After the arrest of Rana Kapoor, Enforcement Directorate (ED) found connections between Yes Bank and DHFL company. Therefore ED took custody of former CEO, Ravneet Gill and interrogated him for several hours. Department did not disclose any information related to interrogation. But people connected to it, have said that it was regarding the Rs. 3,700 crores investment made in bankrupted DHFL company. ED and Central Bureau of Investigation (CBI) have claimed that during the months of April-June in 2018, Yes Bank invested Rs. 3,700 crores in short terms debentures of DHFL company. Meanwhile, DHFL paid a kickback amount of Rs. 600 crores to a construction company owned by Rana Kapoor’s family. On the basis of FIR registered, ED has targeted the whole Kapoor family for investigations.
Runs With the Family
CBI has issued a lookout warrant against seven people related to the DHFL scam and Yes Bank crisis. The CBI, which registered a case on 7 March, released its charge sheet on Monday naming Kapoor, his wife Bindu Kapoor, director of RAB Enterprises Pvt. Ltd, and three daughters—Roshini Kapoor, Raakhe Kapoor Tandon, and Radha Kapoor Khanna, who are directors in Doit Urban Ventures (India) Pvt. Ltd and Morgan Credits Pvt. Ltd. Ranveet Gill, CMD of DHFL Kapil Wadhawan, and Dheeraj Rajneesh Kumar Wadhawan are also mentioned in the charge sheet.
Accusations on the Kapoor-Wadhawan Team
Kapoors and Wadhawans are accused of cheating, bribery and conducting criminal misbehave under the Indian penal code. Rana Kapoor’s daughter Roshni, who was boarding a flight to London, was stopped by the ED at Mumbai Airport. The probe has found that the firms linked to Kapoor’s family had few or no employees and hardly carried out any activity. Yet, these firms received huge loans at regular time intervals. ED has identified Kapoor’s properties in London and is carrying out a review of it.
Rana Kapoor obtained undue pecuniary advantage from DHFL through the companies held by his wife and daughters. Rana Kapoor also misused his official position in several other transactions and obtained illegal kickbacks directly or indirectly through entities controlled by him and his family members. – CBI in its FIR
Case of 40% Bad Loans Held by Only 3 Co’s
The co-founder of Yes Bank, Rana Kapoor pilled up stress in the bank allegedly by having secret deals with Anil Ambai (Reliance Group), Kapil Wadhawan (DHFL) and Subhash Chandra (Essel Group). The bad loans of these 3 companies only mount to Rs 20,000 crores. This accounts for nearly 40% of all the bad loans of the Bank. Data on loan advances by the bank is quite shocking, as it’s loan book grew 80% in just two years between 2016-17.
Seating Amidst the Power
CBI and ED have also raised questions on Priyanka Gandhi Vadra who sold the portrait of Rajiv Gandhi made by MF Husain to Rana Kapoor for Rs. 2 crores. The image was gifted to Prime Minister Rajiv Gandhi by MF Husain. Conversations related to the deal of painting between Rana Kapoor and Congress Leader Milind Deora have surfaced as well.
This incident has sparked a political fight between Congress and Bharatiya Janta Party (BJP). BJP accused Gandhi family of protecting criminals and insulating their crimes in exchange for money. However, Congress replied to this by saying that BJP was digressing the public with the painting issue from the main issue of the financial crisis. Department is looking for a deep connection related to Yes Bank crisis.