NEW DELHI :
he Central Bureau of Investigation (CBI) has registered a case against Yes Bank Ltd co-founder Rana Kapoor, who was arrested by the Enforcement Directorate (ED) early on Sunday morning, and started investigating the matter, adding to his woes.
Officials at the investigating agency did not make public the nature of the probe. However, CBI is now investigating how Kapoor entered into a “criminal conspiracy with Kapil Wadhawan", the promoter of Dewan Housing Finance Corp. Ltd, for extending financial assistance to it through Yes Bank in lieu of substantial undue benefit.
Investigative agencies have begun cracking down on Kapoor over the last three days.
ED, which arrested Kapoor in Mumbai, is probing investments of more than ₹2,000 crore, along with the purchase of 44 expensive paintings and the existence of more than 12 alleged shell companies.
The agency is investigating if Kapoor has acquired assets that do not match his known sources of income, according to a person familiar with the ongoing probe, who declined to be named.
“Yes Bank’s dealings with businesses owned by Rana Kapoor’s family members is under the scanner too," said the person.
Kapoor’s elder daughter Radha Kapoor Khanna runs a well-known design school in Mumbai and her husband Aditya Khanna is involved in a business that deals with investment of stressed assets.
Kapoor’s Delhi-based second daughter Rakhee Kapoor Tandon runs a financial services business, which has a presence in rural and housing finance.
In its searches, ED has also recovered documents pertaining to Kapoor family’s assets in London and traced the means through which those assets had been acquired.
A Prevention of Money Laundering Act court in Mumbai has remanded Kapoor to ED custody till 11 March.
On Friday, the investigative agency searched Kapoor’s residence in South Mumbai. The central probe agency is also investigating his wife, Bindu Kapoor, and daughters for allegedly having received ₹600 crore funding for the firm controlled by them, from an entity linked to the scam-hit Dewan Housing Finance Corp.
ED is also probing the alleged existence of multiple shell companies used by the Kapoors to divert funds allegedly received from multiple kickbacks.
PTI in Mumbai contributed to this story.