CBI books Rana Kapoor, DHFL and others

The Central Bureau of Investigation (CBI) has registered a criminal case against Rana Kapoor, former founder and CEO of Yes Bank; Dewan Housing Finance Limited (DHFL), its promoter Kapil Wadhawan and Doit Urban Ventures (India) Limited on charges of criminal conspiracy, cheating and corruption under relevant sections of Indian Penal Code and Sections 7, 12 and 13 of the Prevention of Corruption Act.

The agency has alleged that Rana Kapoor extended financial assistance to DHFL to get substantial undue benefit for himself and his family members via companies held by Kapoor and his family.

The FIR was registered after the agency’s specialised unit BS & FC unit (which deals with bank fraud cases) examined the matter.

Kapoor is currently in the custody of Enforcement Directorate (ED) which arrested him during the wee hours on Sunday.

Kapoor will be produced before a special Court in Mumbai on March 11. As per available information, in the searches carried out on Kapoor’s premises in Mumbai and Delhi, ED has recovered some assets acquired by Kapoor and his family in London. The source of funds of the said assets is being probed.

Allegations against Kapoor and Wadhawan are that during April to June 2018, Yes Bank invested Rs 3,700 crores in the short term debentures of DHFL. This loan turned into a non performing asset.

It is alleged that in lieu of this loan, Wadhawan’s DHFL paid kickbacks worth Rs 600 crores, in the form of loans, to Do it Urban Ventures, a company owned by Kapoor’s three daughters.

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It is alleged that Yes Bank did nothing to recover the said Rs 3,700 crore loans given to DHFL.



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