Mumbai: The CBI has submitted a chargesheet against Yes Bank Co-Founder Rana Kapoor, his wife Bindu, his company Bliss Abode Pvt Ltd, Gautam Thapar and his company avantha reality in case of cheating here on Friday.
Kapoor, MD and CEO of YES Bank, allegedly acquired bungalows at Amrita Shergill Marg in Delhi for RS 378 Crore on behalf of his wife’s company, happiness, fighting the market value of Rs 550 Crore from The Thapar’s Avantha Realty to lose him by providing bank loans.
CBI officials said Kapoor conspiraced with other charges for illegal satisfaction Rs 307 Crore in this transaction.
The bungalow was mortgaged on the bank on Rs 400 Crore loans but after sales, Avantha did not take advantage of the results to complete the loan.
Then, the loan was declared NPA by the Bank, the CBI said.
The CBI registered FIR last year which accused that Kapoor paid a low price for the bungalow instead of the bank, relaxing requirements for the existing loan to the Avantha group company and even advancing fresh loans to them.
Yes the bank has extended the credit facilities of Rs 2,500 Crore to the Avantha Group company.
In 2016, Avantha Realty took RS 350 Crore credit facilities from Icici Bank to guarantee bungalows after showing her assessment at Rs 550 Crore.
Yes the bank approved a loan RS 400 Crore to Avantha Realty in March 2016, although it did not qualify for loans because they already had an extraordinary obligation with the bank.
Furthermore, Avantha Realty signed a bungalow rental agreement with its group company which showed the annual RS 65 Crore Rent.
The agreement is allegedly executed two days before bank loan sanctions.
The CBI accused that Avantha Group increased the lease intentionally cheating the bank to provide loan approval by being justified.
Avantha Realty uses money to clean Bank ICICI loans.
Kapoor helps Thapar further to expand additional loans of 1,360 crore rs to other group companies during and after the bungalow acquisition.
Also alleged that this loan was never used for the purpose given and Thapar was allowed to divert funds to evergreening from existing company loans.