Graft allegations, murky dealings and suspicious financial transactions that marked the downfall of the Congress in the year 2014 have come back to haunt the grand old party. And this time around it is Priyanka Gandhi Vadra’s alleged sale of a portrait for Rs. 2 crore to Rana Kapoor, the founder and MD-CEO of the NPA inflicted, Yes Bank.
The downfall of Yes Bank has taken place in rather suspicious circumstances. In the past few years, almost all the companies whom Yes Bank loaned large sums without much scrutiny, for example, like-Dewan Housing Finance, Essel group, CG Power, Anil Ambani group, and Videocon, have gone bust.
There was a belief among the industrialists that even if all banks refused to give money for a project, Rana Kapoor led Yes Bank would surely lend. Yes Bank gave huge loans for many projects, which were unviable in the assessment of other banks, at an interest rate higher than that of its peers.
Although, Rana Kapoor tried to mask the failure of loans and rising NPAs through creative accounting, but, RBI got the signal that everything is not OK with the Yes bank which had become darling of the private investors in the last few years.
While the downfall of Yes Bank triggered some nasty comments from the Congress which tried to target Modi government over the downfall of the Rana Kapoor led Banking Company.
Rahul Gandhi tweeted, “No Yes Bank. Modi and his ideas have destroyed India’s economy.”
No Yes Bank.
Modi and his ideas have destroyed India’s economy.
— Rahul Gandhi (@RahulGandhi) March 6, 2020
However, Congress’ ploy to train guns at PM Modi over the downfall of Yes Bank has turned out to be a massive self-goal as some damning details have emerged exposing a Congress-Gandhi link with the Yes Bank founder, Rana Kapoor.
As per news reports, it has been alleged that Priyanka Gandhi had sold a portrait of her father made by MF Hussain to Rana Kapoor at a hefty price of Rs. 2 crore, the proof of which is said to be her Income Tax Return of 2010 which shows this massive sum as her income.
https://twitter.com/amitmalviya/status/1236536922735906816
Why would Rana Kapoor want to buy a portrait of Rajiv Gandhi at such an exorbitant amount? What makes the transaction further suspicious is the fact that the price of the painting was decided Priyanka Gandhi Vadra herself and no expert valuation took place.
The sale of portraits requires certification from experts for the purpose of valuation. In fact, Rana Kapoor has more than 40 exquisite paintings in his possession. But there is no certificate of valuation particularly in the case of Rajiv Gandhi’s portrait only.
A pertinent question that arises here is as to what is so special about Priyanka Gandhi Vadra’s painting that Rana Kapoor simply purchased it at a price quoted by the Gandhi scion without any valuation by an expert.
Unreasonably expensive paintings have been time and again identified as instruments of money laundering. It is seen by experts as an “ideal playing ground” for money laundering. Priyanka Gandhi Vadra’s suspicious portrait sale to the Yes Bank founder and former MD-CEO also gives rise to such doubts.
Now, as the Yes Bank scam unfolds, the investigations can land the Congress and the Gandhis into trouble if damaging details of more such murky dealings and links with Rana Kapoor come out.