The Central Bureau of Investigation has filed a chargesheet against former MD and CEO of Yes Bank Ltd, the promoter of a private company and others in a bank loan fraud case of over Rs 1,700 cr, an official said here on Friday.
The probe agency had registered a case in the matter in March 2020.
It is alleged that the then MD and CEO of Yes Bank, Rana Kapoor, had abused his official position and acquired a premium property in Delhi at a very low price than the actual market value and the property was mortgaged to Yes Bank against a loan of approximately Rs 400 crore, given to a group companies promoted by Rana Kapoor, the CBI said in a statement.
It further said that the actual value of the property was approximately Rs 550 crore, which was acquired by Rana Kapoor for approximately Rs 378 crore, and the proceeds of the sale were not used fully to liquidate the existing loan, later declared NPA by the bank.
The property was allegedly purchased in the name of a company where the wife of Kapoor, Bindu Rana Kapoor, was the Director and authorised signatory.
After this, Rana Kapoor extended additional loan of approximately Rs 1,360 crore to the other companies belonging to him during and after the acquisition of the property.
It was also alleged that these loans were never utilised for the purpose for which they were given and the borrowers were allowed to divert the funds for evergreening of the existing loans of the group companies.