Lender Indiabulls Housing Finance has sold former Yes Bank CEO Rana Kapoor's posh Delhi property in Kautilya Marg for Rs 114 crore. This decision was taken to raise Rs 240 crore, an amount loaned to Bliss Villa, of which Kapoor was the guarantor.
"Indiabulls had taken over the possession of the property in early January this year. The company had defaulted on three loans of Rs 83.43 crore, Rs 69.88 crore, and Rs 86.56 crore following which the finance company decided to go for auction at a base price of Rs 114.32 crore," a person aware of the deal told the newspaper.
The property houses a building of ground plus two floors and is spread over 1,234 square yards.
The Enforcement Directorate is probing the money-laundering case against Kapoor. The ED has provisionally attached assets worth Rs 792 crore belonging to Kapoor and related entities which includes an independent residential building and several apartments in South Mumbai. The probe is against Kapoor, his wife, and their three daughters for alleged money laundering.
It is allegedly that Kapoor and his aids received benefits of Rs 4,300 crore through companies controlled by them as kickbacks for sanctioning loans.