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CBI raids 7 premises belonging to Rana Kapoor, kin; look out circulars issued

CBI officials said searches were carried out at seven locations including Kapoors’ lavish apartment in Samudra Mahal building in Worli, besides residences of his daughters Raakhe and Radha in up-market NCPA complex, Nariman point besides Wadhawan’s home at Sea View, Palace Hills.

Updated: Mar 09, 2020 21:37 IST

By Neeraj Chauhan, Hindustan Times New Delhi

Look out circulars (LOCs) were also issued against Kapoor, his wife Bindu Rana Kapoor, daughters – Rakhee, Radha and Roshini Kapoor and Wadhawans. They all have been named as accused in CBI FIR along with five companies. (PTI PHOTO.)

The Central Bureau of Investigation on Monday raided seven premises in Mumbai belonging to Rana Kapoor, his family members and entities belonging to Kapil and Dheeraj Wadhawan in its corruption probe against the Yes Bank founder.

Look out circulars (LOCs) were also issued against Kapoor, his wife Bindu Rana Kapoor, daughters – Rakhee, Radha and Roshini Kapoor and Wadhawans. They all have been named as accused in CBI FIR along with five companies – Dewan Housing Finance Corporation Ltd (DHFL), DOIT Urban Ventures, RAB Enterprises (India) Pvt Ltd, Morgon Credits Pvt Ltd and RKW Developers Pvt Ltd.

Rana Kapoor has been treated as a “public servant” by CBI under section 46A of the Banking Regulation Act, which provides that the full time chairs, managing directors and directors of a banking company are to be considered public servants. A February 2016 SC judgement in Ramesh Gelli vs CBI matter has also ruled that office bearers of a private bank would be treated as public servants under section 2 (c) of the prevention of corruption act.

Also read: Yes Bank’s moratorium could end by Saturday, says administrator Prashant Kumar



CBI officials said searches were carried out at seven locations including Kapoors’ lavish apartment in Samudra Mahal building in Worli, besides residences of his daughters Raakhe and Radha in up-market NCPA complex, Nariman point besides Wadhawan’s home at Sea View, Palace Hills.



Officials said they all will be summoned for questioning soon while Rana Kapoor’s custody would be taken once ED is finished with its probe.

Ravneet Gill,w ho is the former CEO of Yes Bank,was examined at ED office in Mumbai in connection with the loans given by the bank to DHFL and why no effort was made to recover it.

Gill was appointed to the top job last year in January.

Meanwhile, during his questioning with ED sleuths, Rana Kapoor is learnt to have given misleading answers regarding payments made by DHFL to his wife and daughter’s companies.

An ED official, who didn’t wish to be named, said they are investigating investment worth Rs 2,000 crore of Rana Kapoor and his family members including a property in London.

CBI has alleged in its FIR that Rana Kapoor entered into a criminal conspiracy with Kapil Wadhawan, DHFL director-promoter for round-tripping of funds where loans from Yes Bank to DHFL landed in companies owned by Rana Kapoor’s daughters - DoIT Urban Ventures (India) Pvt Ltd.

Between April and June, 2018, Yes Bank invested Rs 3,700 crore in short-term debentures of DHFL. “Simultaneously, Kapil Wadhawan paid a kickback of Rs 600 crore to Rana Kapoor and his family members in the garb of builder loan of Rs 600 crore given by DHFL to M/s DOIT Urban Ventures, a wholly owned subsidiary of RAB Enterprises in which Bindu Kapoor is a director and 100% shareholder. Furthermore, the daughters of Rana Kapoor are 100% shareholders of DOIT through Morgon Credits,” states CBI FIR.

CBI further alleges that DHFL gave Rs 600 crore to DOIT on the basis of a mortgage of a sub-standard property having very meager value and by considering the future conversion from agricultural land to the residential land. DHFL had not repaid bank’s Rs 3,700 crore till date, it adds.

Yes Bank also sanctioned a loan of Rs 750 crore to RKW Developers Pvt Ltd whose Director is Dheeraj Wadhawan and is a DHFL group company for their Bandra reclamation project. The amount was transferred by RKW Developers to DHFL without investing anything in the project for which it was sanctioned, CBI FIR states.

CBI further states – “it is also apprehended that Rana Kapoor has similarly misused his official position in several other transactions and obtained illegal kickbacks directly or indirectly through entities controlled by him or his family members”.

DHFL is already under ED probe for siphoning of around Rs 13,000 crore taken from banks and for Wadhawans links with Iqbal Mirchi (now dead), an aide of underworld don Dawood Ibrahim.

The Reserve Bank of India (RBI) had on Thursday imposed a moratorium on the capital-starved Yes Bank, capping withdrawals at Rs 50,000 per account, and superseded the board of the private sector lender with immediate effect.

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