Noose tightens around Rana Kapoor and kin: CBI-ED raid 7 locations, book family

Noose tightens around Rana Kapoor and kin: CBI-ED raid 7 locations, book family

The CBI has booked Yes Bank founder Rana Kapoor’s wife and three daughters over allegations he received kickbacks through scam-hit DHFL’s Rs 600 crore loan to a family-owned company and searched seven locations including their homes in Mumbai, the agency said on Monday.

HIGHLIGHTS

• CBI raided seven locations in connection with Yes Bank case
• CBI has named Yes Bank founder Rana Kapoor in FIR lodged in case
• CBI has also named family member of Kapoor in FIR

he Central Bureau of Investigation conducted raids at seven locations in connection with the FIR lodged against Yes Bank founder Rana Kapoor and others, officials said. Sources say the raids are being conducted at premises linked to Kapoor, DHFL, RKW developers and Doit Urban Ventures Pvt Ltd. DHFL Bandra office in Mumbai is also being raided, according to Enforcement Directorate (ED) officials. The CBI on Monday also issued lookout circulars against seven individuals accused in the crisis, including Kapoor and his family members.

CBI filed an FIR on March 7 against Kapoor, then CEO of Yes Bank, Doit Urban Ventures (company linked to Kapoor family), DHFL, Kapil Wadhawan (promoter of DHFL) and others under Sections 120 (B) (Criminal Conspiracy), 420 (Cheating) of the Indian Penal Code (IPC) along with Section 7, 12 & 13 of Prevention of Corruption Act. The Economic Offence Wing (1) of CBI has lodged the FIR in New Delhi.

According to CBI’s FIR, “Rana Kapoor entered into a criminal conspiracy with Kapil Wadhawan and others for extending financial assistance to DHFL by Yes Bank Limited in lieu of substantial undue benefits to himself and his family members through the companies held by them. During April to June 2018, Yes Bank invested Rs 3,700 crore in short term debentures of DHFL. Simultaneously, Wadhawan paid Rs 600 crore to Kapoor and his family members in the garb of a loan of Rs 600 crore given by DHFL to DOIT Urban Ventures Pvt Limited (A Rana Kapoor Group Company).”

The ED is also expected to record statements of suspects in the case. These locations were earlier raided by the ED. The ED has taken cognisance of CBI’s FIR and has lodged a money-laundering case against Kapoor. Sources said that the CBI is also in touch with the finance ministry, the RBI and other government agencies in connection with the case. Kapoor, who was placed under arrest at 3 am on Sunday under the provision of the Prevention of PMLA has been sent to ED’s custody till March 11.

CBI also books Rana’s wife, daughters

The Central Bureau of Investigation (CBI) has named the entire family of Yes Bank founder Rana Kapoor as accused in its case filed in connection with Yes Bank crisis. According to the FIR, a copy of which is available with India Today TV, Rana Kapoor’s wife, Bindu Kapoor, and daughters – Radha, Roshni and Rakhee – have been named as accused in the case. A total of 12 accused have been named as accused by the CBI.

According to the FIR, during the month of April to June 2018, Yes Bank Limited invested Rs 3,700 crore in the short term debentures of DHFL. “Simultaneously, Kapil Wadhawan paid a kickback of Rs 600 crore to Rana Kapoor and his family members in the garb of builder loan of Rs 600 crore given by M/s DHFL (in which Kapil Wadhawan is a promoter director) to M/s DOIT Urban Ventures (India) Private Limited, a wholly-owned subsidiary of M/s RAB Enterprises (India) Private Limited in which Bindu Kapoor, wife of Rana Kapoor is a director and 100% shareholder,” reads the FIR.

Further, the CBI claims in the FIR that the daughters of Rana Kapoor are 100% shareholders of DOIT Urban Ventures (India) Private limited through M/s Morgan Credits Private Limited.

We purchased debentures worth Rs 3,000 crore from DHFL and a loan of Rs 600 crore against properties was sanctioned to DUVPL by DHFL in August 2018. I believe that the property mortgaged and securities and monetisation of various investment of DOIT would be able to cover the loan risk and repayment of the loan on the due date. Lata Dave has been my secretary for 15 years.

He also told ED that a loan of Rs 750 crore was granted to Belief Realtors (Rs 450 crore out of this loan was ultimately transferred by Belief Realtors to DHFL).

He claims that he was asked by Congress leader Milind Deora to buy MF Husain’s painting of Rajiv Gandhi. He was never interested in buying the painting.

RADHA KAPOOR KHANNA, DAUGHTER

When ED asked her about Rs 600 crore received by Doit Urban Ventures Pvt Ltd, she told ED that she has never interacted with DHFL officials or Kapil Wadhawan. The communication with DHFL was through the personal secretary of her father (Rana Kapoor’s assistant and employee of Yes Bank)

She also told ED that in addition to the properties mortgaged, she had also given her personal guarantee to DHFL. The primary basis of personal guarantee was her 33.33% shareholding in Morgan Credits Private Limited and value of unutilised business held under Morgan Credit Private Limited.

In 2019, she sold all the shares which were used for repayment of debt borrowing of mutual funds and subsequently, Morgan Credits Private Limited, owns nil shareholding in Yes Bank.

ROSHNI KAPOOR, DAUGHTER

She maintains that she is not aware of Rs 600 crore loan given to the company where she is a director and she has never interacted with anyone in this regard.