Overview
- Worli police registered a criminal case naming Rana Kapoor, Sudhir Walia and others under sections 409 and 120B, and said no arrests have been made.
- The case stems from a complaint by Lakhminder Dayal Singh of Saffair Land Development, who alleges an illegal transfer of mortgaged HDIL assets to Suraksha ARC.
- The FIR claims properties worth about Rs 1,000 crore were moved and later sold below market rates without the borrower being tagged as a non-performing asset.
- The complaint also alleges Yes Bank routed Rs 22.5 crore as margin money to Suraksha ARC through multiple accounts to help seize the properties.
- Asset reconstruction companies buy or collect troubled loans, and shifting a loan to an ARC without an official bad-loan label can raise legal questions about valuation, process, and borrower rights.