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ED attaches over Rs 2,200 crore assets of Rana Kapoor, others in Yes Bank PMLA case


MUMBAI: In a first in the Yes Bank case, the Enforcement Directorate has attached overseas assets of arrested Yes Bank cofounder Rana Kapoor. Other than Kapoor, the federal agency has also attached assets of now insolvent, Dewan Housing Finance Corporation Ltd (DHFL) promoters, Kapil and Dheeraj Wadhawan.

According to sources, properties owned by Kapoor and his family members worth Rs 1,200 crores including the bungalow at Amrita Shergil Marg in Delhi, a property in central London and another in New York have been provisionally attached.

“This is the first overseas attachment in the case,” the official privy to the development told ET.

In the past the agency had attached local properties over Rs.50 crores.

Also, in the case of the Wadhawans, properties worth Rs.1,400 crores have been attached. This included assets both in India and overseas. “…12 apartments, a land parcel in Pune (on the outskirts of Mumbai and properties in Australia, New York and London have been attached,” the official added.

The Wadhawan brothers – Kapil and Dheeraj – and their non-banking financial company DHFL are the co-accused in a cheating and money laundering case registered against Kapoor.

Kapoor was arrested in March by ED and the Wadhawan brothers were arrested in April from their Mahabaleshwar farmhouse by the Central Bureau of Investigation (CBI). While the CBI is probing the alleged criminal conspiracy and fraud caused to the private lender, officials of the ED are probing them for alleged money laundering.

In its chargesheet, the CBI alleged ‘quid pro quo’ arrangement between the Wadhawans and the Kapoors. The agency told a local court that in lieu of a Rs 750 crore loan sanctioned by Yes Bank Ltd to one of the group companies of DHFL, the now insolvent NBFC sanctioned a mortgage loan of Rs 600 crores in favour of a company in which YBL cofounder Rana Kapoor’s daughters were directors. The agency also told the court that the Wadhawans floated 150 shell companies to allegedly siphon off the loan sanctioned by YBL.

Meanwhile ED’s probe has allegedly found that DHFL promoters put up a proposal for the sanction of a loan of about Rs 1,700 crore from YBL in the name of Belief Realtors PVT Limited (BRPL) for Bandra Reclamation Project. Subsequently YBL bifurcated the loan into two parts as they were not sanctioned as one entity. Accordingly, Rs 750 crore was sanctioned in the name of BRPL and Rs 950 crore in the name of RKW project. “The loan of Rs 750 was disbursed by the bank. The whole amount was siphoned off the duo as the entire amount was transferred by M/s Belief Realtors Private Limited to M/s DHFL through maze of over 150 shell company M/s RKW Developers Private Limited without making investment in Bandra Reclamation Project for which the loan was sanctioned,” added the official.

The loan of Rs. 600 crore sanctioned by DHFL to DUVPL is a subsidiary of M/s Morgan Credits Pvt. Ltd. (MCPL). Morgan Credits,in turn, are equally held by Kapoor’s three daughters.

To support its case on the loans given to DHFL were in lieu of the Rs 600 crore loan given by the Mumbai-based NBFC to Kapoor’s daughter’s company DOIT Urban Venture (India) Pvt Ltd (DUVPL) and were in violations of the guidelines issued by RBI and the National Housing Bank, the agency has attached the statement of the credit risk management committee of the bank. The committee in its view had remarked that the loan to DHFL was without adequate collaterals and assigned to a SRA project of which many approvals were pending.

In February, the ED had summoned the promoters of all major corporates including Anil Ambani, Subhash Chandra, Naresh Goyal, Gautam Thapar, Sameer Gehlaut and apart from DHFL’s Wadhawan brothers Kapil and Dheeraj, who are currently in the agency’s custody. Sources pegged the loan exposure of the Anil Ambani-led group at Rs 12,8000 crore, Essel Group at Rs 8,400 crore, DHFL at Rs 3,700 crore, Avantha at Rs 1,900 crore, Jet Airways at Rs 550 crore and Indiabulls at Rs 425 crore as of December 31.

“While a few borrowers had been summoned in the past, none of them have answered satisfactorily. They will be summoned again once the lockdown relaxes,” said another person in privy of the development.


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