Forced to buy MF Husain painting from Priyanka Gandhi to avoid repercussions on Yes Bank: Rana Kapoor to ED

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. .This deposition came in a statement he gave to the ED which reflected in the supplementary chargesheet filed by the 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 DHFL in the matter of investment of ₹3,700 crores by the bank in the debentures of DHFL with Kapoor allegedly getting a kickback of ₹600 crores from one of the promoters of DHFL..Kapoor, who is presently in judicial custody, explained to the central agency, his association with the former Congress MP, Milind Deora, son of late Murli Deora, former Rajya Sabha member.He clarified that the only business association he had with the Deoras was during the time, Priyanka Gandhi Vadra sold him a painting by artist MF Husain..He described the transaction as a “force sale for which he was never ready”.“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..Kapoor was also allegedly told me that any deviation on his part to close the deal would definitely prevent him from getting the Padma Bhushan, the third-highest civilian honour in India.Apprehending enmity with the two most powerful families involved, Kapoor claimed he hesitatingly proceeded with the deal given the overhanging threat involved.“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 chargesheet 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..Subsequently, even 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 chargesheet stated.However, Kapoor clarified in the chargesheet, that he never received the award and felt cheated in the matter..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 recently after 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 ₹2 crores. Terming it as a political vendetta, the present Congress members questioned the credibility of Kapoor's statement, considering he was an accused in several money laundering cases.

Forced to buy MF Husain painting from Priyanka Gandhi to avoid repercussions on Yes Bank: Rana Kapoor to ED

Neha Joshi

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