MUMBAI: The Enforcement Directorate (ED) on Wednesday submitted a chargesheet against Yes Bank founder Rana Kapoor, his wife Bindu, and their three daughters in a special court under the Prevention of Money Laundering Act (PMLA). The central probe agency investigated Rs 600-crore received by the Kapoors as kickback in the form of loans from scam-tainted Dewan Housing Finance Corporation Ltd (DHFL).
The ED also named three companies owned by the Kapoors—Morgan Credit Pvt Ltd, Yes Capital India Pvt Ltd and Rab Enterprises—in the case.
The ED is investigating a money-laundering case worth Rs 5,050 crore against the Kapoors and others. Kapoor (62) was arrested on March 8.
The chargesheet contained documents of the provisionally attached Kapoor family associated 168 bank accounts with Rs 52 crore deposits, list of 101 companies, and 58 paintings worth Rs 4 crore, including an an MF Husain painting of former PM Rajiv Gandhi which Kapoor had purchased from Congress leader Priyanka Gandhi for Rs 2 crore.
The chargesheet mainly focused on the transactions between Yes Bank, DHFL and companies associated with Kapoor and DHFL promoters Kapil and Dheeraj Wadhawan. The chargesheet covered the Rs 600-crore money-laundering investigation. There will be a separate chargesheet related with the remaining transactions which will also include the role of DHFL promoters in the case, said officials.
It is the EDs case that Yes Bank, then headed by Kapoor, had given Rs 3,700-crore loan to DHFL group. In lieu of that, DHFL group paid Rs 600-crore kickback to Kapoor in form of loan to DOIT Urban Ventures, a company owned by Kapoors three daughters, through Morgan Credit Pvt Ltd.
It is alleged that Yes Bank also gave Rs 750-crore loan to Belief Realtors for an SRA redevelopment project at Bandra, but the realty firm immediately transferred the money to KYTA Advisors through three other group companies. KYTA further transferred the amount to RIP Developers, which then transferred it to DHFL. All these companies were controlled by Wadhawan brothers. Of the Rs 750 crore, DHFL transferred Rs 450 crore to Radius Group and Paresh Shah Group in the form of loan, who then transferred the money to Yes Bank to settle their previous due with the bank. Read More – Source
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