The Central Bureau of Investigation on Monday issued a lookout circular against Yes Bank founder Rana Kapoor and his family, who are accused of receiving Rs 600 crore in kickbacks from Dewan Housing and Finance Limited, PTI reported. The investigative agency also issued lookout circulars against DHFL promoter Kapil Wadhawan and his brother Dheeraj Wadhawan.
This came after the CBI conducted raids in seven locations linked to the Kapoor family in Mumbai.
The lookout circular was issued against all the seven accused to prevent them from leaving the country, officials said.
According to the case filed by the agency, Yes Bank invested around Rs 3,700 crore in DHFL around the same time it granted a Rs 600-crore loan to a company called DoIT Urban Ventures Private Limited, owned by Rana Kapoor’s three daughters Roshni Kapoor, Rakhee Kapoor Tandon, and Radha Kapoor. The CBI has alleged that Rana Kapoor, in criminal conspiracy with Kapil Wadhawan and others, had invested in DHFL through Yes Bank to gain undue benefits for himself and his family.
The agency also said that Yes Bank sanctioned a loan of Rs 750 crore to RKW Developers Private Limited, which is a DHFL group company, for their Bandra Reclamation Project in Mumbai. The whole amount was transferred by RKW Developers to DHFL without investing anything in the project for which it was sanctioned, officials said.
The Enforcement Directorate is also investigating the case and Roshni Kapoor was stopped at the Mumbai airport on Sunday as she was about to board a flight to London.
The Reserve Bank of India had last week taken control of Yes Bank, after the lender – which is laden with bad debts – failed to raise the capital it needs to stay above mandated regulatory requirements. Placing Yes Bank under a 30-day moratorium, the central bank had imposed a limit of Rs 50,000 on withdrawals to protect depositors.
A court in Mumbai remanded Rana Kapoor to the 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.