Yes Bank case: ED attaches assets in money laundering case against Rana Kapoor

Some foreign assets of Mr. Kapoor have also been frozen by the central agency.

Some foreign assets of Mr. Kapoor have also been frozen by the central agency.   | Photo Credit: Emmanual Yogini

The Enforcement Directorate has attached assets worth over ₹2,200 crore in connection with the money laundering case against Rana Kapoor, the then promoter-director of Yes Bank and others. 

“The present market value of these assets, located in India and abroad, is more than ₹2,800 crore. They also include bank accounts, investments and luxury vehicles. The properties belong to Mr. Kapoor, Kapil Wadhawan, Dheeraj Wadhawan and the entities controlled by them,” said an agency official. 

Also Read | Yet another case against Yes Bank’s Rana Kapoor

3 duplex flats

The assets linked to Mr. Kapoor are worth ₹792 crore on paper, with the market value of ₹1,400 crore. They include a residential building “Khursidabad” in Cumbala Hill, three duplex flats along Napean Sea Road, one flat at Nariman Point and eight flats at Worli in Mumbai. 

A bungalow at 40-Amrita Shergill Marg in Lutyens’ Delhi, having market value of ₹685 crore, has also been attached. 

Properties related to the Wadhawans include 12 flats at Khar (West) in Mumbai, one in New York and two more in London, besides two land parcels in Pune and Mulshi, one commercial property in Australia, five luxury vehicles and 344 bank accounts.

Also read: Yes Bank’s Rana Kapoor denied bail

Two CBI cases

The ED probe is based on two cases instituted by the Central Bureau of Investigation in March. 

The first case alleged that during April-June 2018, Yes Bank had invested ₹3,700 crore in Dewan Housing Finance Corporation Limited (DHFL), in lieu of a kickback of ₹600 crore in the form of loan to DOIT Urban Ventures (India), which belonged to Mr. Kapoor’s family members. 

Among those named were Mr. Kapoor, daughter Roshni Kapoor, DHFL, Kapil (DHFL managing director) and Belief Realtors, RKW Developers and its director Dheeraj Wadhawan, and DOIT Urban Ventures (India). 

Investigations revealed that Yes Bank had also sanctioned a loan of ₹750 crore to a RKW Developers group company, beneficially owned by the Wadhawans, for their Bandra reclamation project in Mumbai. However, the whole amount was allegedly siphoned off via a large number of shell firms. 

In the second case, it was alleged that Mr. Kapoor, as the managing director and chief executive officer of Yes Bank, had received illegal gratification in the form of the Lutyens’ Delhi property. 

The bungalow was sold for only ₹378 crore to Bliss Abode Private Limited, in which Mr. Kapoor’s wife Bindu was a director. 

The alleged kickback was for securing a loan to the Avantha Reality Limited, giving concessions, relaxations and waivers in the already existing credit facilities to the Avantha Group companies, and for advancing new/additional loans to them. 

Earlier, the ED had attached bank deposits to the tune of ₹115 crore of various companies linked to Mr. Kapoor and seized jewellery worth ₹22.87 crore, besides seven high-end cars worth ₹12.58 crore of the Wadhawans.

The agency had also arrested Mr. Kapoor, Kapil and Dheeraj Wadhawan on money laundering charges. The Wadhawans were earlier arrested by the CBI on April 26.

Last month, in the same case, the ED had searched some Mumbai premises linked to the Cox & Kings group. It alleged bank fraud involving ₹3,642 crore.

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Printable version | Aug 9, 2020 8:59:29 PM |

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