Yes Bank’s Rana Kapoor And Wadhwans Indulged In A Rs 5,000 Fraud: ED

After the supplementary charge sheet, filed earlier this month, revealing that RAB Enterprises, fully owned by Rana Kapoor’s wife Bindu, had received funds to the tune of ₹832 crore. It said that Bindu, who is a housewife, had no idea where the money came from and why.

Now, the Enforcement Directorate (ED) has alleged that Yes Bank co-founder Rana Kapoor and Dewan Housing Finance Limited (DHFL) promoters Kapil and Dheeraj Wadhawan siphoned off funds worth ₹ 5,050 crore through suspicious transactions. This is the second supplementary chargesheet filed recently against Rana Kapoor, his family, Wadhawans and others in a money laundering case.

The ED said investigation has revealed that Yes Bank had bought debentures worth ₹ 3,700 crore between April 2018 and June 2018 from DHFL. Therefore, the amount was transferred to DHFL. Subsequently, DHFL gave a loan of ₹ 600 crore to DOIT Urban Ventures Pvt Ltd (an entity, beneficially owned by Rana Kapoor and his family).

“Rana Kapoor, DHFL promoters Kapil Wadhawan, Dheeraj Wadhawan and others were involved in criminal conspiracy with each other in illegal diversion and siphoning off of funds through suspicious transaction of ₹ 5,050 crore,” the central probe agency claimed in its fresh prosecution complaint (charge sheet) filed recently.

The ED said this in its second supplementary (third overall) chargesheet filed in a special court here recently against Rana Kapoor, his family, Wadhawans and others in a money laundering case.

During the investigation, it came to light that a big part of the proceeds of crime (POC) generated in this case has been siphoned off overseas by Rana Kapoor and hence they are not available for attachment directly under the provisions of Prevention of Money Laundering Act (PMLA), it said.

Share on: