Enforcement Directorate attaches assets worth Rs 2,203 crore in Yes Bank case

Enforcement Directorate has attached assets to the tune of Rs 2203 crore in the Yes Bank case. These assets belong to Rana Kapoor, Kapil Wadhawan and Dheeraj Wadhawan and the entities controlled by them. The attached assets include immovable properties in India and abroad, bank accounts, investments, luxury vehicles and others.

ED in a tweet said, "ED attaches under PMLA a building at Cumbala Hill, 3 duplex at Napean Sea Road, flat at Nariman Point,8 flats in Worli, in Mumbai & property in Amrita Shergill Marg, New Delhi totalling to Rs.792 crore( having value Rs.1400 crore) of Rana Kapoor and oth in #yesbankfraud case."

Earlier, the ED had attached bank deposits to the tune of Rs 115 crore of various companies of Rana Kapoor and seized jewellery worth around Rs 23 crore and seven high-end luxury cars belonging to the Wadhawan family.

They were also arrested by ED for their role in money laundering and presently all of them are in judicial custody.

The ED had initiated investigations against them under Prevention of Money Laundering Act on the basis of FIR registered by CBI in which it was alleged that during April to June 2018, Yes Bank Limited had invested Rs 3,700 crore in the short term debentures of M/s DHFL, a company belonging to Wadhawan, for which kickback of Rs 600 crore was paid to Rana Kapoor and his family members in the garb of loan.

In another tweet, ED said, "ED attaches under PMLA, 12 flats in Khar, Mumbai, flat in New York, 2 flats in London, property in Australia, 2 land Parcels in Pune and Mulshi, 5 Luxury Vehicles and 344 bank accounts totalling to Rs. 1411.9 crore of Kapil Wadhawan, Dheeraj Wadhawan & oth in #yesbankfraud case."

https://twitter.com/dir_ed/status/1281212102091264000

In addition, Yes Bank had also sanctioned a loan of Rs 750 Crore to one of the RKW Developers Group company beneficially owned by Kapil Wadhawan, Dheeraj Wadhawan and their family members for their Bandra Reclamation Project in Mumbai but the whole amount was siphoned off by Kapil Wadhawan and Dheeraj Wadhawan through their shell companies and was never used for the declared purpose.

The FIR also alleges that Rana Kapoor, then MD and CEO of Yes Bank Limited, obtained illegal gratification in the form of a property in a prime location in New Delhi at much less than the realizable market value, belonging to Avantha Reality Ltd for sanction of a loan to the company.