The Central Bureau of Investigation (CBI) has registered its second case in a week against Yes Bank founder Rana Kapoor, already embroiled in cases of fraud. Rana, his wife Bindu and aide Gautam Thapar have been accused in the FIR lodged on Friday for breach of Amrita Shergill’s bungalow deal.
Thapar’s company is accused of bribery for exemption in loan recovery of Rs 2,000 crore. He is the promoter of Avanta Reality.
The CBI on Friday raided several locations, including the properties of Rana and Bindu Kapoor and Thapar’s office and house in Delhi and Mumbai. The CBI conducted searches at the houses of a few their close friends and relatives too.
Rana Kapoor is in Enforcement Directorate (ED) custody till 16 March.
CBI had registered first case on 8 March
The CBI had registered its first FIR against Kapoor on 8 March. A case of criminal conspiracy, cheating and corruption was registered against Kapoor and his family company Do It Urban Ventures and Kapil Wadhawan, promoter-director of Dewan Housing Finance Corporation Limited (DHFL).
The CBI alleges that Kapoor, along with Wadhawan, provided financial assistance to the DHFL company through Yes Bank. In return, Kapoor and his family were given undue benefits. Kapoor family’s shell companies were used for these unethical businesses.
According to this FIR, the scam started between April and June 2018 when Yes Bank invested Rs 3,700 crore in the short-term debentures of DHFL, which were mired in irregularities. In return, Wadhawan allegedly gave an undue benefit of Rs 600 crore to Kapoor and his family by giving loans to Do It Urban Ventures.
Kapoor’s daughters Roshini, Radha and Rakhi have stakes in Do It Urban Ventures. The three hold a 100% stake in the company through Morgan Credits.
Assigned an arbitrary property while giving a loan
The CBI FIR stated that Yes Bank gave a loan of Rs 600 crore to Do It Urban Ventures on the basis of low-value assets from DHFL. They projected the agricultural land by increasing the price of the property by predicting it to be residential in future.
It was further revealed that DHFL did not withdraw Rs 3,700 crores invested in Yes Bank.
CBI raids Indiabulls too
The CBI carried out searches at the Indiabulls Housing Finance Ltd in New Delhi and NCR besides the offices of Bliss Abode Pvt Ltd and Avantha group companies.
In a statement, Indiabulls Housing Finance, however, said no raid of the CBI had happened on Indiabulls group or at any of its offices. “CBI raids have happened on Yes Bank/Rana Kapoor who have their offices in Indiabulls Finance Centre in the capacity of a tenant,” company secretary Amit Jain said.
But CBI officials maintained that searches took place at Indiabulls Housing Finance Ltd office in New Delhi as well.
A Sirf News investigation had earlier found Indiabulls lending to the Kapoor family in return of Yes Bank’s loans.
Govt restructuring Yes Bank; pvt sector chips in
The Modi cabinet on Friday approved the restructuring of Yes Bank. Finance Minister Nirmala Sitharaman said, “The State Bank of India (SBI) will invest in 49% equity of Yes Bank. Other investors are being asked to help the bank.”
RBI had introduced a reconstruction plan for Yes Bank. The Finance Minister said that the decisions taken by the government have been made keeping in mind the interest of the account holders of Yes Bank.
SBI to hold 26% stake for 3 years
The authorised capital of Yes Bank has been increased from Rs 1100 crore to Rs 6200 crore. SBI will take a 49% stake in Yes Bank. Sitharaman said that SBI would hold at least 26% stake in Yes Bank for the next three years.
This means that SBI will hold 26% equity of Yes Bank for three years. Similarly, 75% equity in the case of other investors will also be held hostage for the same time.
Three private banks wish to invest
ICICI, Axis and Kotak Bank have announced investments to bring Yes Bank out of the economic crisis. At a meeting of its Board of Directors on Friday, Axis Bank decided to invest Rs 600 crore in Yes Bank.
Kotak Bank will purchase 50 crore worth equity for Rs 500 crore.
ICICI Bank has announced it will invest Rs 1000 crore in Yes Bank. For this, the bank will buy equity shares worth Rs 100 crore at the rate of Rs 10 per share. The bank said that ICICI would have a 5% stake in Yes Bank after this investment.