The Enforcement Directorate (ED) took Rana Kapoor in its custody before the Yes Bank founder could shift base from India and dampened his plans of selling three Delhi properties that are worth over Rs 1,000 crore.
The three properties at 40, Amrita Shergill Marg, 18 Kautilya Marg in Chanakya Puri and the Diplomatic Enclave on Sardar Patel Marg are not directly linked to Mr Kapoor. However, officials said that the former Yes Bank chief had tasked some top property dealers in the capital to look for buyers for these assets.
All the above properties are linked to Rana Kapoor's wife Bindu Kapoor, who is also under the ED scanner over suspicious transactions of around Rs 4,300 crore.
Bindu Kapoor bought a luxurious bunglow at 40, Amrita Shergill Marg, a prime location in Lutyens' Delhi, in the name of her company Bliss Abode Ltd. while the other two properties belong to Bliss Villa (Delhi) Private Ltd.
Known for a flamboyant lifestyle and penchant for publicity, Rana Kapoor, sources said, wanted to shift either to the US, the UK or France after selling properties in Delhi and Mumbai soon after he was tipped off about the ED investigation against him.
He did not want to leave any property in India before leaving the country, said the source.
The property at Amrita Shergill Marg was bought from Avantha Realty, Gautam Thapar's company, which had borrowed money from Yes Bank, the source added.
According to sources, Rana Kapoor's wife had bought this property in the name of her company Bliss Abode Ltd. on account of a loan default by Avantha Realty. Yes Bank's exposure to Avantha Realty was Rs 500 crore.
Bliss Abode Pvt Ltd. had bought this property by raising Rs 380 crore from a Mumbai-based non-banking financial company. The address of Bliss Abode is also the same as the property bought.
Yes Bank allegedly sold the property for a bare minimum price of Rs 380 crore to Bliss Abode Pvt Ltd. instead of following procedure under the RBI's suggested guidelines to recover the loan amount.
Amrita Shergill Marg is one of the most prime areas of Delhi and sources said that the property was priced at around Rs 450 crore.
The Chanakya Puri property is in the name of Bliss Villa (Delhi) Pvt. Ltd. which was incorporated on September 9, 1971. It is classified as non-government company and is registered at the Registrar of Companies, Delhi.
Its authorised share capital is Rs 2 crore and its paid up capital is Rs 1,83,74,800. The Directors of Bliss Villa (Delhi) Private Limited are Bindu Kapoor and Ajita Madhukar Potdar.
The third property in Diplomatic Enclave on Sardar Patel Marg is also a prime property linked to Rana Kapoor but more information about the property could not be gathered.
It is learnt that the selling price of the Chanakya Puri and Sardar Patel property was fixed Rs 350 crore and Rs 250 crore, respectively.
The ED not only have begun its probe into these three Delhi properties but also another property in Mumbai which was bought by the Kapoor family on Altamount Road in 2018 for Rs 128 crore.
Jointly owned by Citibank and GlaxoSmithKline, the property is next to Mukesh Ambani's 27-storey Antilla.
The ED as well as the CBI have registered separate cases against Rana Kapoor, his wife, their three daughters - Rakhee Kapoor Tandon, Roshni Kapoor and Radha Kapoor - and Dewan Housing Finance Ltd (DHFL) promoter Kapil Wadhwan for criminal conspiracy to extend financial assistance to DHFL by the bank.
For this, the Kapoors were received kickbacks to the tune of Rs 600 crore.
Rana Kapoor was arrested by the ED on Sunday after almost 16 hours of questioning in Mumbai and he was remanded in custody by a Mumbai court till March 11.