Yes Bank case: ED provisionally attaches Rana Kapoor's Rs 127-crore London apartment
The Enforcement Directorate said the apartment was purchased by Rana Kapoor in 2017 in the name of DOIT Creations Jersey Limited, wherein he is the beneficial owner.
September 25, 2020 / 04:34 PM IST
Yes Bank founder Rana Kapoor (Image: Reuters)
The Enforcement Directorate has provisionally attached a residential flat in London belonging to former Yes Bank managing director and chief executive officer Rana Kapoor.
The probe agency said the apartment, which currently has a market value of approximately Rs 127 crore, was purchased by Kapoor in 2017 in the name of DOIT Creations Jersey Limited, wherein he is the beneficial owner.
It added that Kapoor has been trying to sell the property in question, and that it has been listed for sale on several websites.
"Including this attachment of asset worth Rs 127 crore, total attachments under PMLA in this case come to Rs 2,011 crore. Among these attachments proceeds of crime amounting to Rs 600 crore belong to Rana Kapoor and remaining attachment of assets worth Rs 1,411 crore are related to Wadhawan brothers. Prosecution Complaints have been filed against Rana Kapoor, Kapil Wadhawan, Dheeraj Wadhawan & others. In another separate PMLA case, ED has also attached an asset amounting to Rs 307 crore of Rana Kapoor," the probe agency said.
Rana Kapoor and DHFL promoters Kapil and Dheeraj Wadhawan were arrested by the ED and are currently in judicial custody.
The agency initiated investigation under the Prevention of Money Laundering Act (PMLA) against Rana Kapoor and others, based on an FIR registered by the Central Bureau of Investigation (CBI).
Kapoor, his family members, and the other accused reportedly made fraudulent deals and laundered proceeds, estimated to be worth Rs 5,050 crore. Members of the Kapoor family or family-owned entities allegedly received Rs 600 crore in kickbacks in lieu of extending loans through Yes Bank, which later turned into non-performing assets. The amount was allegedly utilised to procure more properties.
In July earlier this year, the ED provisionally attached properties worth Rs 2,400 crore, belonging to Rana Kapoor and the Wadhawan brothers.