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Sunday,19-September-2021

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Rana Kapoor’s three plush Delhi properties under ED lens

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Before Yes Bank founder Rana Kapoor could shift his base from India to any foreign country, the Enforcement Directorate (ED) took him in its custody and his plan to sell his three Delhi-based properties amounting over Rs 1,000 crore failed.

The three properties — 40, Amrita Shergill Marg; 18 Kautilya Marg, Chanakya Puri; and in the Diplomatic Enclave on Sardar Patel Marg — are not directly linked to Kapoor but officials said that he had tasked some top property dealers here for hunting some buyers to sell these assets to.

It is learnt that all the properties are linked to Kapoor’s wife Bindu Kapoor, who is also under the scanner as ED probes suspicious transactions of around Rs 4,300 crore.

Bindu Kapoor bought a luxurious bunglow at 40, Amrita Shergill Marg — a prime location in Lutyens’ Delhi — in the name of her company Bliss Abode Ltd while the other two properties belong to Bliss Villa (Delhi) Private Ltd.

Known for a flamboyant lifestyle and penchant for publicity, Kapoor, sources said, wanted to shift his base in the US, the UK or France by selling properties in Delhi and Mumbai soon after he got tip off about ED’s investigation against him.

It is suspected that he did not want to leave any of his property in India before shifting his base, said the source, adding the ED has began probing his three prime properties in Delhi which have a value of more than Rs 1,000 crore.

The source said that the property at Amrita Shergill Marg was bought from Avantha Realty, Gautam Thapar’s company which had borrowed money from Yes Bank.

According to sources, Kapoor’s wife had bought this property in the name of her company 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 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.

Amrita Shergill Marg is one of the most prime areas of Delhi and sources said that the property was priced at around Rs 450 crore.

The Chanakya Puri property is in the name of Bliss Villa (Delhi) Pvt Ltd which was incorporated on September 9, 1971. It is classified as non-government company and is registered at the Registrar of Companies, Delhi. Its authorised share capital is Rs 20,000,000 and its paid up capital is Rs. 18,374,800. The Directors of Bliss Villa (delhi) Private Limited are Bindu Kapoor, and Ajita Madhukar Potdar.

The third property in Diplomatic Enclave on Sardar Patel Marg is also a prime property linked to Rana but more information about the property could not be gathered.

It is learnt that the selling price of the Chanakya Puri and Sardar Patel property was fixed Rs 350 crore and Rs 250 crore, respectively.

The ED not only have started its probe into these three Delhi-based properties but also another property in Mumbai which was bought by Rana’s family on tony Altamount Road in Mumbai in 2018 for Rs 128 crore.

Jointly owned by Citibank and GlaxoSmithKline, the property is next to Mukesh Ambani’s 27-storey Antilla.

The ED as well as the CBI have registered separate cases against Rana Kapoor, his wife, their three daughters — Rakhee Kapoor Tandon, Roshni Kapoor and Radha Kapoor, and Dewan Housing Finance Ltd (DHFL) promoter Kapil Wadhwan for hatching a criminal conspiracy from April to June 2018 between for extending financial assistance to DHFL by Yes Bank Ltd. For this, the Kapoors were paid kickbacks of Rs 600 crore.

Kapoor was arrested by the ED on Sunday after hours-long questioning in Mumbai and was been sent by a Mumbai court in the agency’s custody till March 11.

Business

Cryptocurrency Hyper Fund under govt scanner

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The government is keeping a close eye on cryptocurrency floating in the market based out of the country folowing alert that agencies responsible to check financial fraud are watching a company called Hyper Fund.

Sources said Hyper Fund, a DEFI by Hyper Tech Group has come under the radar recently. The Group claims to have launched the Hyper Fund to provide a decentralized financial infrastructure. Hyper Fund was announced in mid-2020.

As per the company website it is led by Ryan Xu, however, with the Multi-Level Marketing (MLM) model Hyper Fund has been luring investors with higher returns and such offerings, a common practice under Ponzi Schemes, that got the authorities alerted in the first place.

According to sources, complaints against such Funds have started pouring in several states. In India, the RBI, Union Finance Ministry and SEBI had warned people against cryptocurrency trading. The RBI is planning to launch India’s official digital currency- E Rupee soon.

The Finance Ministry has clarified that Virtual currencies are also not legal tender. Hence, VCs are not currencies. The RBI has also clarified that it has not given any licence/ authorization to any entity/ company to operate or deal with Bitcoin or any virtual currency.

In June 2018, Amit Bhardwaj was arrested at the Delhi Airport by Pune police along with his brother Vivek Bhardwaj in connection with an alleged Ponzi scheme. Bhardwaj, started his own bitcoin mining operations and allegedly cheated more than 8,000 people to the tune of Rs 2,000 crore from across the country.

He has lodged a complaint with the Delhi Police special cell, alleging that he received an extortion call and was asked to pay protection money on September 6, 2021. He had setup multi-level marketing (MLM) scam by luring investors to give him Bitcoins in return for promised higher returns, police had alleged.

Regulators in UK have issued warning against such fund and the Financial Conduct Authority (FCA) have warnings issued for both Hyper Fund and Fund Advisor.

On its website, which was first published on in March 23 ,2021 and later updated on August 31, the FCA said, “We believe this firm may be providing financial services or products in the UK without our authorisation. Almost all firms and individuals offering, promoting or selling financial services or products in the UK have to be authorised or registered by us. This firm is not authorised by us and is targeting people in the UK.”

Warning investors about such fund, it further said: “You will not have access to the Financial Ombudsman Service or be protected by the Financial Services Compensation Scheme (FSCS), so you are unlikely to get your money back if things go wrong.”

The Website used by these companies as per FCA ar http://thehyperfund.online, https://thehyperfund.com/

Decentralised Finance (DEFI) offering through blockchain technology by HyperTech Group, which is said to be based out from Hong Kong, as sources said Indian Regulators and Authorities have started monitoring the situation.

Following the measures taken by financial regulators such as the US Security and Exchange Commission and the UK’s Financial Conduct Authority, Indian regulators and enforcement authorities have started monitoring investment in Hyper Fund — a Decentralised Finance offering through blockchain technology by HyperTech Group.

Globally, Financial regulators acknowledge the fact that Ponzi scheme organizers often use the latest innovation, technology, product or growth industry to entice investors and give their scheme the promise of high returns. Potential investors are often less skeptical of an investment opportunity when assessing something novel, new or “cutting-edge.” On its website, Hyper Fund claims to be �The Strongest Rocket in Blockchain Finance’

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Greed & Fear: Profit booking, global volatility to impact stock moves

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Sky-high valuations along with global tapering fears will impact stock market movements during the upcoming week.

Accordingly, market observers, pointed out high possibility of profit booking led slide on the back premium valuations and likely absence of positive domestic triggers.

Nonetheless, key indices — S&P BSE Sensex and NSE Nifty50 — are expected to reach new intra-day record highs of 60,000 points and 18,000-mark, respectively.

Last Friday, the Sensex closed at 59,015.89 points after making an intra-day record high of 59,700, while Nifty ended the day’s trade at 17,585.15 points.

It had breached the 17,790 level intra-day on last Friday.

“Broad market correction amidst high volumes gives the first hint of distribution,” said Deepak Jasani, Head of Retail Research, HDFC Securities.

“An adverse US Fed meet outcome next week could accelerate the correction that is typical in September, especially in the US markets.”

According to Motilal Oswal Financial Services’ Retail Research Head Siddhartha Khemka: “Valuations are not comfortable and hence could lead to bouts of profit booking. The weak global cues on account of worry over slower economic growth and rising Delta variant cases globally would keep market oscillating between greed and fear.”

“Nervousness would be seen in the market next week ahead of Federal Reserve and ECB meeting, which could provide some indications on when the central banks will start withdrawing their monetary stimulus and start raising interest rates eventually.”

Any timelines for tapering measures in the US can potentially drive FPIs (Foreign Portfolio Investors) away from emerging markets such as India.

Significantly, the recent sizeable inflow of FPI funds has been credited to have lifted the domestic markets to record high levels.

In addition, Geojit Financial Services’ Research Head Vinod Nair said: “In the coming week, the global focus will be on the policy meetings of a few central banks including the Fed.”

“With weak US job data and inflation increasing at a slower pace, Fed is not expected to hint on taper plans in the upcoming meeting.”

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Covid might shift India’s growth model

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 The Covid-19 pandemic could act as an inflection point to shift India’s growth model from being consumption driven to investments-led.

In its Ecoscope report, Motilal Oswal Financial Services, said: “With Covid-19 hurting India’s ‘Household’ (HH) and ‘Government’ sectors adversely, the continuity of strong consumption growth is in question.”

“On the contrary, with listed companies’ financial positions improving and an uptick in household investments in the Real Estate sector (called physical savings), the narrative of investment-led recovery is gaining momentum.”

The report prescribed that various economic participants – households, governments, listed companies, and unlisted corporates — to increase their fixed asset investments in the immediate future based on their financial position.

At present, the listed and unlisted corporate sector accounts for only about half of total investments in India.

The ‘HH’ sector including unincorporated enterprises accounts for 35-40 per cent in India’s investments, while the remaining 12-13 per cent is contributed by centre and states governments.

Besides, the report cited that demand environment is expected to remain subdued due to weak financial position of ‘HH’ and government sector.

“Despite household investments picking up strongly in 2HFY21, given that Indian households bore the maximum brunt of Covid-led losses in CY20 (and CY21), we believe household spending would remain subdued over the next few years.”

It further pointed out that unless ‘HH’, ‘Unlisted Corporate’, and government sectors can improve their financial positions — leading to a demand uptick — a strong revival in investments seems challenging.

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