Updated: July 9, 2020 6:49:47 pm
The Enforcement Directorate (ED) on Thursday attached assets to the tune of over Rs 2,203 crore belonging to Rana Kapoor and Wadhawan brothers in connection with the Yes Bank case. The agency has claimed the current market value of the assets, which includes a bungalow at Delhi’ posh Amrita Shergil Marg, to be in excess of Rs 2,800 crore. The attached assets also include immovable properties in India and abroad, bank accounts, investments, luxury vehicles etc.
“These assets belong to Rana Kapoor, Kapil Wadhawan and Dheeraj Wadhawan and the entities controlled by them, the ED said ina statement.
The ED had booked the three for alleged siphoning of funds from Yes Bank which came to the brink of collapse earlier this year before RBI intervened and took over the bank. Rana Kapoor has been accused by CBI and ED for accepting bribes in the form of real estate assets and investments in the companies owned by his wife and daughters for fraudulently approving loans to undeserving companies. A large amount of these loans were given to DHFL, owned by Wadhawans.
According to ED, the total book value of attached assets of Rana Kapoor and entities associated with him is Rs 792 crore (present market value Rs 1400 Crore). These include a string of Mumbai-based properties such as an independent residential building “Khursidabad” at Cumbala Hill; three duplex flats at Napean Sea Road; residential flat in NCPA, Nariman Point and eight flats in India Bulls Blue, Worli.
Apart from this ED has also attached Kapoor’s bungalow at 40, Amrita Shergill Marg in New Delhi whose market value is said to be Rs 685 Crore. This property, ED has alleged, was purchased at a much cheaper rate as quid pro quo for loans given to then owner of the property, Avantha Reality. This quid pro quo was “for extending concessions, relaxations and waivers in the already existing credit facilities provided to Avantha Group (AG) companies and for advancing new/additional loans to them by Yes Bank Ltd,” ED has claimed.
The attached assets belonging to Kapil Wadhawan, Dheeraj Wadhawan and related entities total Rs. 1411.9 crore, the ED has said. These include 12 flats in Khar (West), Mumbai; two land Parcels in Pune and Mulshi in Maharashtra; one flat in New York; two flats in London; one Commercial property in Australia; five luxury vehicles and 344 bank accounts.
The ED had registered a case of money laundering in the matter following a CBI FIR. In the FIR, it was alleged that, during April to June, 2018, Yes Bank Limited had invested Rs 3,700 Crore in the short term debentures of DHFL, for which kickback of Rs 600 Crore were paid to Rana Kapoor and his family members in the garb of loan.
In addition, Yes Bank had also sanctioned a loan of Rs. 750 Crore to a group company of RKW Developers, owned by Wadhawans, for their Bandra Reclamation Project in Mumbai but “the whole amount was siphoned off by Kapil Wadhawan and Dheeraj Wadhawan through their shell companies and was never used for the declared purpose.”
The Directorate had earlier attached bank deposits to the tune of Rs 115 Crore of various companies of Rana Kapoor and seized jewellery worth Rs 22.87 Crore and seven high end luxury cars worth Rs 12.58 Crore belonging to the Wadhawan family.
Kapoor and Wadhawans—who had been apprehended during Covid 19 lockdown from their hideout in a Mahabaleshwar farmhouse—are currently in jail.
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