Yes Bank crisis: CBI searches 7 locations, files FIR against 5 companies, Rana Kapoor's family

The CBI sleuths searched Kapoor's plush Mumbai residence Samudra Mahal and his official premises.

According to media reports, five companies and seven individuals, including Kapoor's wife Bindu, daughters Roshini, Raakhe and Radha, have been booked by the CBI in the Yes Bank scam case which runs into hundreds of crores.

Officials have said Kapil Wadhawan, promoter of Dewan Housing Finance Corporation Limited (DHFL) and Dheeraj Rajesh Kumar Wadhawan, Director of RKW Developers Private Limited, a company linked to DHFL have also been named as accused, said reports .

Companies DHFL, RKW Developers Private Limited, DoIt Urban Ventures controlled by the Kapoor family, RAB Enterprises (lndia) Private Limited in which Bindu Rana Kapoor was director and Morgan Credits Private Ltd in which Rana Kapoor’s daughters were directors are also named as accused, the reports added.

DoIT Ventures Private Ltd, a company controlled by Rana Kapoor's family, allegedly received Rs 600 crores as kickbacks from Dewan Housing Finance Ltd(DHFL), reports said.

DoIT Ventures (India) Private Ltd was incorporated in 2012 with Rana Kapoor’s wife Bindu as its director, Indian Express reported.

It has no employees, and the company incurred losses of over Rs 48 crore in the year ended March 2019, the report added.

Morgan Credits Private Ltd is another promoter of DoIT Ventures (India) Private Ltd and, Kapoor’s daughters Roshini Kapoor, Raakhe Kapoor Tandon and Radha Kapoor Khanna are its directors, it said.

Between April and June 2018, Yes Bank had granted a loan of Rs 3750 crore to DHFL and another Rs 750 crore to RKW Developers, another firm controlled by DHFL, said media reports.

RKW transferred the Rs 750 crore to DHFL without investing the money in the project for which it was sanctioned, said reports.

When they defaulted on loan installments, Yes Bank did not initiate action. Reports said ED is suspecting that Kapoor and his daughters received a kickback of Rs 600 crore for this.

The investigating agency believes that DHFL siphoned off at least several thousand crores of rupees through 79 dummy companies and lakhs of fake accounts, DoIT Ventures Private Ltd is one of them, and the Rs 4,450 crore is a part of these fraudulent transactions, said the report.

Former CMD of DHFL Kapil Wadhwan is another promoter of RKW Developers which is said to have received Rs 750 crore in loans from Yes Bank. He had been arrested in January last in a separate money laundering case with links to late drug smuggler Iqbal Mirchi. Currently, Wadhwan is out on bail, it said.

According to reports, DHFL allegedly siphoned off Rs 31,000 crore out of total bank loans of Rs 97,000 crore using a web of multiple shell companies.

On Thursday, the Reserve Bank of India placed Yes Bank under moratorium and restricted borrowings by its account holders to Rs 50,000. The apex bank also superseded the private bank's board.

A Times of India reports said, the Enforcement Directorate conducted searches at Rana Kapoor's plush Mumbai residence, Samudra Mahal, on Saturday.

According to media reports, he was taken under arrest around 3:00 a.m. on Saturday under the prevention of money laundering act (PMLA).

The arrest was necessitated as the Yes Bank founder was not what cooperating in the investigation, the reports informed.

The ED started questioning him at his residence late on Friday but took him to its regional office in Ballard Estate for further interrogation