Mumbai: Based on a complaint alleging ₹1,000 crore filed by HDIL group company director, the Economic Offences Wing (EOW) has registered an FIR and launched a probe against Yes Bank's former MD and CEO Rana Kapoor, Suraksha Asset Reconstruction Company (ARC) director Sudhir Valia, among others.
In his complaint, Lakhminder Singh, 65, said he had been associated with Sapphire Land Development Pvt Ltd, which is connected to the HDIL, as a director since 2017 and is presently a suspended director due to the NCLT proceedings.
He alleged that former HDIL promoters Rakesh Wadhawan and Sarang Wadhawan were overseeing the operations of the group companies at the relevant time.
The complaint stated that after HDIL faced a severe financial crisis in 2015, Sapphire Land Development availed a ₹150 crore credit facility from Yes Bank on September 23, 2016. To secure the loan, properties worth nearly ₹1,000 crore belonging to HDIL and its group companies were mortgaged.
These included Dreams Mall in Bhandup, Harmony Mall in Goregaon, Annex Mall in Kandivali, Kulraj Broadway in Vasai, development rights over land parcels in Virar and Nahur, and rights in several residential projects in suburbs.
The loan repayment tenure was allegedly fixed at 36 months. However, Singh alleged that within 10 months, Yes Bank transferred the loan recovery rights to Suraksha ARC without following due process. He claimed that the account was not classified as an NPA.
Singh claimed that subsequently, Yes Bank arranged the mandatory 15% margin money amounting to ₹22.50 crore through accounts linked to Suraksha ARC group entities, ultimately routing the funds back into the trust account that acquired the loan.
This indicated a criminal conspiracy and collusion between bank officials and the asset reconstruction company to facilitate premature transfer of the loan account, asserted Singh.
He also alleged that the mortgaged properties were undervalued and sold at throwaway prices to benefit Suraksha ARC. The complaint cited findings mentioned in the 2019 special audit report of Yes Bank.
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