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Yes Bank crisis: Rana Kapoor tried to sell properties worth Rs 1,000 crore, flee country

Divyesh Singh     March 11, 2020

Rana Kapoor, the founder of Yes Bank was trying to sell of three prime properties before he was arrested by Enforcement Directorate (ED). The properties were worth Rs 1,000 crore and belonged to wife Bindu Kapoor who has also come under the ED's scanner. It is suspected that the banker was trying to dispose of his assets and leave the country.

The properties in Delhi are now under the ED's scanner. One of the properties under the scanner was bought from Avantha Realty, Gautam Thapar's company that had borrowed money from Yes Bank.

As per sources, Bindu Kapoor bought the prime property at Delhi's Amrita Shergil Marg in the name of her company Bliss Abode Ltd on account of a loan default by Avantha Realty. Yes Bank's exposure to the company was Rs 500 crore, and Bliss Abode bought this property by raising Rs 380 crore from a Mumbai-bases non-banking financial company.

Also read: RBI digs into Yes Bank's past, questions auditor

Yes Bank, also instead of going for the procedure under RBI that suggests ways to recover loans, allegedly sold the property for bare minimum price of Rs 380 crore to Bliss Abode.

Rana Kapoor reportedly asked some top official from Yes Bank to help in selling these properties. Amrita Shergill Marg is a prime location and according to sources, the property was priced at around Rs 450 crore.

The other two properties are located in Chanakyapuri and Sardar Patel Marg areas of the city. These properties belong to Bliss Villa (Delhi) Pvt Ltd. The company selling these three properties was expecting around Rs 350 crore through sale of Kautilya Marg in Chankyapuri property and around Rs 250 crore from Diplomatic Enclave, Sardar Patel Marg property.

Also read: Yes Bank crisis: Rana Kapoor to appear at PMLA court; Bindu, Roshini Kapoor reach ED office

Also read: Yes Bank said 'Yes' to all bad boys of Indian banking

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