Yes Bank crises: ED summons corporate bigwigs

Widening its probe into the ongoing crises at YES Bank, the Enforcement Directorate (ED) has summoned Kapil Wadhawan of Dewan Housing Finance Limited (DHFL); Naresh

Widening its probe into the ongoing crises at YES Bank, the Enforcement Directorate (ED) has summoned Kapil Wadhawan of Dewan Housing Finance Limited (DHFL); Naresh Goyal of Jet Airways; Subhash Chandra of Essel Group; and Gautam Thapar of Avantha Realty in connection with the money laundering case against YES Bank. The businessmen have been summoned to between March 17 and March 21.

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“Dr. Chandra will certainly be present to make the statement and will be more than happy to extend any support or co-operation requested by ED. The Group wishes to clarify that most of the credit facilities were availed for its infrastructure business and there is no debt on ZEEL, ZMCL, etc,” a statement from Essel Group read, adding that all credit facilities it had availed were fully secured. Chandra has been summoned to appear on March 18.

A statement from Indiabulls Housing Limited (IBHL) read, “We have not received any such summon. Indiabulls Housing has no term loans outstanding from YES Bank. Sameer Gehlaut or any company related to him or his relatives have no loans outstanding from YES Bank.” The statement also urged caution against rumours. “Kindly do not get influenced by incorrect rumours which keep getting floated. As per info, summons are to various companies whose loans have gone bad. We are not in that category and Indiabulls Housing has no loans outstanding from YES Bank,” read the statement.

Despite repeated attempts, Goyal was not available for comment.

DHFL and Avantha Realty have been part of the Central Bureau of Investigation’s (CBI) investigations into Kapoor.