The Enforcement Directorate has started the process for attaching over a dozen properties in the posh localities of Delhi and Mumbai in connection with the case against crisis-hit Yes Bank’s promoter-director Rana Kapoor and others. Assets have also been located in the United Kingdom, United States and France.
The ED probe has revealed that the accused persons had invested about ₹6,000 crore through 78 companies, most of which were floated in the name of Mr. Kapoor’s wife and daughters, said a senior official.
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“Five of the prime assets are in Delhi. They include the properties on Sardar Patel Marg, Kautalya Marg and Amrita Shergill Marg in Lutyens Delhi, one in the adjoining Jor Bagh and another one in Hauz Khas. Their evaluation is being done,” the official said.
Several properties in Mumbai have also come under the agency’s scanner under the Prevention of Money Laundering Act (PMLA).
“Mr. Kapoor was also involved in a couple of companies. While the on-paper records indicate investment of about ₹6,000 crore through the 78 entities, cash components could be linked to the transactions that are being scrutinised,” the official said.
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Following the money trail, the agency has also zeroed in on at least three properties in London, New York and France. “In a New York hotel, £20.66 million was invested and £30 million pounds was invested in a hotel in London,” the official said.
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While investigations into the domestic assets are under way, the agency plans to approach the authorities in these three countries for getting more information about the properties in question.
Before a Mumbai court, the ED has said that during Mr. Kapoor's tenure, loans to the tune of ₹30,000 crore were given to various entities and ₹20,000 crore turned non-performing assets.
According to the agency, the usual modus operandi adopted by the accused persons was to extend loans through Yes Bank to companies in lieu of investments in the ones floated by them.
The ED's case is based on an FIR registered by the Central Bureau of Investigation on March 7. Among those named are Mr. Kapoor, Dewan Housing Finance Corporation Limited (DHFL), DOIT Urban Ventures (India) Private Limited, RAB Enterprises (India) Private Limited, Morgan Credits Private Limited and RKW Developers Private Limited.
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The others include Kapil Wadhwan, promoter director of DHFL; Bindu Rana Kapoor, then director of RAB Enterprises; Roshini Kapoor, director of Morgan Credits and DOIT; Rakhee Kapoor Tandon, director of Morgan Credits; Radha Kapoor Khanna, director of Morgan Credits and DOIT; and Dheeraj Rajesh Kumar Wadhawan, director of RKW Developers.
It is alleged that Yes Bank invested ₹3,700 crore in DHFL, for which Mr. Kapil Wadhawan paid ₹600 crore to Mr. Kapoor and his family members in the garb of a builder loan, given by DHFL to DOIT.