Properties in Delhi and Mumbai and paintings belonging to Yes Bank promoter Rana Kapoor, who was arrested for money laundering on Sunday, are under the enforcement directorate’s (ED) scanner.
According to ED’s remand papers accessed by Hindustan Times, Kapoor is suspected to have been involved in laundering ₹4,300 crore. He allegedly received a kickback of ₹600 crore from Dewan Housing Finance Corporation Limited (DHFL), the agency said. The agency alleged that Yes Bank bought ₹3,700 crore worth debentures of DHFL, which granted a ₹600-crore loan to Doit, a company in which Kapoor’s daughters are directors. The ED believes the loan to Doit was a kickback for Yes Bank’s subscription to the debentures of DHFL.
Sources said the probe has revealed that members of the Kapoor family received kickbacks in lieu for the loans sanctioned. The ED is checking if the properties are bought from the proceeds of crime. Among the properties are a bungalow on the city’s Altamount Road, properties in Delhi on Kautilya Road, SP Road and Amrita Shergill Road. The agency is also scanning properties in a foreign location. The worth of the properties is hundreds of crores.
The agency has stumbled upon 47 expensive paintings, including an MF Husain painting of Rajiv Gandhi. The ED has provisionally attached the paintings which were seized during the raids. Former Yes Bank chief executive officer Ravneet Gill also joined the probe on Monday and visited the ED office in Ballard Estate.
