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Published On: Thu, Jul 9th, 2020

ED attaches Rana Kapoor’s properties worth Rs 1,400 crore

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Rana Kapoor, the founder of Yes Bank is pictured after his arrest in Mumbai on March 8, 2020. - The founder of India's Yes Bank was arrested on allegations of money laundering on March 8, amid efforts to formulate a rescue plan for the country's fourth-largest private lender. (Photo by Bhushan KOYANDE / AFP)

NEW DELHI/MUMBAI: The Enforcement Directorate (ED) has attached properties worth Rs 1,400 crore belonging to Yes Bank’s co-founder Rana Kapoor as part of its money laundering probe against him.Rana Kapoor and his family’s properties include a residential building and a number of flats in Mumbai. A bungalow in Delhi’s upscale Amrita Shergill Marg worth Rs 685 crore has been seized as well. Rs 50 crore in fixed deposit has also been seized by the agency.

 

 

 

Two cases registered against him in connection with the bank’s fraud case. ED has alleged that he had purchased properties with the money that was a part of the kickbacks given by companies given in exchange for massive loans.
In the first case, the first information report (FIR) had alleged that the bankrupt YES Bank had invested Rs 3,700 crore in short-term debentures of Dewan Housing Finance Corporation (DHFL) between April and June 2018.
In the second case, CBI alleged that Kapoor and his wife bought a bungalow from Avantha Group promoter Gautam Thapar at a much lower price than it’s market valuation.

Earlier, the special Central Bureau of Investigation (CBI) court in Mumbai had granted protection to Rana Kapoor from arrest by CBI until July 11 in two cases registered against him in connection with the bank’s fraud case.
The central agency has not only attached properties belonging to Kapoor, but also attached properties of Kapil and Dheeraj Wadhawans worth Rs 1,412 crore including 12 flats in Mumbai, 1 in New York, 2 in London, 1 commercial property in Australia and 5 luxury cars.
The agency had earlier attached bank deposits of Rs 115 crore of various companies of Rana Kapoor and seized jewellery worth Rs 22.87 crore and seven luxury cars worth Rs 12.58 crore belonging to the Wadhawan family.
The agency has accused Rana Kapoor, his family members and others of using Yes Bank to extend big loans in exchange for “kickbacks” that the bank later turned into non-performing assets (NPA).
Both Enforcement Directorate and the Central Bureau of Investigation (CBI) have already filed chargesheets in May and June respectively against Rana Kapoor and his family.

The CBI had filed a chargesheet against Rana Kapoor, his wife Bindu and daughter Roshini among others last month in connection with an alleged Rs 600 crore bribe received from scam-tainted DHFL promoter Kapil Wadhawan.

Rana Kapoor, 62, his wife and three daughters are among 13 accused named by the CBI in a spiralling investigation into bribery and money-laundering linked to Yes Bank, India’s fourth largest private lender. Several raids were conducted in locations linked to the family and Rana Kapoor was arrested in March. He is currently in judicial custody.
(With Agency Inputs ).

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