A day after conducting searches at premises associated with Rana Kapoor, including his residence, the Enforcement Directorate (ED) on Saturday questioned the Yes Bank promoter the whole day.
Kapoor is being questioned over a Rs 600-crore loan from a non-banking financial company (NBFC), which is an associate company of Dewan Housing Finance Limited (DHFL), to DoIT Urban Ventures (India) Private Ltd, a company owned by Kapoor’s family, at a time when Yes Bank had loan exposure of over Rs 3,000 crore to DHFL. Rana Kapoor was the MD and CEO of Yes Bank till January 2019.
Documents available with the Registrar of Companies under the Ministry of Corporate Affairs show that DoIT was incorporated in 2012 with Rana Kapoor’s wife Bindu as its director. It currently has his daughters Roshini Kapoor and Radha Kapoor Khanna as its directors. The company has no employees and in the year ended March 2019, it incurred a loss of over Rs 48 crore on a revenue of Rs 59.36 crore. Morgan Credits Private Ltd is also one of the promoters of DoIT Urban and its directors are Kapoor’s daughters Roshini Kapoor, Raakhe Kapoor Tandon and Radha Kapoor Khanna.
RoC documents show that DoIT received loans of Rs 300 crore each in 2017-18 and 2018-19 from a “non-banking financial institution” by pledging the shares of one of its wholly-owned subsidiaries.
“We suspect this entire transaction was done to offset any pressure from Yes Bank to DHFL over its loan exposure. It is a clear case of quid pro quo,” an ED official said.
While, in its filings with RoC, DoIT did not disclose the name of the NBFC from which it received the loan, two sources confirmed that the NBFC is an associate company of the DHFL Group. In fact, the terms of the loan seem favourable as it states that the loan is “repayable in a single bullet payment repayment on 18 July 2023 i.e. at the end of 60 months from the date of disbursement”.
An email sent by The Sunday Express to DoIT Ventures for its reaction did not elicit any response.
The central agency is probing DHFL in connection with a money laundering probe involving the late underworld don, Iqbal Mirchi. It has also registered an ECIR (an equivalent of an FIR) under the Prevention of Money Laundering Act (PMLA) in connection with the UP Employees’ Provident Fund scam, where DHFL’s role is under the scanner and in which the the CBI had registered a case of corruption a few days ago.
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