CBI files case against Rana Kapoor & family : The Tribune India

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CBI files case against Rana Kapoor & family

Tribune News Service

Mumbai, March 8

Case In A Nutshell

The banker, his wife and three daughters allegedly received kickbacks of
Rs 600 cr from DHFL for getting Yes Bank to purchase debentures worth Rs 3,700 cr issued by bankrupt NBFC.
The kickbacks were, according to ED, disguised as loans to DoIT Urban Ventures (India) Pvt Ltd, a company which was floated by Kapoor’s 3 daughters

The Enforcement Directorate arrested Rana Kapoor, founder of the troubled Yes Bank, early this morning after interrogating him for three days. He was produced before a holiday court which remanded him to custody till March 11. Counsel for ED told the holiday court that Kapoor had been arrested under the Prevention of Money Laundering Act (PMLA) and that he was not co-operating with investigators.

The former banker broke down before the court and pleaded: “I am not running away anywhere.”

Meanwhile, the CBI also filed a case against Kapoor, his wife Bindu and their three daughters for allegedly taking kickbacks from the bankrupt Dewan Housing Finance Ltd (DHFL) and routing them via shell companies. According to the investigating agency, Kapoor was being questioned for his links with the DHFL. ED lawyers told the court that Kapoor and his family had amassed proceeds of crime to the tune of Rs 4,300 crore.

One of Kapoor’s daughters, Roshni, was stopped from boarding a flight to London as she needs to join the probe, officials said.

The banker, his wife and three daughters have been accused of receiving kickbacks of Rs 600 crore from DHFL for getting Yes Bank to purchase debentures worth Rs 3,700 crore issued by the bankrupt NBFC.

The kickbacks were disguised as loans to DoIT Urban Ventures (India) Pvt Ltd, a company floated by Kapoor’s three daughters, the ED told the court.

Kapoor denied the loans were kickbacks. He told the court that DoIT had so far paid an interest of Rs 130 crore to DHFL.

But he was defensive when pointed out that his DoIT ventures with a capital of Rs 300 crore could get a loan of Rs 600 crore from DHFL. The CBI has booked Kapoor, DHFL, DoIT Urban Ventures (India) Ltd and DHFL promoter Kapil Wadhawan.