The Enforcement Directorate (ED) on May 14 arrested Dewan Housing Finance Limited (DHFL) promoters Kapil and Dheeraj Wadhawan in connection with its money laundering probe against Yes Bank co-founder Rana Kapoor and others, official sources said.
Earlier this week, the Bombay High Court had refused to grant anticipatory bail to the Wadhawans in the case. The court observed that their custodial interrogation was necessary to unearth the conspiracy and modus operandi in the multi-crore scam.
The brothers were remanded in 10-day ED custody by a special court in Mumbai.
Last week, the ED filed the charge sheet in the Yes Bank case and revealed the alleged quid pro quo by Rana Kapoor, who offered suspicious loans to various entities including DHFL.
ED had named Rana Kapoor, his wife Bindu Kapoor, his daughters Roshni, Radha and Rakhee along with three of their entities as accused in the case.
In his statement to ED, Kapoor said, “In 2018, DHFL had issued retail senior public debentures worth Rs. 8,000 to Rs 10,000 crore and an amount of approximately Rs 3,000 crore plus was allocated for purchase by Yes bank Ltd, as per the Bank's Board Credit Committee approval.”
He also stated that a loan of Rs 1,200 crore had been given by Yes Bank to Aadhar Housing Finance Ltd, which was a DHFL group company. A loan of Rs 600 crore against property mortgage was sanctioned by DHFL to DOIT Urban Ventures India Ltd (DOIT), which is wholly-owned by a company namely Morgan Credits Pvt Ltd (MCPL).
MCPL is held by Rana Kapoor's daughters Radha K. Khanna, Rakhee K. Kapoor and Roshni Kapoor.
Kapoor further stated in his statement that two earlier loans of Rs 300 crore each had been given to DOIT Urban Ventures India Ltd by DHFL, which were duly closed in August 2018 and a renewed loan of Rs 600 crore was granted against the previous loan.
He had mortgaged the five properties, though he was not sure if the valuation of these properties was carried out at the time of its mortgage or not.
The CBI registered a case on March 7 to probe the 2018 transactions between Rana Kapoor and DHFL group firms under sections related to criminal conspiracy and cheating, following which the ED registered a money-laundering case the same day. The ED arrested Rana Kapoor in the case on March 8.
The Wadhawans are presently in jail after being arrested by the CBI, which is also probing the same case.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
