The Central Bureau of Investigation (CBI) on Monday searched several locations in Mumbai in connection with a first information report registered against Yes Bank founder Rana Kapoor on Sunday.
The FIR, which has been registered under sections of the Indian Penal Code and the Prevention of Corruption Act, names Mr. Kapoor’s wife, Bindu, and daughters, Roshni, Radha and Rakhee, as accused, along with Dheeraj and Kapil Wadhawan.
The Banking Regulations Act treats office-bearers of private banks on a par with public servants when public money is involved, and hence permits law enforcement agencies to invoke the anti-corruption Act against them wherever there are enough grounds to do so.
CBI officials said that searches were conducted at the offices of RKW Developers and Dewan Housing Finance Ltd. (DHFL), both owned by the Wadhawans, in Bandra East, at the office of DOIT Urban Ventures, owned by the Kapoors, on Elphinstone Road and at the Kapoor residence at the Samudra Mahal building in Worli.
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“Inquiries so far indicate that from April to June 2018, Yes Bank invested ₹3,700 crore in short-term debentures of DHFL. Simultaneously, Yes Bank received a kickback of ₹600 crore in the garb of a ‘builder loan’ by DHFL to DOIT Urban Ventures, a wholly owned subsidiary of RAB Enterprises of which Mr. Kapoor’s wife, Bindu, is a director and a 100% shareholder. Further, their daughters, Roshni, Radha and Rakhee, are 100% shareholders of DOIT through Morgan Credits Ltd,” a CBI officer said.
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The officer added that the supposed loan from DHFL to DOIT was sanctioned on the basis of the mortgage of a sub-standard property with a very meagre value, on consideration of its future conversion from agricultural land to residential.
Money trail
“Not only that the amount of ₹3,700 crore has not been redeemed by Yes Bank till date, the Bank also sanctioned another loan of ₹750 crore to RKW Developers, of which Dheeraj Wadhawan is a director. RKW is a company owned by the DHFL group which was created to oversee a construction project at the Bandra Reclamation project. However, the entire amount was transferred from RKW to DHFL without being invested in the project for which the loan was sanctioned,” the officer said.
The CBI seized a large number of documents as well as electronic storage devices from all the properties searched on Monday.
