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Yes Bank co-founder Rana Kapoor’s Delhi property sold by Indiabulls Housing Finance to recover part of Rs 240 crores worth of loan

The Delhi property was sold for Rs 114 crore to recover part of the bad loans.

According to reports, Indiabulls Housing Finance sold property worth Rs 114 crore belonging to Yes Bank CEO and co-founder Rana Kapoor. Economic Times quoted sources and said that the property located on South Delhi’s Kautilya Marg was sold to recover a part of Rs 240 crores worth loan that Indiabulls lent to Bliss Villa. Kapoor was the guarantor of the loan.

In January 2021, Indiabulls took possession of the said property that houses a building of ground plus two floors. It is spread over 1,234 square yards. Bliss Villa had defaulted on three loans worth Rs 83.43 crore, Rs 69.88 crore and Rs 86.56 crore. To recover the amount, the finance company auctioned the property at a base price of Rs 114.32 crore.

ED case against Kapoor

The Enforcement Directorate is investigating a money laundering case against Kapoor. So far, the department has provisionally attached properties worth Rs 792 crore belonging to Kapoor and related entities. In March 2020, ED alleged that Kapoor bought a painting of Rajiv Gandhi from Priyanka Gandhi for Rs 2 crore, which could be ‘proceeds of crime’. At that time, ED said that they might summon Priyanka to take part in the investigation.

An ED officer had said, “The Rs 2 crore paid by Rana Kapoor to Priyanka Gandhi was received by him from the bank shortly before he gave it to her and thus becomes part of our investigation into the case. Both the buyer and the seller could attract action under Section 3 of the PMLA Act.”

Reports suggest that Kapoor and his aides (including his wife and three daughters) had received benefits worth Rs. 4,300 crore through companies controlled by them as kickbacks for sanctioning loans. Kapoor is currently lodged in Taloja jail at Navi Mumbai.

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Staff reporter at OpIndia

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