Yes Bank founder’s daughter Roshni Kapoor stopped at Mumbai airport, say reports
Earlier in the day, a court in Mumbai had remanded her father Rana Kapoor to Enforcement Directorate’s custody till March 11.
Yes Bank founder Rana Kapoor’s daughter was stopped from leaving the country at Mumbai airport on Sunday, reported ANI. Roshni Kapoor was going to London by British Airways, according to NDTV. The development came after an investigation was launched against Rana Kapoor under money laundering charges in connection with the bank’s loans to the scam-hit Dewan Housing Finance Limited.
Earlier in the day, the Enforcement Directorate had released a lookout notice against Rana Kapoor and his family, including his wife Bindu Kapoor, daughters Rakhee Kapoor Tandon, Radha Kapoor, and Roshni Kapoor, reported ANI.
Earlier on Sunday, a court in Mumbai remanded Rana Kapoor to Enforcement Directorate’s custody till March 11. He was arrested around 3 am on Sunday under the provision of the Prevention of Money Laundering Act as he was reportedly not cooperating in the investigation.
The Enforcement Directorate is mainly investigating Kapoor, his wife, and three daughters over a Rs 600 crore fund received by a company allegedly “controlled” by them from an entity associated with the scam-hit DHFL. The firm, DoIT Urban Ventures Private Limited, allegedly received the funds when Yes Bank had a exposure of over Rs 3,000 crore loans to the housing finance company that were already being investigated for financial irregularities.
The central agency’s officials alleged that the bank did not begin to recover the non-performing assets-tuned loans from DHFL, adding that the Rs 600 were funds part of alleged kickbacks received in exchange.
Investments to the tune of more than Rs 2,000 crore, 44 expensive artwork, and a dozen alleged shell corporations have been a part of the Enforcement Directorate’s inquiry against Kapoor.
On Thursday, the Reserve Bank of India had placed Yes Bank under a moratorium, and took over its board. The central bank had also imposed a limit of Rs 50,000 on withdrawals for every account. The RBI had said it took the decision due to the “absence of a credible revival plan, and in public interest and the interest of the bank’s depositors”.
CBI books Rana Kapoor
The Central Bureau of Investigation has also begun its investigation into Yes Bank, unidentified officials told PTI. The agency said it was was looking into charges of criminal conspiracy, cheating, and corruption. However, officials have refused to divulge any further details on the case.
The Economic Times reported that charges under relevant sections of the Indian Penal Code and sections 7, 12, and 13 of the Prevention of Corruption Act had been filed against Rana Kapoor, DHFL, and its promoter Kapil Wadhawan and DoIT Urban Ventures Private Limited.
The CBI is reportedly looking into links on how Rana Kapoor entered into a “criminal conspiracy with Kapil Wadhwan” with regard to financial assistance for DHFL through Yes Bank in exchange of significant undue benefit, according to Mint.