Indiabulls Housing Finance sells Delhi property of Yes Bank co-founder Rana Kapoor for Rs 114 crore

Lender Indiabulls Housing Finance has sold the posh Delhi property of former Yes Bank CEO Rana Kapoor to Kautilya Marg for Rs 114 crore. This decision was taken to raise Rs 240 crore, an amount loaned to Bliss Villa, of which Kapoor was the guarantor.

“Indiabulls repossessed the property at the beginning of January this year. The company defaulted on three loans of Rs 83.43 crore, Rs 69.88 crore and Rs 86.56 crore, after which the company fund decided to go to auction at a base price of Rs 114.32 crore, “a person familiar with the matter told the newspaper.

The property consists of a ground floor plus two storey building and covers 1,234 square meters.

The Directorate of Enforcement is investigating the money laundering case against Kapoor. The ED has tentatively attached assets worth Rs 792 crore owned by Kapoor and related entities, which include an independent residential building and several apartments in South Mumbai. The investigation is against Kapoor, his wife and their three daughters for alleged money laundering.

It is alleged that Kapoor and his aides received benefits of Rs 4,300 crore through companies controlled by them as bribes to sanction loans.

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Posted: Tuesday March 16, 2021 12:40 IST