NEW DELHI: Both Central Bureau of Investigation (CBI) and Enforcement Directorate (ED) is probing the kickbacks received by Yes Bank founder Rana Kapoor’s family against loan sanctioned to Dewan Housing Finance Ltd. Kapoor’s two prime properties in Delhi and Mumbai have now come under their scanner and the investigative agencies are probing how they were being purchased.
According to sources, there are two prime properties under scanner, one at Altamount Road in Mumbai, next to RIL chairman Mukesh Ambani’s 27-storey Antilla and another at Amrita Shergill Marg in New Delhi, that is also the address of many top business tycoons, including KP Singh of the DLF group, the Burmans of Dabur Group, Goenkas of the RPG group and Mittals of Bharti Group. Interestingly, both properties were bought in the name of Rana Kapoor’s wife Bindu Kapoor.
The bungalow at 40, Amrita Shergill Marg was owned by Gautam Thapar, who had mortgaged his bungalow against a loan borrowed for Rs 400 crore for his company Avantha Realty. The loan was taken at an 11 per cent interest rate in March 2016.
In August 2016, the bungalow was sold to Bliss Abode owned by Bindu Kapoor for Rs 378 crore, according to sources in the investigative agency, suspecting the same quid pro quo. The officials claim, the Mumbai property was bought through a shell company owned by Bindu Kapoor. The investigative agencies are also looking at the money trail to buy a property in the UK and two other prime locations.
Investigation suspects similar Modus operandi in the realty dealing with Bliss Habitat Pvt Ltd, 100 per cent subsidiary of Rab Enterprises, owned by Bindu Kapoor paid to one of the subsidiary of Indiabulls for acquisition of the real estate property, who was also a client of the company.
On Sunday, the non-banking finance company, however, was quick to clarify that Sameer Gehlaut, promoter of Indiabulls Housing Finance, or any of his companies or any of his family members’ companies have no loans outstanding from Yes Bank.
Rs 2,450 crore infusion into Yes Bank announced
26 per cent of YES Bank to be owned by SBI
Rs 2.09 lakh crore is the deposits of Yes Bank
SBI rescue package
The package which it claims was ‘voluntarily’ taken on by it, follows a similar deal for IDBI which was bought over at huge price by LIC.
Yes Bank debenture trustee moves HC on RBI move to write-down AT-1 bonds
Axis Trustee Services Ltd, a debenture trustee of Yes Bank, on Monday petitioned the Bombay High Court against the Reserve Bank of India's (RBI) proposal to write-down additional tier-1 (AT1) bonds.
The petition is likely to be taken up for hearing by a division bench of Justices KK Tated and SK Kotwal later this week. The debenture trustee has sought relief against the proposal made by RBI as part of its plan to rescue the private sector lender, which has been put under a moratorium last Thursday.
A day after putting it under a moratorium, the RBI had come out with a draft of the SBI-led restructuring package, which entails writing-down of over Rs 8,600 crore outstanding to AT-1 bondholders. It cited global practices adopted in the Basel framework for the move.
Inclusion of this condition has led to massive unease among the investors, which include mutual fund houses and bank treasuries. The deadline for public comments on the draft ended on Monday evening.
The petition was mentioned by the trustee's lawyer on Monday before the bench, which asked them to inform RBI, Yes Bank and the Union government about filing of the petition.
The petitioner later wrote a letter to the respondent parties informing them about the plea. "In view of the fact that the matter is sub-judice, you (Government and RBI) are requested not to precipitate any action to the prejudice of the AT-1 bondholders," the letter reads.
While such a move has caused unease among the AT-1 bondholders, some industry experts have opined the nature of the instrument is such that the interest of the investors become obsolete in cases of adversities and have also pointed to the premium paid to such holders on coupon rates.
CBI issues lookout circular against seven accused
The CBI on Monday issued a lookout circular against seven accused in the Yes Bank scam, including its co-founder Rana Kapoor and his family members, to prevent them from leaving the country, officials said.
The agency has booked Kapoor, his wife Bindu and daughters Roshini, Raakhe and Radha, besides DHFL promoter Kapil Wadhawan and Dheeraj Wadhawan, promoter of RKW Developers, they said.
The lookout circular (LOC) was issued against all these seven accused to prevent any attempts to leave the country, the officials said.
The Enforcement Directorate has already issued an LOC on the basis of which Kapoor's daughter Roshini was stopped at the CSM International Airport, Mumbai, from leaving for London, they said.
Kapoor and Kapur families under scanner for pre-collapse Yes Bank share trades
Several people linked to Kapoor and Kapur families, the erstwhile promoters of Yes Bank, are said to have traded with unpublished inside information in shares of the now-under-moratorium lender and are under probe along with those who supplied the inside news of a government-sponsored rescue plan, sources said.
Those under the scanner of Sebi and other agencies include members of now disgraced Rana Kapoor family as well as those linked to the family of late Ashok Kapur, the sources said.
The two erstwhile founders of one of the most famous new age banks in India's history, which used to proudly call itself the country's fourth-biggest bank till about a year ago but has now become the latest example of the ever-expanding financial sector distress.
The bank was started in 2004.
Markets regulator Sebi has been asked by other probe agencies to look deeply into the trades done on March 5, the day when the bank was placed under moratorium late in the night.
Shares of Yes Bank had zoomed 27 per cent last Thursday amid reports that the government has given the go-ahead to State Bank of India and other financial institutions to take over the capital-starved company.
Hours later, the RBI placed Yes Bank under the moratorium, but that announcement was closely followed by another announcement from the government that SBI was asked to rescue the bank and also rope in some other investors.
According to the sources, these investors are likely to include some marquee public and private sector financial institutions.
However, they said that the share deadlines of some have come under the scanner for trades conducted last Thursday and before that, presumably with inside information about the rescue plan and also about the moratorium. The suspects include those associated with the Kapoor and Kapur families, the sources added.
On Monday, Yes Bank administrator Prashant Kumar said he is hopeful of the moratorium being lifted by Saturday. Yes Bank has been put under a moratorium by the Reserve Bank till April 3, and customers are not allowed to withdraw more than Rs 50,000 from their accounts.
(With inputs from PTI)