Yes Bank co-founder Rana Kapoor at first glance abused his official position to acquire valuable property at “inadequate consideration”, a special court has said here while denying the man bail businessman Gautam Thapar, his co-accused in the case concerning the sale of a property in a prime location in Delhi.
CBI Special Court Judge Mr. R. Purwar denied Thapar bail on Tuesday and the detailed order was made available on Wednesday.
The case concerns allegations regarding the sale of a property located on Amrita Shergill Marg in Delhi to a company owned by Rana Kapoor’s wife, for which a separate FIR has been registered by the Central Bureau of Investigation (CBI) in Mumbai.
Thapar was named in the indictment filed by the central investigative agency.
After seeing the indictment and other documents, the court noted that at first glance it appeared that Rana Kapoor, then managing director and CEO of Yes Bank, had abused his official position to acquire valuable property at an inadequate price even though its real value was higher.
In addition, Gautam Thapar (accused number 2), promoter of Avantha Realty, and Rana Kapoor’s wife, Bindu (accused number 4), through their respective companies, encouraged the commission of said offenses by Rana Kapoor , said the court.
According to the CBI investigation, it emerged that Rana Kapoor, in collusion with Thapar and Bindu Rana Kapoor, had successfully tricked the bank into putting the property up for sale at an inadequate value.
It also emerged that Rana Kapoor further abused her official position to grant additional loans to various companies in the Gautam Thapar group, which were not used for the purposes for which it was granted and much of it was used for always green existing loans. with Yes Bank, the CBI said.
The Kapoors also managed to encourage the bank to grant the loan of Rs 400 crore to Avantha Realty against a false rental contract concluded between two companies of the Avantha Group and thus deceived Yes bank Ltd, he said.
“In this view of the case, from the indictment and related documents, prima facie, the allegations are to the effect that the applicant and his co-defendants engaged in the commission of an offense , which has seriously compromised the financial health of the state, ”said the court.
Another allegation relates to the granting of a loan of Rs 530 crore to a company called Solaris, although its use was for purposes different from those for which it was sanctioned. Thus, the applicant (Thapar) is involved in a serious and serious economic offense affecting the country’s economy, the court said.
“Given the facts of the case, the gravity and nature of the offense and in the broader interest of society, I am not inclined to allow prayer with discretion in favor of the plaintiff. The claim is, therefore, deserves to be dismissed, “the court added.
Thapar is currently in judicial custody and is being held in Delhi Tihar Prison after being arrested by the Directorate of Execution (ED) in August.
The ED is also investigating the alleged transaction between Thapar’s Avantha Realty, Rana Kapoor and the latter’s wife, and filed a money laundering complaint after learning of an FIR filed by the CBI.
Rana Kapoor is in custody after being arrested in March 2020 in a bank fraud case.
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