Yes Bank scam: ED attaches ₹2,600-crore properties of DHFL and Rana Kapoor
Enforcement Directorate (ED) officials on Thursday attached properties worth ₹2,600 crore belonging to Rana Kapoor and Dewan Housing Finance Corporation Limited’s (DHFL) Dheeraj and Kapil Wadhawan in connection with the ₹3,642-crore Yes Bank money laundering case. Among these were apartments in Mumbai owned by Kapoor and two land parcels in Pune owned by the Wadhawans. Director of ED, SK Mishra has confirmed the development.
Altogether, properties with a current market value of ₹1,200 crore, belonging to Kapoor; and properties worth approximately ₹1,400 crore belonging to DHFL, have been attached by ED so far. “The properties include 12 apartments and land parcels in New York, London, Australia, Mumbai, Delhi and Pune,” said an ED official on condition of anonymity. The attachment drive is likely to continue as more properties of the accused are under scanner, the ED official added. Kapoor is the co-founder and former managing director of Yes Bank. Dheeraj and Kapil Wadhawans are promoters of DHFL.
ED has attached 12 flats in Khar; one flat in New York; two flats in London; property in Australia, two land parcels in Pune and Mulshi; five luxury vehicles and 344 bank accounts belonging to the Wadhawans and others. The valuation of these assets is worth ₹1,411.9 crore. The agency has also attached a building at Cumballa Hill, three duplex apartments at Nepean Sea Road, a flat at Nariman Point, eight flats in Worli and a bungalow in New Delhi’s Amrita Shergill Marg, all of which are owned by Kapoor and others.
The Central Bureau of Investigation (CBI) had registered a case on March 7, in connection with suspicious loans granted by Yes Bank and an alleged arrangement between Kapoor and Wadhwans. Kapoor is being probed for suspected money laundering using over 100 shell companies and for engendering massive non-performing assets (NPAs), which led to a moratorium on Yes Bank by the Reserve Bank of India (RBI).
Kapoor was arrested on March 8 after ED charged him with money laundering. Kapoor also allegedly bought debentures worth ₹3,700 crore of DHFL, which have not been redeemed till date and against which the Wadhawans allegedly paid a kickback of ₹600 crore to Kapoor, in the form of a loan to a company registered to Kapoor’s daughters. The loan was given against properties whose value was shown to be ₹750 crore even though their market value was ₹40 crore.
ED has alleged that during his tenure, Kapoor sanctioned loans worth ₹30,000 crore out which accounts worth ₹20,000 crore have turned into NPAs. Kapoor also allegedly accepted illegal gratification while granting loans and money was diverted through these companies. In a charge sheet filed on May 6, ED said, “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.”
The charge sheet – filed against Kapoor, his wife Bindu, daughters Rakhee, Roshni and Radha along with entities allegedly associated – pegged the fraud at ₹5,050 crore. The agency had also provisionally attached 59 expensive paintings, including one by artist MF Husain.