New Delhi: Enforcement Directorate on Thursday attached assets worth over ₹2,200 crore of Yes Bank founder Rana Kapoor, DHFL’s insolvent promoters Kapil and Dhiraj Wadhawan in the Yes Bank money laundering case, said officials.
ED attached Kapoor’s properties worth around ₹1,100 crore, including a bungalow at Mumbai’s Peddar Road, six flats at Mumbai’s plush Malabar Hill locality, ₹48-crore property at Delhi’s coveted Amrita Shergill Marg. Also attached are a property in New York, two in London, a commercial property in Australia and five luxury cars. Kapoor and his family members own these properties.
” ₹1,412 crore worth properties belonging to Kapil and Dhiraj Wadhawan stand attached,” an ED official told Mint.
Earlier this week, Hindustan Times had reported, while quoting people familiar with development on condition of anonymity, that ED is set to attach a Central London property as well as fixed deposits worth around ₹50 crore belonging to Rana Kapoor next week, .
The attachment of property in London is the first major overseas act by the investigative agency in the case , which deals with Kapoor’s alleged use of the bank to extend loans in exchange for “kickbacks” as detailed in ED’s 6 May, 2020, chargesheet against Kapoor.
Last week, a special court in Mumbai granted interim protection from arrest till July 11 to Yes Bank founder Rana Kapoor in a case registered against him by the CBI for allegedly obtaining illegal gratification from a realty firm.
He was booked by the central investigating agency in March this year for allegedly obtaining ₹307 crore bribe in the purchase of a Lutyen’s zone bungalow in New Delhi from Avantha Group to go easy on around ₹1,900 crore bank loans to the seller’s group companies.
The Wadhawans were arrested by the CBI in another case in connection with the Yes Bank scam. The ED is separately probing allegations of ₹600 crore paid to a company controlled by the bank’s former CEO Rana Kapoor and his family members by a company linked with the scam-tainted DHFL.
“Rana Kapoor perpetrated the entire scam by firstly taking money out of Yes Bank under the garb of debentures and loans, by abusing his position in the bank and secondly, receiving kickbacks/gratification for the same,” ED’s chargesheet said in May. ED has pegged the proceeds of crime at ₹5,050 crore and says a complex web of at least 100 shell companies was used to channel this money.
Loans worth around ₹30,000 crore given under the tenure of Rana Kapoor (he co-founded the bank in 2004 and was MD-CEO till January 2019) have turned into bad loans and out of these, ₹20,000 crore have become NPAs (non-performing assets), according to ED.
The Wadhawans were arrested in April by the CBI in the Yes Bank scam. The investigative agencies are also probing the transactions between Kapoor’s family and the Wadhawans of DHFL, which is facing insolvency proceedings and owes creditors around ₹36,000 crore.
The CBI has said investigations by its Economic Offence Wing into alleged deals worth ₹5,050 crore found the Kapoor family received kickbacks in exchange for giving Yes Bank loans to the Wadhawans of DHFL through various channels and in gross violation of rules.
Kapoor is said to have used investment companies to get undue benefits from the Wadhawans after influencing Yes Bank to extend large loans to DHFL and other Wadhawan companies by flouting rules, according to the CBI.
Mint is a sister publication of Hindustan Times.
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