Mumbai: An FIR has been registered at Worli Police Station against former Rana Kapoor, Sudhir Walia and other officials of YES Bank in connection with an HDIL-linked loan dispute involving alleged financial irregularities and criminal conspiracy.
The case has been registered under Sections 409 and 120B of the Bharatiya Nyaya Sanhita following a complaint filed by Lakhaminder Dayal Singh, suspended director of Sapphire Land Development Pvt Ltd, a group company associated with Housing Development and Infrastructure Limited.
Police said an investigation has now been initiated into the allegations mentioned in the complaint.
Complaint linked to Rs 150 crore loan facility
According to the FIR, YES Bank allegedly sanctioned a credit facility worth Rs 150 crore to Sapphire Land Development Pvt Ltd.
The complaint states that several HDIL-linked assets and development rights, reportedly valued at around Rs 1,000 crore, were mortgaged as security against the loan.
Investigators are now examining the process through which the loan was sanctioned and later transferred under recovery proceedings.
Allegations over transfer of loan exposure
As per the complaint, the repayment tenure for the loan facility was fixed at 36 months.
However, the FIR alleges that the loan exposure was transferred much earlier to Suraksha Asset Reconstruction Limited under the SARFAESI framework.
The complainant has alleged that the transfer was carried out without following proper legal procedures and norms related to valuation and asset classification.
Police are expected to examine transaction records, financial documents and internal communications linked to the alleged transfer process.
Claims of undervalued asset sales
The FIR further alleges that margin money connected to the transaction was arranged through entities associated with Suraksha ARC.
According to the complaint, some mortgaged properties were later sold at undervalued prices, allegedly resulting in substantial financial losses to the company.
The complainant has also claimed that similar irregularities may have occurred in four additional HDIL-related cases allegedly involving Sudhir Walia.
Authorities have not yet publicly commented on the specific allegations related to those additional transactions.
Charges include criminal conspiracy
The FIR accuses Rana Kapoor, Sudhir Walia, other YES Bank officials and associated individuals of alleged criminal conspiracy and criminal breach of trust.
The case has been registered under provisions of the Bharatiya Nyaya Sanhita dealing with financial misconduct and conspiracy-related offences.
Officials said the investigation is currently at an initial stage and further action will depend on findings from document verification and witness statements.
HDIL and YES Bank remain under scrutiny
The latest FIR adds another layer to the legal and financial scrutiny surrounding HDIL-linked transactions and past banking operations associated with YES Bank.
Rana Kapoor has previously faced multiple investigations related to alleged financial irregularities connected to loan approvals and banking transactions during his tenure at the bank.
The case is expected to draw attention from financial regulators and investigative agencies as the police probe progresses.
For now, authorities are continuing to collect evidence and examine the allegations raised in the complaint filed at Worli Police Station.
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