New Delhi: In an embarrassment for the Congress party, the Financial Action Task Force (FATF) has made former Yes Bank CEO Rana Kapoor a case study over latter’s illicit dealings & payment of kickbacks to people in ‘positions of power’ for drawing awards & accolades.
What leaves the grand old party red faced is Priyanka Gandhi’s ‘association’ with the tainted banker. The FATF, confirming earlier reports, said that the former Yes Bank CEO was ‘forced’ to buy worthless paintings at exorbitant rates and in return, he was extended favour in form of award & admiration.
Rana Kapoor was arrested in connection with over Rs 460 crore money laundering case and investigation is currently underway.
In its ‘Purchase Art with Illicit Proceeds and Use Art of No Value to Pay Kickbacks’ report, it referred to Rana Kapoor as “Mr A” and said that he misused his position by sanctioning loans of $628 million to business entities incurring heavy losses.
The report mentions about an episode of how Mr A resorted to massive bribe-payment for securing a Padma Bhushan for himself. Though, the report steers clear of his name, the incident brings fresh focus on how the banker claimed on camera that he bought ‘worthless’ painting for crores, under the ‘insistence’ of Congress leader Priyanka Gandhi.
The FATF case study further documents that Mr A used his power & influence to get loans sanctioned to loss-making company B, which would then divert loans to some shell companies. The shell companies along with Company C were controlled by Mr A & his daughters. They used part of these illicit funds to purchase assets of famous artists.
After Kapoor-led Yes bank was pushed to brink of collapse, a SBI-led consortium was formed to salvage the bank & its clients.
