Forced To Buy MF Hussain Painting From Priyanka Gandhi Vadra, Paid ₹2 Crore: Yes Bank Co-Founder Rana Kapoor To ED

Yes Bank co-founder Rana Kapoor in a statement to the Enforcement Directorate said that he was forced to buy an MF Husain painting from Congress' Priyanka Gandhi Vadra in 2010 and the sale proceeds were utilised by the Gandhi family for medical treatment of party chief Sonia Gandhi in New York. Kapoor's statements form part of the second supplementary chargesheet filed in the special court against the Yes Bank co-founder, his family, and DHFL promoters Kapil and Dheeraj Wadhawan, in a money laundering case. According to the statement, Kapoor told the ED that then petroleum minister Murli Deora had warned him that the refusal to buy the painting will not only prevent him from building a relationship with the Gandhi family but also prevent him from getting 'Padma Bhushan' award. Kapoor made these disclosures one ED officer's specific questions about the MF Hussain Painting he purchased from Gandhi. "First of all I wish to say it was a forced sale for which I was never ready," he had said adding that Milind Deora had made several visits to his (Rana Kapoor's) house and office to persuade him for purchasing an MF Husain painting from Gandhi. Kapoor accepted paying Rs 2 crore in cheque, despite an initial demand of Rs 2.5 crores. "During the meeting Mr Murali Deora told me in no uncertain words that the delay in purchasing the above said paintings could have adverse repercussions on me and my Yes Bank…. He also told me that any deviation … will prevent me from getting awarded "Padma Bhushan" for which according to him I was highly deserving at the time." Therefore, Kapoor justifies his purchase to say that it was done to avoid being on the wrong side of two powerful families. According to him, Milind Deora (son of late Murli Deora), allegedly later told him that he had done a good deed and the sale proceeds were utilised by the Gandhi family for Sonia Gandhi's medical treatment. Kapoor seems to have told the ED that Ahmed Patel, a close confidante of Sonia, had also appreciated him for supporting the family at an opportune time and it would be duly considered for the 'Padma Bhushan' award and possibly some other non-political banking and finance assignments as was regularly done from Deepak Parekh and Uday Kotak given the long-term proximity to the UPA over several terms. However, he says that the commitments made by the Deora family were never honoured and he felt "cheated." According to the charge sheet, Kapoor and Dewan Housing Finance Limited (DHFL) promoters Kapil and Dheeraj Wadhawan siphoned off funds worth Rs 5,050 crore through suspicious transactions. Moreover, that a huge chunk of the proceeds of crime is not available for attachment as its siphoned off overseas.The ED said investigation has revealed that Yes Bank had bought debentures worth Rs 3,700 crore between April 2018 and June 2018 from DHFL. Therefore, the amount was transferred to DHFL. Subsequently, DHFL gave a loan of Rs 600 crore to DOIT Urban Ventures Pvt Ltd (an entity, beneficially owned by Rana Kapoor and his family). The probe also revealed that Yes Bank had used public money for the purchase of the above-said short-term debentures of DHFL, which has not yet been redeemed by DHFL. On the other hand, DHFL obliged Rana Kapoor by giving the so called loan of Rs 600 crore to his beneficially-owned company, namely DUVPL, without adequate collateral, the agency said.

Forced To Buy MF Hussain Painting From Priyanka Gandhi Vadra, Paid ₹2 Crore: Yes Bank Co-Founder Rana Kapoor To ED

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Forced To Buy MF Hussain Painting From Priyanka Gandhi Vadra, Paid ₹2 Crore: Yes Bank Co-Founder Rana Kapoor To ED

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