The Enforcement Directorate (ED) has provisionally attached a residential flat in London worth Rs 127 crore (13.5 million pound) belonging to Rana Kapoor, Yes Bank’s former chairman and managing director, who has been booked for alleged money laundering by the agency, officials said on Friday.
The property was bought by Kapoor in 2017 for Rs 93 crore (9.9 million pound) in the name of DOIT Creations Jersey Limited, according to officials. “Information from a reliable source revealed that Rana Kapoor is trying to alienate this property in London and that he has hired a reputed property consultant. Enquiries from open sources confirmed that this property has been listed for sale on several websites,” they added.
ED had initiated a probe into allegations of money laundering after the Central Bureau of Investigation (CBI) registered two cases of corruption against Kapoor in March. In one first information report (FIR), the bureau alleged that Yes Bank had invested Rs 3,700 crore in short-term debentures of Dewan Housing Finance Corporation (DHFL) between April and June 2018.
Kapoor was allegedly paid ‘kickbacks’ amounting to Rs 600 crore by DHFL promoter Kapil Wadhawan in return. CBI has alleged that DHFL sanctioned a loan to DoIT Urban Ventures (India) Pvt Ltd, a wholly-owned subsidiary of RAB Enterprises in which Kapoor’s wife Bindu is a director and 100% shareholder. Kapoor’s daughters, Rakhee Kapoor Tandon, Roshni Kapoor, and Radha Kapoor, are also 100% shareholders in DoIT Urban Ventures. Based on the case registered by CBI, ED began its probe into allegations of money laundering by Kapoor.
In the second case, CBI alleged that Kapoor and his wife bought a bungalow from Avantha Group promoter Gautam Thapar at a much lower price than its valuation. In the past, Thapar had mortgaged the bungalow for a corporate loan of Rs 600 crore, but he sold it for Rs 380 crore to Bliss Abode Pvt Ltd in which Kapoor’s wife was a director at the time.
After the probe, ED filed a charge sheet against Kapoor, his wife, and their three daughters for money laundering. After the charge sheet was filed, Kapoor’s lawyers moved a bail plea on the merits of the case.
The total attachments under the Prevention of Money Laundering Act (PMLA) in this case come to Rs 2,011 crore. Among these attachments proceeds of crime amounting to Rs 600 crore belong to Kapoor and remaining attachment of assets worth Rs 1,411 crore are related to Wadhawan brothers. Prosecution complaints have been filed against Kapoor, Kapil Wadhawan, Dheeraj Wadhawan and others.
In another separate PMLA case, ED has also attached an asset amounting to Rs 307 crore belonging to Kapoor.
Kapoor, Kapil Wadhawan and Dheeraj Wadhawan were arrested by ED for their role in alleged money laundering and they are in judicial custody.
