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YES Bank case: ED chargesheets Rana Kapoor, family in Rs 5,050 crore fraud case

ED has named Rana Kapoor, his wife Bindu Kapoor, daughters Roshni Kapoor, Radha Kapoor and Rakhee Kapoor, along with Morgan Credits, Yes Capital and Rab Enterprises in its charge sheet

twitter-logoBusinessToday.In | May 7, 2020 | Updated 02:14 IST
YES Bank case: ED chargesheets Rana Kapoor, family in Rs 5,050 crore fraud case
Former YES Bank CEO Rana Kapoor (File photo: PTI)

Enforcement Directorate (ED) has filed a charge sheet against Rana Kapoor in connection with the YES Bank fraud case. The charge sheet filed at the PMLA Court in Mumbai includes names of the YES Bank co-founder, his wife Bindu Kapoor, his daughters Roshni Kapoor, Radha Kapoor and Rakhee Kapoor, along with Morgan Credits, Yes Capital and Rab Enterprises.

Kapoor, former MD and CEO of YES Bank, was arrested by the ED on March 8 under the Prevention of Money Laundering Act (PMLA). He has been accused of receiving kickbacks in lieu of sanctioning loans to certain firms.

ALSO READ:YES Bank posts Rs 16,418.02 crore net loss in FY20; asset quality worsens

The central investigation agency has pegged the proceeds of crime at Rs 5,050 crore and placed 168 accounts under scrutiny. The ED has also provisionally attached 59 paintings, including a painting of Rajiv Gandhi by MF Hussain, which Kapoor bought from Priyanka Gandhi for Rs 2 crore.

ED had alleged that YES Bank had bought debentures worth Rs 3,700 crore from the scam-hit Dewan Housing Finance Limited (DHFL), after which DHFL sanctioned a loan of Rs 600 crore to DoIT Urban Ventures, a company controlled by Kapoor's daughters through Morgan Credits. DHFL promoters Kapil Wadhawan and Dheeraj Wadhawan were arrested by the Central Bureau of Investigation on April 27.

ALSO READ:YES Bank share price falls over 5% ahead of Q4 earnings

Three days before Kapoor's arrest, on March 5, Reserve Bank of India had seized YES Bank as the private lender failed to raise funds to stay afloat. Under a reconstruction scheme, the central bank got several financial institutions, including SBI, ICICI Bank and HDFC, to save the private lender.

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