ED attaches Yes Bank founder Rana Kapoor’s flat in London in money laundering case
The Enforcement Directorate said Kapoor had been trying to sell the property.
The Enforcement Directorate on Friday attached jailed Yes Bank founder Rana Kapoor’s flat in London worth Rs 127 crore, NDTV reported. Kapoor bought the property in 2017 for 9.9 million pounds (Rs 92.8 crore) in the name of Doit Creations Jersey Ltd, the Enforcement Directorate said in a statement.
“Information from a reliable source revealed that Rana Kapoor is trying to alienate this property in London and that he has hired a reputed property consultant,” the Enforcement Directorate said, according to the Hindustan Times. “Inquiries from open sources confirmed that this property has been listed for sale on several websites.”
The Reserve Bank of India had in March 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.
Kapoor was allegedly paid “kickbacks” amounting to Rs 600 crore by Dewan Housing Finance Limited promoter Kapil Wadhawan for investing Rs 3,700 crore in short-term debentures of DHFL. The Central Bureau of Investigation has alleged that DHFL sanctioned a loan to DoIT Urban Ventures (India) Pvt Ltd, a wholly-owned subsidiary of RAB Enterprises in which Kapoor’s wife Bindu Tandon is a director and 100% shareholder. Kapoor’s daughters are also 100% shareholders in the firm.
The CBI has also alleged that Kapoor and his wife bought a bungalow from Avantha Group promoter Gautam Thapar at a much lower price than its valuation.
In May, the Enforcement Directorate filed a chargesheet against Kapoor, his wife and daughters, before a special Prevention of Money Laundering Act court in Mumbai. This came after the CBI conducted raids in seven locations linked to the Kapoor family in Mumbai.
The same month, the Enforcement Directorate arrested promoters Kapil and Dheeraj Wadhawan in connection with their involvement in the Yes Bank fraud case. A week earlier, the CBI had arrested the brothers under the Prevention of Money Laundering Act.
