Yes Bank founder Rana Kapoor’s daughters confuse with yes and no claims on DHFL loans

Yes Bank founder Rana Kapoor's daughters confuse with yes and no claims on DHFL loans thumbnail
The Central Bureau of Investigation (CBI) on Monday issued lookout circulars against seven individuals accused in the Yes Bank crisis, including founder Rana Kapoor and his family members. Kapoor was arrested by the Enforcement Directorate (ED) in the early hours of Sunday and his daughter stopped from boarding a flight to London from the Mumbai…

The Central Bureau of Investigation (CBI) on Monday issued lookout circulars against seven individuals accused in the Yes Bank crisis, including founder Rana Kapoor and his family members. Kapoor was arrested by the Enforcement Directorate (ED) in the early hours of Sunday and his daughter stopped from boarding a flight to London from the Mumbai International Airport on the same day.On March 8, the CBI registered an FIR against Rana Kapoor followed by the ED which decided to file an ECIR against him on the same day. Others mentioned in the FIR and ECIR are Kapil Wadhawan of Dewan Housing Finance Limited (DHFL) and DoIt Infra Ventures Ltd, a company owned by one of Rana Kapoor’s daughters. The ED has been questioning Rana Kapoor and his family members under section 50 of the Prevention of Money Laundering Act (PMLA).Never interacted with DHFL officials personally: Radha Kapoor KhannaIn her statement to the ED, Rana’s daughter Radha Kapoor Khanna responded to the question of her company DoIt Urban Ventures receiving a sum of Rs 600 crores from DHFL by claiming that she never interacted with DHFL officials or Kapil Wadhawan. The communication with DHFL was through the father’s personal secretary, said Radha Kapoor Khanna.Radha also told ED that in addition to the properties mortgaged, she had also given her personal guarantee to DHFL in the form of her 33.33 per cent shares in Morgan Credits Private Limited and the value of unutilised business held under Morgan Credit Private Limited. In 2019, Radha sold all the shares and the proceeds were used for repayment of debt borrowing of mutual funds and subsequently, Morgan Credits Private Limited, ended up owning nil shares in Yes Bank.Unaware of Rs 600 crore loan: Roshni KapoorRana’s daughter Roshni Kapoor, also a director in DoIt Urban Ventures told investigators that she is unaware of the Rs 600 crore loans given to the company by DHFL. “I have never interacted with anyone in this regard,” said Roshni Kapoor.Believed that collateral would cover loan risk of DoIt Urban Ventures: Rana KapoorDuring the interrogation, Yes Bank founder Rana Kapoor told sleuths that the bank purchased debentures worth Rs 3,000 crores from DHFL and a loan of Rs 600 crores against properties was sanctioned to DUVPL by DHFL in August 2018. “I believed that the property mortgaged and securities and monetisation of various investment of DoIt Urban Ventures would be able to cover the loan risk and repayment of the loan on the due date. Lata Dave has been my secretary for 15 years,” Rana Kapoor told officials.A former Bank of America executive who founded Yes Bank in 2004, Rana Kapoor also told ED that a loan of Rs 750 crore was granted to Belief Realtors that was ultimately transferred by Belief Realtors to DHFL.On questions related to the MF Husain portrait of former prime minister Rajiv Gandhi he purchased from Priyanka Gandhi Vadra for a sum of Rs 2 crores, Rana Kapoor said that he was asked about the painting by Milind Deora. “I was never interested in buying the painting,” said Kapoor.For sports news, updates, live scores and cricket fixtures, log on to indiatoday.in/sports. Like us on Facebook or follow us on Twitter for Sports news, scores and updates.Get real-time alerts and all the news on your phone with the all-new India Today app. Download from
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