Home >Companies >News >All Yes Bank loans fully secured, says Essel Group

Mumbai: The Essel Group on Monday said that all its credit facilities availed of from Yes Bank were fully secured and that the group has never made any transactions with Rana Kapoor or his family or for that matter any private entities controlled by them. In a press statement issued late Monday evening, the group said that the Enforcement Directorate (ED) has requested group promoter Subhash Chandra’s presence on 18 March, to make a statement with regard to the group’s loan exposures to Yes Bank, which is in the midst of an anti-money laundering probe. Yes bank founder and former CEO Rana Kapoor is currently facing charges of laundering close to 4,300 crore by receiving kickbacks for clearing bad loans.

Essel's statement said that Chandra will be present to make the statement and will be more than happy to extend any support or co-operation requested by ED. The Group said that most of the credit facilities were availed for its infrastructure business and there is no debt on ZEEL, ZMCL, etc. Subhash Chandra has been summoned by the Enforcement Directorate, along with Anil Ambani and Gautam Thapar of the Avantha Group. According to news reports, ED has issued a fresh summon to Reliance Group chief Anil Ambani after he requested more time citing health reasons.

The special prevention of money laundering court on Monday extended the custody of Rana Kapoor till the 20 March. This custody extension was a result of Enforcement Directorate (ED) remand application where the agency alleged that it is a case of a large scale fraud involving public money. "We are trying to find out the illegal transactions and the layering for such loans," said Additional Solicitors General Anil Singh appearing for the investigative agency Mint reported on Monday.

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