CBI arrests ABIL group chairman Avinash Bhosale in Yes Bank-DHFL scam case

The agency has alleged that Kapoor entered into a criminal conspiracy with Wadhawan for extending financial assistance to DHFL through Yes Bank in return for substantial undue benefits to himself and his family members through companies held by them, they said. According to the CBI FIR, the scam started taking shape between April and June 2018, when Yes Bank invested Rs 3,700 crore in short term debentures of scam-hit DHFL.

In return, Wadhawan allegedly "paid kickback of Rs 600 crore" to Kapoor and family members in the form of loan to DoIT Urban Ventures (India) Pvt Ltd, they said. DoIT Urban Ventures is held by daughters of Kapoor — Roshini, Radha and DoIT Urban Ventures is held by daughters of Kapoor — Roshini, Radha and Rakhee — who are 100 per cent share holders of the company through Mogran Credits Pvt Ltd, it alleged.

The loan of Rs 600 crore was sanctioned by DHFL to DoIT Urban Ventures(India) Pvt Ltd on the basis of mortgage of sub-standard properties having very meagre value and by considering its future conversation from agricultural land to residential land, the agency has alleged.

It was further found that DHFL had not redeemed the amount of Rs 3,700crore invested by Yes Bank in its debentures till date, it said.

In addition to the above, Yes Bank also sanctioned a loan of Rs 750 crore to RKW Developers Pvt Ltd whose director is Dheeraj Wadhawan and is a DHFL group company for their Bandra reclamation project which was transferred by it to DHFL without any investment in the project for which it was sanctioned, they said. "Rana Kapoor obtained undue pecuniary advantage from DHFL in the matter of investment in the debentures of DHFL by Yes Bank, through the companies held by his wife and daughters," the FIR alleged.