New Delhi, March 9, 2020 –
The Central Bureau of Investigation on Monday issued a lookout circular (LOC) against seven individuals accused in the Yes Bank crisis, including founder Rana Kapoor and his family members, officials said here.
A senior CBI official said here that the agency issued the LOC against the seven to prevent any attempt by them to leave the country.
The CBI has begun a probe into short-term debentures of the DHFL in which Yes Bank invested Rs 3,700 crore from April to June 2018. The probe is part of another investigation pertaining to Yes Bank’s purchase of debentures from DHFL against which the company was granted loans totalling Rs 600 crore against a collateral security of around Rs 40 crore only.
The loan amount later turned into non-performing asset.
It was alleged that DHFL’s promoter Kapil Wadhawan simultaneously paid kickbacks totalling Rs 600 crore to the Kapoors in the form of a loan of a similar amount to Doit Urban Ventures, a venture owned by Rana Kapoor’s daughters — Rakhee Kapoor Tandon, Roshni Kapoor and Radha Kapoor.
It was also alleged that Yes Bank did not initiate action to recover the loans extended to DHFL.
Earlier in the day, multiple CBI teams carried out searches at the official premises of DHFL in Sir PM Road Fort, two Offices of DoIT Urban Ventures Pvt Ltd in Senapati Bapat Marg and Elphinstone Road, RAB Pvt Ltd and RKW Developers Pvt Ltd in Bandra East, residential premises of Rana Kapoor in Worli, Kapil Wadhawan in Bandra West, and Rakhee Kapoor Tandon and Radha Kapoor in Nariman Point areas.
The Enforcement Directorate, which has registered a case of money laundering on the basis of the CBI FIR, arrested Rana Kapoor on Sunday morning and a court sent him to its custody till March 11. One of his daughters was stopped from boarding a flight to London by Immigration Department officials at Mumbai airport.
In her statement to ED, Radha Kapoor stated that in addition to the property mortgaged, she had also given her personal guarantee to DHFL and that the primary basis of personal guarantee was her 33.3 per cent shareholding in Morgan Credits Pvt. Ltd. and value of her unlisted businesses held under Morgan Credits Pvt Ltd.
However, in 2019, she had sold all the shares and amounts were used for repayment of debt borrowing of mutual funds and subsequently, Morgan Credit Pvt Ltd owns nil shareholding in Yes Bank, she said.
The ED also claimed that the shareholders of the DUVPL (three daughters of Kapoor) appear to have never interacted with DHFL personnel and it was Lata Dave, secretary of Kapoor in Yes Bank at that time, who used to interact with DHFL in connection with the loan. (Agency)