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Mumbai Police file fresh FIR accusing Rana Kapoor and Sudhir Valia of ₹1000 crore fraud in asset transfers
Business
Published on 16 May 2026
Recovery rights shifted to an ARC after just 10 months
Mumbai Police’s Economic Offence Wing has registered a fresh FIR against former Yes Bank co-founder Rana Kapoor, investor Sudhir Valia, and unnamed officials, alleging a ₹1,000-crore fraud tied to loan assignment and sale of mortgaged assets. The complaint says Sapphire Land Development secured a ₹150-crore credit facility in September 2016, but recovery rights were transferred to Suraksha ARC within 10 months despite a 36-month repayment period. The FIR also alleges prime properties were sold at undervalued rates without proper NPA classification or independent valuation.
- FIR names Rana Kapoor, Sudhir Valia, and several unnamed bank officials
- Alleged fraud amount: about ₹1,000 crore, tied to Sapphire Land Development
- Loan credit facility claimed: ₹150 crore for a project across 16 acres
- Recovery rights reportedly transferred to Suraksha ARC within 10 months
- Properties were allegedly sold undervalued, including multiple malls and land rights
- Case filed under IPC sections 420 and 120-B
Read the full story at The Economic Times
This summarization was done by Beige for a story published on 
The Economic Times