Directors of private companies and unknown others under sections 120 of IPC (conspiracy) and sections 7,12 and 13(2) r/w 13(1)(d) of PC Act 1988 and substantive offences on the allegations of fraud against Yes Bank.
The CBI is investigating the “conspiracy” between Kapoor and Kapil Wadhwan over a financial assistance extended to DHFL through Yes Bank in lieu of substantial undue benefit.
The CBI registered a case against DHFL, its promoter Kapil Wadhawan and Rana Kapoor for alleged cheating and criminal conspiracy under relevant sections of the Indian Penal Code (IPC) and the Prevention of Corruption Act. The move came in the wake of a recommendation made by the board of Yes Bank had recommended a CBI probe, in December 2019.