Mumbai: The Central Bureau of Investigation (CBI) has filed a chargesheet against the founder and former Managing Director and CEO of Yes Bank Rana Kapoor, his wife Bindu Kapoor and promoter of Avanta Group Gautam Thapar in the Avanta case concerning a loan fraud.
Some private companies are also named as accused in the chargesheet, a press release by the central agency has said. The CBI had registered a case in the matter in March last year. It said in its release that Rana Kapoor had abused his official position as MD and CEO of the bank to acquire a Delhi Lutyens' property at much lesser than its actual market value.
The property was mortgaged to Yes Bank Ltd. against a loan of approximately Rs. 400 crore given to Avanta group promoted by Gautam Thapar. While the actual value of the property was approximately Rs. 550 crore, it was acquired by Kapoor at a value of Rs. 378 crore. The loan was declared a Non-Performing Asset by the bank and the proceeds of the sale of the property were not used fully to liquidate the existing loan. As per the CBI’s case, the property was purchased in the name of a company where Bindu Kapoor was the Director and authorized signatory.
Against this favour, Rana Kapoor is said to have extended an additional loan of Rs. 1,360 crore to other companies of Thapar during and after the acquisition of the said property. These loans were never utilized for the purpose for which they were given and the borrowers were allowed to divert the funds for evergreening of the existing loans of the group companies.
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