YES Bank Cheating Case: ED attaches property of Rana Kapoor worth 127 crores

The property was bought by Yes Bank’s founder Rana Kapoor in 2017 for Rs 93 crore in the name of DOIT Creations Jersey Limited, according to Enforcement Directorate (ED) officials.

Sep 25, 2020 - 17:26

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YES Bank Cheating Case: ED attaches property of Rana Kapoor worth 127 crores

New Delhi: The Enforcement Directorate (ED) has attached a ₹127-crore flat of Yes Bank co-promoter Rana Kapoor in London in connection with a money-laundering investigation against him and others, the central agency said on Friday.

The agency issued a provisional order for attaching the property -- Apartment 1, 77 South Audley Street, London -- under the Prevention of Money Laundering Act (PMLA).

"The market value of the flat is 13.5 million pounds (about ₹127 crores). The property was purchased by Rana Kapoor in 2017 for 9.9 million pounds ( ₹93 crores) in the name of DOIT Creations Jersey Limited and he is the beneficial owner," the ED said in a statement.

ED says it obtained 'information from a reliable source that Kapoor was trying to alienate this property in London'
ED had booked Kapoor, his family members and others under the PMLA after studying a CBI FIR that alleged that dubious multi-crore loans were given by Yes Bank to various entities

Rana Kapoor started as a junior banker in Bank of America's Barakhamba branch. He worked with BoA for 16 years, until 1996. After his stint as the general manager and country head in ANZ Grindlays from 1996-1998, Kapoor joined his brother-in-law Ashok Kapur and Harkirat Singh to form Rabo India Finance, an NBFC in 1998. All the three partners had 25 per cent equity whereas the rest 75 per cent equity was with the Netherlands headquartered Rabobank. Ashok, Rana and Harkirat sold their equity in the venture in 2003 and got the license to set up a private sector bank in the same year. In 2004, YES Bank got off the ground. In September 2018, Yes Bank ordered Kapoor to step down as CEO in January 2019.