Yes Bank Case: ‘Rs 3700 Cr Loan Issued to DHFL Without Securities’
As Yes Bank issued Rs 3700 cr loan to DHFL, DHFL paid kickback of Rs 600 cr to a company owned by Kapoor’s family.
As the investigation into the Yes Bank crisis progresses, the CBI has alleged that Yes Bank issued loans worth Rs 3,700 crore to DHFL in 2017-18 without any securities or mortgage.
In its FIR, the investigating agency claimed that in 2018-19, Rana Kapoor , who was Promoter Director and CEO of Yes Bank at the time, “entered into a criminal conspiracy” with Kapil Wadhawan, the Promoter Director of DHFL.
The CBI has alleged that Kapoor extended financial assistance to DHFL “in lieu of substantial undue benefit to himself and his family members”.
To make this happen, when Yes Bank allegedly issued the Rs 3,700 crore loan to DHFL, DHFL simultaneously paid a kickback of Rs 600 crore to a company owned by Rana Kapoor’s wife and three daughters.
“M/s DOIT Urban Ventures (lndia) Private Limited, a wholly owned subsidiary of M/s RAB Enterprises (lndia) Private Limited in which Mrs. Bindu Kapoor, wife of Sh Rana Kapoor is a director and 100% shareholder. Furthermore, the daughters of Sh Rana Kapoor namely Ms. Roshini Kapoor, Ms.Radha Kapoor Khanna and Ms. Raakhe Kapoor Tandon are 100% shareholders of Mis DOIT Urban Ventures (lndia) Private limited through M/s Morgan Credits Private Limited.”Excerpt from CBI FIR
In 2017-18, Yes Bank issued a second tranche of the loan to DHFL, amounting to Rs 750 crore, and simultaneously, DHFL again allegedly gave Rs 1.60 crore to DOIT Urban Ventures (India) Pvt Ltd.
Sources in the ED said that DOIT Ventures made an investment of around Rs 4,500 crore in real estate. The company had no business activity on recorded and is a Mumbai based company with a branch office in Delhi.
CBI Raids Properties Linked to Rana Kapoor
On 9 March, the CBI raided 7 locations in connection with the case. Searches were carried out at premises linked to Rana Kapoor, DHFL, RKW developers and Doit Urban Ventures Pvt Ltd.
CBI has filed FIRs against 12 accused in the case, including, Rana Kapoor, wife Bindu Kapoor, daughters Raushni, Rakhi and Radha. Dheeraj Wadhawan, Kapil Wadhawan, and the companies associated with the accused have also been named in the FIR.
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