New Delhi: The Enforcement Directorate has begun the process to attach six plush properties worth thousands of crores of Rana Kapoor, the Yes Bank co-founder and former MD and CEO, ThePrint has learnt.
A source in the ED said all six properties are located in Delhi — a 5,005-sq mt bungalow on Amrita Shergill Marg worth Rs 500 crore, a 1,021-sq mt property in Diplomatic Enclave on Sardar Patel Marg worth Rs 250 crore, a 1,233-sq yard property on Kautilya Marg worth Rs 350 crore as well as one in Jor Bagh (worth Rs 150 crore) and two in Hauz Khas (worth over Rs 100 crore in total).
The ED claimed that the properties on Amrita Shergill Marg, Sardar Patel Marg and Kautilya Marg are owned by Rana Kapoor’s wife Bindu Kapoor and were allegedly purchased by her from the kickbacks he received from companies in exchange for massive loans given to them by Yes Bank.
“These properties in Delhi are proceeds of crime as we suspect that they were purchased with the money Kapoor and his family received as kickbacks from various companies they had given out loans to. We have established a link between these corporate companies and these properties,” the ED officer said.
The source said the property on Amrita Shergill Marg, worth Rs 500 crore, was owned by Gautam Thapar of Avantha Reality, who sold it to Bindu Kapoor for Rs 378 crore.
He said Thapar had taken a loan of Rs 400 crore from Yes Bank in 2016, and it is suspected that he gave away that bungalow “under duress”.
“It is a quid pro quo. He was granted a loan of such a high amount and he gave Kapoor the house that was worth Rs 500 crore for Rs 378 crore,” the source said.
The source also said that they have established a link between finance company Indiabulls and Yes Bank.
“In a similar way, Indiabulls too had taken a loan from Yes Bank for which kickbacks were paid to a company owned by Kapoor’s family members. We have identified 78 such companies that were created. Also, each of these properties identified by us is in the name of a company, most of which only exist on paper,” the source said.
The ED source said they have also identified more than seven properties in Mumbai and four properties abroad, which include two luxury hotels — one in New York and the other in London. The other two properties are residential apartments in London worth millions of pounds. The ED believes all 11 properties were purchased with kickbacks.
Rana Kapoor, his wife Bindu Kapoor and three daughters — Roshini, Raakhe and Radha — are facing money laundering charges worth hundreds of crores.
According to the ED, Kapoor, during his tenure as MD and CEO of Yes Bank received kickbacks for granting loans worth Rs 36,000 crore to big corporate companies with weak credentials. It is alleged that Kapoor and his family then created shell firms to divert those kickbacks.
Rana Kapoor was also raided by the CBI in connection with a Yes Bank scam case pertaining to a Rs 600 crore alleged bribe to his family by DHFL, officials said.
‘No kickbacks, charges false’
Rana Kapoor’s lawyer Satish Maneshinde, however, dismissed the allegations as “totally false”.
“All these properties were purchased legally and the income tax department has their record. The IT department had examined them and found nothing wrong,” he said.
“Rana Kapoor has not received any kickbacks. If he had to, why would he do that through the banking channel and leave a trail?” Shinde said.
Meanwhile, Kapoor, who was arrested Sunday, will remain in ED custody until 16 March.