Yes Bank case: ED files fresh money laundering case against Rana, Bindu Kapoor, Gautam Thapar

The Enforcement Directorate has filed a fresh case of money laundering against Yes Bank founder Rana Kapoor, his wife Bindu Kapoor and promoter of Avantha Realty Gautam Thapar. The case is in connection with the alleged suspicious deal between Avantha Realty and Kapoor and wife through Bliss Abode. Bindu Rana Kapoor is one of the directors of Bliss Abode.

Through the deal, Bindu Kapoor allegedly acquired a bungalow at Amrita Shergil Marg for Rs 378 crore. The value of the property at the prime location is said to have been higher but was acquired by Bliss Abode for a cheaper amount and then mortgaged to Indiabulls Housing for Rs 685 crore. The agency has alleged that the bungalow was illegal gratification obtained by Kapoor who paid a smaller sum Avantha Realty and in turn allegedly gave relaxation in other existing loans to the realtor from Yes Bank. The ED believes that Kapoor also extended further loans to Avantha Realty during his tenure at the bank.

The agency officials also pointed out to the PMLA court that even before the property was acquired by Bliss Abode, it was mortgaged with Indiabulls.

Additional Solicitor General Anil Singh informed the court that before the acquisition of the bungalow in September 2017, Bliss Abode had borrowed Rs 90 crore loan from Indiabulls against the same property in July 2017. Rana Kapoor bought the bungalow eventually from Yes Bank through Bliss Abode. The property was initially mortgaged with ICICI Bank, then with Yes Bank. Around Rs 400 crore were borrowed from Yes bank and paid to ICICI Bank for the loan on the property.

The Central Bureau of Investigation (CBI) had also on March 13 registered a fresh case against Kapoor, Gautam Thapar, Bindu Rana and unknown others for the same deal. The case by CBI was registered under sections 120 B and 420 of IPC and Section 7, 11 and 12 of PC Act, 1988.

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