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Yes Bank crisis: ED puts Rs 20,000 crore NPAs blame on Rana Kapoor

Yes Bank crisis: Rana Kapoor denied the allegations and said he was being made a scapegoat. He added that when he left the bank, the NPA of Yes Bank was only one per cent

twitter-logo BusinessToday.In   New Delhi     Last Updated: March 11, 2020  | 17:21 IST
Yes Bank crisis: ED puts Rs 20,000 crore NPAs blame on Rana Kapoor
Yes Bank crisis: Rana Kapoor says he was made scapegoat

During the hearing at the special PMLA court on Wednesday, ED alleged that out of the Rs 30,000 crore loans sanctioned by Yes Bank under founder Rana Kapoor, Rs 20,000 crore turned into NPAs. The ED said that the amount needs to be looked at and that it must be investigated if these were genuine transactions.

"The progress is as per investigation. There were some Rs 30,000 crore loans given when he was heading the bank. These loans were given to various entities. Rs 20,000 crore have turned into NPAs. Where have these loans gone? This amount needs to be looked into as we need to find out if they are genuine transactions or not. The 78 companies owned by Kapoor and family members and their transactions need to be looked into. The documents are recovered and he needs to be confronted," the ED counsel said. The ED also said that they need to keep him in custody for further seven days to carry on the investigation.

Also read: Yes Bank crisis: Will ICICI Bank, HDFC Bank, Kotak Mahindra Bank also invest?

The ED further added that the documents are voluminous and the amount is now larger than it was earlier estimated. "Initial amount was Rs 4,300 crore, now we need to find out about Rs 20,000 crore," stated the ED. Adding to why Kapoor needs to be kept in custody further, the ED said, "They have received kickbacks through their companies. The monies have been siphoned and laundered. Quid pro quo and diversion needs to be investigated."

Rana Kapoor, meanwhile, denied the allegations and said he was being made a scapegoat. He added that when he left the bank, the NPA of Yes Bank was only one per cent. Kapoor also stated that the ED searched his house on bogus grounds that he had dealing with DHFL.

Kapoor also said that his work has been acknowledged by various state governments as well as the central government.  "Till 2018, I was awarded every year, I was chairman of ASSOCHAM and I received international and national awards. Various state governments and the central government have awarded me. Not a single allegation was made against me. I haven't been chargesheeted for any offence in the 62 years of my life," stated Kapoor at the court.

Also read: Yes Bank crisis: Rana Kapoor tried to sell properties worth Rs 1,000 crore, flee country

Also read: RBI announces restructuring of Yes Bank; SBI to hold 49% stake

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