Home / News / India /  ED attaches assets of Kapoor, Wadhawan brothers in Yes case

MUMBAI : The Enforcement Directorate (ED) on Thursday attached assets worth nearly 2,204 crore under the Prevention of Money Laundering Act in the Yes Bank case, including overseas properties of Rana Kapoor, the bank’s co-founder and former chief executive.

Also attached were properties of the Wadhawan brothers, promoters of the now-bankrupt Dewan Housing Finance Corp. Ltd, in India and overseas, an ED official said.

Property worth 792 crore belonging to Kapoor and his family members was attached in Mumbai, Delhi, London and New York.

1,412 crore worth of properties belonging to Kapil and Dheeraj Wadhawan stand attached. These include 12 flats in Mumbai, one in New York, two in London and one commercial property in Australia," the official said, requesting anonymity.

The move to attach properties in London is the first major overseas act by the investigative agency in the case.

The ED has accused Kapoor, his family members and others of fraudulent deals worth 5,050 crore. It has alleged that Kapoor, his wife and three daughters received kickbacks in lieu of extending big-ticket loans through Yes Bank that later turned into non-performing assets. Kapoor was arrested by ED in March and is now in judicial custody.

As per ED’s first chargesheet filed on 6 May, Kapoor’s family received 600 crore as kickbacks in return for the bank extending questionable loans. ED said it also discovered that Yes Bank lent 3,700 crore to DHFL against debentures issued by the company in April-June 2018. Simultaneously, DHFL sanctioned a loan worth 600 crore to Doit Urban Ventures (India), a company fully owned by Kapoor’s three daughters—Roshini, Radha and Rakhee—through Morgan Credits. DHFL is yet to repay the loan and according to ED, the 600 crore loan to Doit was a kickback to the Kapoor family in lieu of loans from Yes Bank. Further, DHFL lent to Doit against a collateral of five properties whose market value was inflated from about 40 crore to 735 crore to justify the loans, the chargesheet said.

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