ED attaches assets worth Rs 2,600 cr in YES Bank money laundering case
The Enforcement Directorate (ED) officials have attached properties worth 2,600 crore belonging to Rana Kapoor and Dewan Housing Finance Limited (DHFL) promoters, Dheeraj Wadhawan and his brother Kapil, in connection with the Rs 3,642-crore YES Bank money laundering case, according to SK Mishra, director, ED.Updated: Jul 09, 2020 20:15 IST
The Enforcement Directorate (ED) officials have attached properties worth 2,600 crore belonging to Rana Kapoor and Dewan Housing Finance Limited (DHFL) promoters, Dheeraj Wadhawan and his brother Kapil, in connection with the Rs 3,642-crore YES Bank money laundering case, according to SK Mishra, director, ED.
Properties worth Rs 1,200 crore belongs to Kapoor, while the rest (Rs 1,400 crore) is owned by DHFL.
“The properties mainly include 12 apartments, and land parcels in New York, London, Australia, Mumbai, Delhi, and Pune,” said an ED official.
On Thursday, ED attached 12 flats, including in Khar, Mumbai; New York; London; property in Australia, two land parcels in Pune and Mulshi, five luxury vehicles, and 344 bank accounts worth Rs 1411.9 crore of Kapil and Dheeraj Wadhawan, and others.
The agency attached a building at Cumbala Hill, three duplex apartments at Napean Sea Road, a flat at Nariman Point, eight flats at Worli in Mumbai, and a bungalow at Amrita Shergill Marg, New Delhi, totaling to Rs 792 crore belonging to Rana Kapoor and others.
The attachment drive is likely to continue, as more properties of the accused are under scanner, the ED official added.
The Central Bureau of Investigation (CBI) had registered a case on March 7, in connection with the suspicious loans granted by the YES bank and quid pro quo between Kapoor and the Wadhwans.
ED had arrested Kapoor on the following day under the Prevention of Money Laundering Act (PMLA), 2002.
The authorities have found that YES Bank had invested Rs 3,700 crore in short-term debentures of Dewan Housing Finance Corporation (DHFL) between April and June, 2018.
In lieu, Kapoor was allegedly paid “kickbacks” to the tune of Rs 600 crore by DHFL promoter, Kapil Wadhawan.
DHFL had sanctioned a loan to DoIT Urban Ventures (India) Pvt Ltd, a wholly-owned subsidiary of RAB Enterprises in which Kapoor’s wife Bindu is a director and 100% shareholder, the CBI had stated in its FIR.
Kapoor’s three daughters, Rakhee Kapoor Tandon, Roshni Kapoor, and Radha Kapoor, are also 100% shareholders in DoIT Urban Ventures.
It is on the basis of the CBI case that the ED began its probe into allegations of money laundering by Kapoor and was subsequently arrested in March.
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 its market valuation.
In the past, Thapar had mortgaged the bungalow for a corporate loan of Rs 600 crore, but he sold it for Rs 380 crore to Bliss Abode Pvt Ltd in which Kapoor’s wife was a director at the time.
ED said Kapoor was instrumental in sanctioning loans to the tune of Rs 30,000 crore, of which Rs 20,000 crore have turned into non-performing assets (NPAs).
Kapoor allegedly accepted illegal gratification while granting loans and the money was diverted through these companies.
ED had stated that “Kapoor, with an intent to create an elaborate ecosystem for diversion and laundering of funds, had created multiple entities in India and abroad. These companies were acting as a vehicle of money laundering and placement of funds, and the family members and close associates were put in as directors of these firms.”
Kapoor is under investigation for suspected money laundering along with his family members, through over 100 shell companies that are being probed for diversion of funds.
He is also under probe for his alleged role in engendering massive NPAs that led to a moratorium by the Reserve Bank of India (RBI) on YES Bank.
ED in its charge sheet filed against Rana Kapoor, wife Bindu, daughters Rakhee, Roshni and Radha along with entities allegedly associated with them including Morgan Credits, RAB Enterprises (India) Private Limited and Yes Capital India Private Limited had pegged the fraud at Rs 5,050 crore with 168 bank accounts being under the scrutiny of the central agency. The agency had provisionally attached 59 expensive paintings, including an MF Husain portrait of Rajiv Gandhi.