A probe was initiated against Yes Bank founder and CEO Rana Kapoor and DHFL promoters Kapil and Dheeraj Wadhawan.
A probe was initiated against Yes Bank founder and CEO Rana Kapoor and DHFL promoters Kapil and Dheeraj Wadhawan.
The Enforcement Directorate (ED) on August 3 attached assets worth Rs 415 crore in the Yes Bank-Dewan Housing and Finance Corporation (DHFL) fraud.
Central agency attached properties worth ₹251 crore and ₹164 crore of Mumbai-based realtor Sanjay Chhabria Avinash Bhosle, Chairman of ABIL, a real estate group under the provisions of the Prevention of Money Laundering Act. According to the ED press release, Mr. Chhabria’s assets include a land parcel located in Santa Cruz, Mumbai, valued at ₹116.5 crore, 25% equity shares of his company in a land parcel located in Bengaluru, worth ₹115. crores. A flat in Mumbai’s Santa Cruz costs ₹3 crores and all the benefits they get from their hotel at Delhi airport with three high-end luxury cars worth ₹13.67 crores as well as ₹3.10 crores.
Mr. Bhosale owns a duplex flat in Mumbai worth ₹102.8 crores, one land parcel located in Pune costs ₹14.65 crores, another land parcel in Pune costing ₹29.24 crores, two land parcels in Nagpur costing Rs. 15.52 crores and ₹1.45 crores respectively.
look | Yes Bank crisis explained
The investigation of the case was initiated against Yes Bank founder and CEO Rana Kapoor and promoters of DHFL, Kapil and Dheeraj Wadhawan All are in jail at the moment. The Central Bureau of Investigation’s First Information Report alleges that Mr. Kapoor had entered into a criminal conspiracy with Mr. Wadhawan and others to provide financial assistance to DHFL by Yes Bank Ltd. and through this to protect himself and his family. sufficient undue advantage is provided to the members. companies held by them.
Mr. Kapoor invested ₹3,700 crore in short-term non-convertible debentures of DHFL and ₹283 crore in masala bonds of DHFL through Yes Bank Ltd. To this end, Mr. Wadhawan paid a bribe of ₹ 600 crore in the guise of a loan to DOIT Urban Ventures (India) Private Limited, one of Rana Kapoor’s beneficially owned companies.
Soon after, Mr. Chhabria sanctioned ₹3,983 crore to Radius Group and received ₹2,317 crore as loan from DHFL in the name of development of his project “Avenue 54” at Santacruz, Mumbai. , Mr. Chhabria then turned it over without using it for the stated purpose and disclosed that Mr. Bhosle and he funded various beneficially owned companies of Mr. Bhosle. Mr. Bhosale had also colluded with Mr. Wadhawan and received about 71.82 crores from DHFL under the guise of providing certain services to DHFL and other entities. Earlier, the ED had attached properties worth ₹1,412 crore, seized five high-end vehicles of the Wadhawans, estimated to be worth ₹12.59 crore, and attached Mr. Kapoor’s assets worth ₹600 crore.