Home / News / India /  Yes Bank case: ED attaches assets worth 2,500 cr of Rana Kapoor and Wadhawans

New Delhi: Enforcement Directorate on Thursday attached assets worth over 2,200 crore of Yes Bank founder Rana Kapoor, DHFL's insolvent promoters Kapil and Dhiraj Wadhawan in the Yes Bank money laundering case, said officials.

Kapoor's frozen assets include a bungalow (no 40) located at the upmarket Amrita Shergill Marg in Delhi that is worth 685 crore, an independent residential building 'Khursidabad' at Cumbala Hill in south Mumbai, three duplex flats at Napean Sea Road in Mumbai, a residential flat in NCPA, Nariman Point and eight flats in India Bulls Blue in the Worli area of Maharashtra's capital city, the ED said, PTI reported.

"These attached assets relating to Rana Kapoor and linked entities have a total value of 792 crore but their present market value is 1,400 crore," the agency said.

In the case of Dewan Housing Finance Corporation (DHFL) promoter brothers Kapil and Dheeraj Wadhawan, the value of the attached properties is 1,411.9 crore that includes a dozen flats in Khar (West) area of Mumbai, a flat in New York, two flats in London, two land parcels in Pune and nearby Mulshi, a commercial property in Australia, five luxury vehicles and 344 bank accounts, the ED said.

" 1,412 crore worth properties belonging to Kapil and Dheeraj Wadhawan stand attached," an ED official told Mint.

Last week, a special court in Mumbai granted interim protection from arrest till July 11 to Yes Bank founder Rana Kapoor in a case registered against him by the CBI for allegedly obtaining illegal gratification from a realty firm.

He was booked by the central investigating agency in March this year for allegedly obtaining 307 crore bribe in the purchase of a Lutyen's zone bungalow in New Delhi from Avantha Group to go easy on around 1,900 crore bank loans to the seller's group companies.

The Wadhawans were arrested by the CBI in another case in connection with the Yes Bank scam. The ED is separately probing allegations of 600 crore paid to a company controlled by the bank's former CEO Rana Kapoor and his family members by a company linked with the scam-tainted DHFL.

“Rana Kapoor perpetrated the entire scam by firstly taking money out of Yes Bank under the garb of debentures and loans, by abusing his position in the bank and secondly, receiving kickbacks/gratification for the same," ED’s chargesheet said in May. ED has pegged the proceeds of crime at 5,050 crore and says a complex web of at least 100 shell companies was used to channel this money.

Loans worth around 30,000 crore given under the tenure of Rana Kapoor (he co-founded the bank in 2004 and was MD-CEO till January 2019) have turned into bad loans and out of these, 20,000 crore have become NPAs (non-performing assets), according to ED.

The Wadhawans were arrested in April by the CBI in the Yes Bank scam. The investigative agencies are also probing the transactions between Kapoor's family and the Wadhawans of DHFL, which is facing insolvency proceedings and owes creditors around 36,000 crore.

The CBI has said investigations by its Economic Offence Wing into alleged deals worth 5,050 crore found the Kapoor family received kickbacks in exchange for giving Yes Bank loans to the Wadhawans of DHFL through various channels and in gross violation of rules.

Kapoor is said to have used investment companies to get undue benefits from the Wadhawans after influencing Yes Bank to extend large loans to DHFL and other Wadhawan companies by flouting rules, according to the CBI.

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