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Thursday 28 May 2020

Indiabulls financed Kapoor family after Yes Bank lent it money

Yes Bank allegedly financed a project named 'Indiabulls Blu', under which Bindu, Rana Kapoor's wife, bought six flats that Indiabulls seems to have financed back

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While Indiabulls Housing Finance Ltd on Sunday had said that Yes Bank owed it Rs 662 crore (purportedly invested in the bank’s additional tier-1 (AT-1) bonds) and claimed that it had no term loans outstanding from the said bank, which is under a moratorium, the documents of the company and business particulars of the Kapoor family that Sirf News has accessed tell a different story. In a stock exchange filing on Sunday, Indiabulls had said it had made the investments in 2017 as part of its treasury management.

“Sameer Gehlaut, promoter of Indiabulls Housing Finance or any of his companies or any of his family member companies have no loans outstanding from Yes Bank,” Indiabulls said. However, it appears that Yes Bank financed a project named “Indiabulls Blu”. Under that project, Bindu, Rana Kapoor’s wife, bought six flats.

To enable Bindu Rana Kapoor buy those flats, Indiabulls financed her back, suggest the documents.

[a PDF viewer browser plugin is required on your mobile device to check the following documents on your phone; no extra software required on laptops/desktops]

Bindu, one of her daughters and a relative made the purchases through her company Imagine Reality Pvt Limited. As the documents show, Imagine Realty Private Limited belongs to Bindu Rana Kapoor (DIN 01189129) of Yes Bank since 8 February 2008.

The purchases bear the names also of Roshini Kapoor, Rana’s daughter, with DIN 05167806, in the period from 18 April 2012 to 31 March 2015, and their relative Sheela Kapoor (DIN 07519829) from 26 May 2016 to 13 October 2016.

On Sirf News, 8 March

The company got a loan for Rs 255 crore from Indiabulls while Rana Kapoor of Yes Bank, through his kin, bought six flats from the Indiabulls Blu Project “BLU Estate & Club, the most exclusive residential development in Mumbai.”

Exposing what looks like a case of kickback or trading of the type Robert Vadra and DLF allegedly indulged in, the investigative journalist who handed over the documents to Sirf News said that he had shared these papers with the Union Ministry of Finance and the Income Tax department as well. The journalist has highlighted the parts that show the involvement of Yes Bank in the alleged scam in yellow in the document as under:

In October 2019, the Citizen Whistle Blower Forum had alleged in Delhi High Court that the Indiabulls Group had dealings with Yes Bank’s Rana Kapoor. The petition accused Indiabulls of financial irregularities and round-tripping of funds. The NGO CWBF has among its eminent members renowned Justice (retd) AP Shah.

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