Yes Bank co-founder Rana Kapoor was trying to sell off three prime properties worth around Rs 1000 crores

Yes Bank co-founder Rana Kapoor was trying to sell off three prime properties worth around Rs 1000 crores before being placed under arrest by the Enforcement Directorate (ED), sources said. The three properties reportedly belong to Kapoor’s wife, Bindu, who is also under scanner as ED probes suspicious transactions of around Rs 4300 crores.

It is suspected that Rana Kapoor was planning to leave the country after disposing-off his assets.

ED is investigating Rana Kapoor’s three properties in Delhi which have a value of more than Rs 1000 crores.

One of the property which is under the scanner was bought from Avantha Realty, Gautam Thappar’s company which had borrowed money from Yes Bank.

According to sources, Bindu Kapoor bought a prime property on Delhi’s Amrita Shergil Marg in her company’s name 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 Pvt Ltd is also the same as the property bought.

Yes Bank allegedly, instead of going for a procedure under the RBI’s suggested guidelines to recover the loan, sold the property for a bare minimum price of Rs 380 crore to Bliss Abode Pvt Ltd.

Rana Kapoor had reportedly asked some top officials from Yes Bank to help in selling these properties.

Amrita Shergill Marg is one of the most prime areas of Delhi and sources said that the property was priced at around Rs 450 crores. The concept note prepared for the property says that it is located in a high profile neighbourhood.