Co-Founder of Yes Bank, Rana Kapoor was arrested three months ago by the Enforcement Directorate in a money laundering case. It has now emerged that Indiabulls Housing Finance and Indiabulls Commercial Credit Ltd are looking to take possession of high-end properties in South Mumbai owned by Kapoor which were used as the mortgage for the loans.
Indiabulls has provided a deadline of 60 days to repay the due amount. Only then will the firm resort to taking possession of these upscale properties.
Among the properties earmarked by Indiabulls are three duplexes in a luxury tower at Nepean Sea Road which is under construction, while there’s also a two-storey property on Altamont Road. It is said that the total loan default of these properties comes up to Rs 650 crore.
Rana Kapoor, along with his wife Bindu, reportedly received large sums of loans from Indiabulls wherein the aforementioned properties were used as collateral. As of now, Indiabulls claims that it is owed Rs 1,200 crores by the Kapoors.
Also Read - Yes Bank Fraud Case: Wadhawan Brothers Sent To CBI Custody Till April 29
“We have already received Section 9 in our favour from the Delhi high court, directing the party not to create third-party rights. Now we have initiated the Sarfaesi (Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act) process. We are well collateralised and expect to recover our Rs 1,200 crore loan in the forthcoming auction of these properties,” an Indiabulls spokesperson said.
Additionally, the Enforcement Directorate is currently said to be investigating loans given by Yes Bank to a wide range of companies like ADAG Group, DHFL, Essel Group, Cox & Kings, Radius Developer, Sahana Developers, Omkar Group, Avanta Group, and Sumer Group.
There are allegations that these companies defaulted on their loans, while in return, companies associated with Kapoor received investment-loans as kickbacks. Though Indiabulls also borrowed from Yes Bank, the firm has said that it has paid back all its dues.
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