Mumbai Police booked Rana Kapoor, Sudhir Valia in ₹1,000cr fraud
Business
Mumbai Police have booked former Yes Bank co-founder Rana Kapoor and investor Sudhir Valia over an alleged ₹1,000 crore fraud tied to a 2016 loan for Sapphire Land Development, part of HDIL.
The complaint says Yes Bank broke the mutually agreed 36-month repayment period by handing over recovery rights in just 10 months, a move that raised eyebrows.
Sapphire malls allegedly undersold, ₹22.5cr diverted
Sapphire had put up properties like Dreams Mall and Harmony Mall as collateral, together worth nearly ₹1,000 crore, but these were allegedly sold off at low prices without proper checks.
There are also claims that ₹22.5 crore was quietly diverted through internal accounts, causing big losses for Sapphire.
The Economic Offenses Wing is now digging into possible conspiracy behind the scenes.