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Rana Kapoor misused his position in Yes Bank in “several other transactions”: CBI's FIR

The Central Bureau of Investigation (CBI) has made it clear that besides the dubious loans given to DHFL, “several other transactions” are under its scanner in which former founder of Yes Bank, Rana Kapoor is “apprehended” to have received illegal kickbacks.

, ET Bureau|
Last Updated: Mar 09, 2020, 02.07 PM IST
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Reuters
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In the image: Former founder of Yes Bank Rana Kapoor
New Delhi: Registering an FIR against Rana Kapoor, former founder of Yes Bank, the Central Bureau of Investigation (CBI) has made it clear that besides the dubious loans given to DHFL, “several other transactions” are under its scanner in which Kapoor is “apprehended” to have received illegal kickbacks” through entities controlled by him or his family members.

The agency has alleged that Rana Kapoor entered into a “criminal conspiracy” with Kapil Wadhawan of Dewan Housing Financial Corporation Limited (DHFL) and others for “extending financial assistance” to DHFL by M/s Yes Bank Limited “in lieu of substantial undue benefit to himself and his family members through the companies held by them”.

The agency has alleged that “it is apprehended that Rana Kapoor has also similarly misused his official position in several other transactions and obtained illegal kickbacks directly or indirectly through entities controlled by him or his family members”.

In its FIR registered on March 7, CBI has booked Rana Kapoor, his wife Bindu Rana Kapoor, and his three daughters .

Besides Kapoors, Mumbai based Morgan Credits Private Limited, RKW Developers Private Limited, its Director Dheeraj Rajesh Kumar Wadhawan have also been named in the FIR along with DHFL and its promoter Director, Kapil Wadhawan.

The FIR has been registered on the basis of “reliable source information” which, the FIR reads, revealed that during 2018-2019 Kapoor entered into “criminal conspiracy” with Kapil Wadhawan and others for “extending financial assistance” to DHFL by M/s Yes Bank Limited “in lieu of substantial undue benefit to himself and his family members through the companies held by them”.

Elaborating on the alleged role played by Kapoors, CBI’s FIR states that Yes Bank Limited invested Rs 3700 crores in the short term debentures of M/s DHFL. Simultaneously Kapil Wadhawan paid a kickback of Rs 600 crores to Rana Kapoor and his family members in the garb of builder loan of Rs 600 crores given by M/s DHFL to DOIT Urban Ventures (India) Private Limited, a wholly owned subsidiary of M/s RAB Enterprises in which Kapoor’s wife Bindu Kapoor is a Director and 100 percent shareholder.

Furthermore, the FIR reads, daughters of Rana Kapoor, namely Roshini Kapoor, Radha Kapoor Khanna and Raakhe Kapoor Tandon are 100 percent shareholders of M/s DOIT Urban Ventures (India) Private Limited through M/s Morgan Credits Private Limited.

The FIR further says that “it has been further learnt that loan of Rs 600 crores was sanctioned by M/s DHFL to M/s DOIT Urban Ventures (India) Private Limited on the basis of a mortgage of a sub-standard property having very meagre value and by considering its future conversion from agricultural land to the residential land”.

CBI’s FIR further says that DHFL has “not redeemed the amount of Rs 3700 crores invested by M/s Yes Bank in its debentures till date”.

The FIR goes on to say that Yes Bank also sanctioned a loan of Rs 750 crores to M/s RKW Developers Private Limited which is a DHFL group company for their Bandra Reclamation Project and the whole amount was siphoned off by Kapil Wadhawan since the entire amount was transferred by M/s RKW Developers Private Limited to DHFL without making investment in Bandra Reclamation project for which the loan was sanctioned.

The FIR says Rana Kapoor “obtained undue pecuniary advantage from M/s DHFL in the matter of investment in the debentures of M/s DHFL by Yes Bank through the companies held by his wife and daughters”.
(Catch all the Business News, Breaking News Events and Latest News Updates on The Economic Times.)

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