Rana Kapoor to ED: Was Forced to Buy MF Hussain’s Painting from Priyanka Gandhi to Avoid Impact on Yes Bank

Shivani Thakur

Published on: April 25, 2022 at 18:23 IST

Yes Bank founder Rana Kapoor has told the Enforcement Directorate (ED) that he was forced to purchase a painting by Artist MF Husain from Congress Leader Priyanka Gandhi Vadra, for ₹2 crore in 2010.

A Charge-sheet filed against Rana Kapoor by the Central Agency in connection to the Money Laundering Case involving the Dewan Housing Finance Limited (DHFL).

Kapoor is accused of having obtained undue pecuniary advantage from Dewan Housing Finance Limited in the matter of investment of Rs. 3,700 Crores by the bank in the debentures of Dewan Housing Finance Limited with Kapoor allegedly getting a kickback of Rs. 600 crores from one of the promoters of Dewan Housing Finance Limited.

He clarified that the only business relationship he had with Deoras at that time was Priyanka Gandhi Vadra having sold him a painting by artist MF Hussain.

“Despite my (Kapoor’s) best efforts to avoid this deal they (Deoras) were exceptionally persistent to finalise the deal rapidly. …(during a meeting) late Murli Deora told me in no uncertain terms that any further delay in purchasing the painting could have adverse repercussion on me and on my Yes Bank and it could Jeopardise my relationship with Deora family. He had tried to convince me that it will also not permit me ever to build me a relationship with Gandhi family..,” Kapoor stated.

Mr. Milind Deora had actively co-ordinated this final closing meeting. I wish to state for this deal, I had made payment of ₹2 crores through cheque of my personal account in HSBC Bank…” the Charge-sheet specified.

A few weeks later, Kapoor was informed by Milind Deora that the money received towards the sale proceeds had been utilised by the Gandhi family for medical treatment of Congress President Sonia Gandhi in New York.

Ahmed Patel, a close confidante of Sonia Gandhi, informed Kapoor that “after supporting the Gandhi family at an opportune time it would be duly considered for Padma Bhushan”, the Charge-sheet stated.

I was informed that by supporting the Gandhi family at an opportune time for the medical treatment of Sonia Gandhi, it would be duly considered for Padma Bhushan,” Rana Kapoor to ED.

The statement by Kapoor of 2020 became relevant when Bharatiya Janata Party leader RP Singh reportedly uploaded a letter written by Vadra to Kapoor confirming that Kapoor purchased a Husain painting from her for Rs. 2 Crores.

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