The ED filed a charge-sheet in connection with Yes Bank scam against bank’s Founder Rana Kapoor, his wife and daughters before a special PMLA court in Mumbai on Wednesday. The agency has reportedly freezed the amount at around ₹5,050 crore with 168 bank accounts under the critical observation of the central agency. All the entities are linked or associated with Morgan Credits, RAB Enterprises (India) private limited and Yes Capital India Private Limited. The ED has also gathered about 59 paintings including a M F Hussain painting of Rajiv Gandhi which was seized during the scam.
The agency has claimed that Yes Bank bought debentures worth Rs 3,700 crore of DHFL. DHFL sanctioned a Rs 600-crore loan to Doit Urban Ventures Pvt Ltd, a company in which Kapoor’s daughters are directors. The loan was given without adequate collateral. It looked like a pure Bollywood filmy drama as to gather the money in illegal ways for the family inclusive.
The agency has been claiming that during his tenure, Rana Kapoor was instrumental in sanctioning loans worth Rs 30,000 crore, out of which accounts worth Rs 20,000 crore have turned into a non-performing asset (NPA). The agency has begun investigation with the CBI for involvement of DHFL and many similar kind of companies by peeking into the Yes Bank’s workings.
The Former founder of Yes Bank was convicted of money laundering along with his family members and accused of allegations of using bank’s money inappropriately and thus accepted illegal gratification while granting loans and money was diverted through these companies. Rana Kapoor He took the norms lightly and is claimed for diversion of funds.
He is also under observation for his alleged role in giving rise to massive non-performing assets that led to a moratorium by the Reserve Bank of India (RBI) on Yes Bank. Public prosecutor, Sunil presented the charge sheet before the court and sought permission to file and that the copy was to be presented to the accused himself as per court’s orders.
He was arrested on March 8.