ED raids 3 more places in Delhi and Mumbai, investigates Yes Bank founder Rana Kapoor’s daughters

ED raids 3 more places in Delhi and Mumbai, investigates Yes Bank founder Rana Kapoor's daughters thumbnail
The Enforcement Directorate (ED) on Saturday continued questioning Yes Bank founder Rana Kapoor in connection with a money laundering probe against him and others, officials said.The ED raided three more locations in Delhi and Mumbai on Saturday.Sources say, three more locations are being raided by the ED in Delhi and Mumbai. The agency has been…

The Enforcement Directorate (ED) on Saturday continued questioning Yes Bank founder Rana Kapoor in connection with a money laundering probe against him and others, officials said.The ED raided three more locations in Delhi and Mumbai on Saturday.Sources say, three more locations are being raided by the ED in Delhi and Mumbai. The agency has been already conducting raids at the residence of Rana Kapoor in Mumbai since Friday night.Apart from Rana Kapoor, family members including Rana Kapoor’s daughters — Rakhee Kapoor Tandon, Roshni Kapoor and Radha Kapoor — are also being investigated.All three daughters of Rana Kapoor are also being investigated by the ED.According to the latest developments in the investigation, between April and July 2018, Dewan Housing Finance Corporation (DHFL) gave a loan worth Rs 600 crore to Doit Urban Ventures, which was reportedly controlled by the Rana Kapoor family.Rana Kapoor’s daughter Radha and Roshni are directors of Doit Urban Ventures which is now under scanner of ED. According to sources, Rs 600 crore to the firm was given when when DHFL failed pay to its dues to Yes Bank.Apart from the aforementioned, transactions worth Rs 5,000 crore are also being probed by the ED.These transactions were made between some companies owned or were owned by Kapoor and his family members and some companies owned or run by directors and promoters of DHFL.Yes Bank debt exposure to DHFL in terms of short term debentures between April – July 2018 was Rs 3,700 crore. Yes Bank also gave a loan of Rs 750 crore to RKW Developers.RKW Developers and DHFL are under scanner for financing Dawood’s aide Iqbal Mirchi who purchased properties in South Mumbai.DHFL chairman Kapil Wadhawan had been arrested by the ED and brother Dheeraj Deewan has been questioned. on Friday, the Central Bureau of Investigation (CBI) filed a separate case against DHFL and government officials of UP state power firm.Sources said that the predicate offence in Yes Bank PMLA case is of DHFL loan scam wherein it is alleged that DHFL siphoned off Rs 13,000 crore using 79 shell companies. The ED has also issued a look out notice (LOC) against Rana Kapoor and others to prevent them from leaving the country.The raids on Rana Kapoor and family members are expected to continue till Sunday.ED CONTINUES QUESTIONING YES BANK FOUNDER RANA KAPOORThe Enforcement Directorate on Saturday continued questioning Yes Bank founder Rana Kapoor in connection with a money laundering probe against him and others.They said Rana Kapoor was brought to the agency’s office in the Ballard Estate area Saturday afternoon.The ED had searched Rana Kapoor’s residence in the upscale Samudra Mahal complex in the Worli area on Friday night and had grilled him there too.The questioning of Rana Kapoor is continuing.The case against Kapoor is linked to the scam-hit DHFL as the loans lent by the bank to the company allegedly turned non-performing assets (NPAs).Action against Rana Kapoor is being conducted under the Prevention of Money Laundering Act (PMLA) by the ED.The ED action came after the Reserve Bank 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.Yes Bank will not be able to grant or renew any loan or advance, make any investment, incur any liability or agree to disburse any payment.As per the Reserve Bank of India’s (RBI) draft reconstruction scheme, State Bank of India will pick up 49 per cent stake in the crisis-ridden Yes Bank under a government-approved bailout plan.(With inputs from PTI)Get real-time alerts and all the news on your phone with the all-new India Today app. Download from
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