The ED said this in its second supplementary (third overall) chargesheet filed in a special court recently against Rana Kapoor, his family, Wadhawans and others in a money laundering case
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The Enforcement Directorate (ED) has alleged 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 supplementary (third overall) chargesheet filed in a special court recently against Rana Kapoor, his family, Wadhawans and others in a money laundering case.
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During the investigation, it came to light that a big part of the proceeds of crime (POC) generated in this case has been siphoned off overseas by Rana Kapoor and hence they are not available for attachment directly under the provisions of Prevention of Money Laundering Act (PMLA).
The ED said investigation has revealed that Yes Bank had bought debentures worth R3,700 crore between April 2018 and June 2018 from DHFL. Therefore, the amount was transferred to DHFL. Subsequently, DHFL gave a loan of R600 crore to DOIT Urban Ventures Pvt Ltd (an entity, beneficially owned by Rana Kapoor and his family). The probe also revealed that Yes Bank had used public money for the purchase of the above-said short-term debentures of DHFL, which has not yet been redeemed by DHFL.
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