Yes Bank-DHFL case: Rana Kapoor, Wadhawans washed cash worth Rs 5,050 crore, says ED
MUMBAI: The Enforcement Directorate (ED) has declared that Yes Bank co-founder Rana Kapoor and Dewan Housing Finance Limited (DHFL) promoters Kapil and Dheeraj Wadhawan siphoned off funds worth Rs 5,050 crore through suspicious transactions.
The ED said this in its second supplemental (3rd general) charge sheet submitted in special court here just recently versus Rana Kapoor, his household, Wadhawans and others in a money laundering case.
During the examination, it came to light that a huge part of the earnings of criminal activity (POC) produced in this case has actually been siphoned off overseas by Rana Kapoor and hence they are not offered for accessory straight under the arrangements of Prevention of Cash Laundering Act (PMLA), it stated.
“Rana Kapoor, DHFL promoters Kapil Wadhawan, Dheeraj Wadhawan and others were involved in criminal conspiracy with each other in unlawful diversion and siphoning off of funds through suspicious transaction of Rs 5,050 crore,” the central probe company declared in its fresh prosecution problem (charge sheet) submitted recently.
The ED said investigation has actually revealed that Yes Bank had purchased debentures worth Rs 3,700 crore in between April 2018 and June 2018 from DHFL. For that reason, the amount was transferred to DHFL. Subsequently, DHFL gave a loan of Rs 600 crore to DOIT Urban Ventures Pvt Ltd (an entity, beneficially owned by Rana Kapoor and his family).
The probe likewise revealed that Yes Bank had actually utilized public cash for the purchase of the above-said short-term debentures of DHFL, which has actually not yet been redeemed by DHFL.
On the other hand, DHFL obliged Rana Kapoor by offering the so called loan of Rs 600 crore to his beneficially-owned business, particularly DUVPL, without sufficient security, the firm stated.
It claimed that the loans offered to the firm owned by Kapoor’s family were to camouflage the whole act.
The examination has actually revealed that a loan of Rs 600 crore was given against second-rate properties having a meager worth of Rs 39.68 crore and by considering further conversion from farming land to residential land and an inflated worth of Rs 735 crore was shown, it included.
It has also emerged that just prior to the sanction of these loans, Yes Bank had invested in DHFL. This shows a criminal conspiracy in between Rana Kapoor and Kapil and Dheeraj Wadhawan to get loan by promising highly miscalculated possessions, the charge-sheet stated, including there was no active or operating service in DUVPL at the time of proposal of loan.
Given that DUVPL has no organization activity and as such not generating any income as of today and it might not be able to pay back the loan considering its present organization activity and income. This clearly indicates a case of quid professional quo, it stated.
Besides, Yes Bank had also sanctioned a loan of Rs 750 crore to one M/s Belief Realtors Private Limited (beneficially owned by Wadhawans) for development of its Bandra Improvement Project in Mumbai. Examination has actually exposed that the whole amount was siphoned off by the Wadhawans without investing a single penny for the declared purpose, the ED added.
The whole amount of loan paid out to M/s Belief Realtors was siphoned off by the Wadhawans by method of layering through their shell business and it was never ever utilized for the stated purpose, the charge sheet said.
“There is no doubt about the fact that Rana Kapoor has actually misused his main position to get excessive monetary benefit for him and his relative,” it said.
Investigation has actually revealed that the POC generated in this case has actually been layered in various types in residential or commercial properties along with in liquid type. It has also been revealed throughout the examination that a big part of the POC generated in this case has been siphoned off overseas by Rana Kapoor.The profits of criminal activity are thus, not offered for attachment directly, the ED stated.
The ED had actually started its examination after recording of ECIR on March 3, 2020 and after the probe began, Rana Kapoor aggressively attempted to get rid of his overseas homes to save them from being attached by the ED under PMLA, the charge sheet said.
The POC involved in this case is Rs 5,050 crore. While Rana Kapoor is the creator of the said business particularly DUVPL, his 3 daughters are 100 percent investors therein.
Rana Kapoor is presently in judicial custody following his arrest in the event in March 2020. Wadhwans too are in prison custody after their arrest in another case.
Published at Sat, 23 Apr 2022 08:23:35 +0000
