The Delhi High Court on Friday granted regular bail to former Managing Director and CEO of YES Bank Rana Kapoor in a Rs 466.51 crore money laundering case New Delhi: The Delhi High Court on Friday granted regular bail to former Managing Director and CEO of YES Bank Rana Kapoor... The post appeared first on .

The Delhi High Court on Friday granted regular bail to former Managing Director and CEO of YES Bank Rana Kapoor in a Rs 466.51 crore money laundering case.

Mumbai (Maharashtra) [India], April 24 (ANI): Yes Bank promoter Rana Kapoor informed the Enforcement Directorate (ED) that he was 'forced' by a then Congress Union Minister to buy an MF Hussain painting from Priyanka Gandhi Vadra for Rs 2 crores.

Mumbai Apr 23 PTI The Enforcement Directorate ED has alleged that Yes Bank co-founder Rana Kapoor and Dewan Housing Finance Limited DHFL promoters Kapil and Dheeraj Wadhawan siphoned off funds worth Rs 5050 crore through suspicious transactions The ED said this in its second supplementary third overall charge sheet filed in special court here recently against Rana Kapoor his family Wadhawans and others in a money laundering case During the investigation it came to light that a big part of the proceeds of crime POC generated in this case has been siphoned off overseas by Rana Kapoor and hence they are not available for attachment directly under the provisions of Prevention of Money Laundering Act PMLA it said Rana Kapoor DHFL promoters Kapil Wadhawan Dheeraj Wadhawan and others were involved in criminal conspiracy with each other in illegal diversion and siphoning off of funds through suspicious transaction of Rs 5050 crore the central probe agency claimed in its fresh prosecution complaint charge sheet filed recently The ED said investigation has revealed that Yes Bank had bought debentures worth Rs 3700 crore between April 2018 and June 2018 from DHFL Therefore the amount was transferred to DHFL Subsequently DHFL gave a loan of Rs 600 crore to DOIT Urban Ventures Pvt Ltd an entity beneficially owned by Rana Kapoor and his family The probe also revealed that Yes Bank had used public money for the purchase of the above-said short-term debentures of DHFL which has not yet been redeemed by DHFL On the other hand DHFL obliged Rana Kapoor by giving the so called loan of Rs 600 crore to his beneficially-owned company namely DUVPL without adequate collateral the agency said It claimed that the loans given to the firm owned by Kapoors family were to camouflage the entire act The investigation has revealed that a loan of Rs 600 crore was given against substandard properties having a meager value of Rs 3968 crore and by considering further conversion from agriculture land to residential land and an inflated value of Rs 735 crore was shown it added It has also come to light that just before the sanction of these loans Yes Bank had invested in DHFL This indicates a criminal conspiracy between Rana Kapoor and Kapil and Dheeraj Wadhawan to get loan by pledging highly overvalued assets the charge-sheet said adding there was no active or operating business in DUVPL at the time of proposal of loan Since DUVPL has no business activity and as such not generating any revenue as of today and it may not be able to repay the loan considering its present business activity and revenue This clearly indicates a case of quid pro quo it said Besides Yes Bank had also sanctioned a loan of Rs 750 crore to one Ms Belief Realtors Private Limited beneficially owned by Wadhawans for development of its Bandra Reclamation Project in Mumbai Investigation has revealed that the entire amount was siphoned off by the Wadhawans without spending a single penny for the declared purpose the ED added The entire amount of loan disbursed to Ms Belief Realtors was siphoned off by the Wadhawans by way of layering through their shell companies and it was never used for the declared purpose the charge sheet said There is no doubt about the fact that Rana Kapoor has misused his official position to gain undue financial benefit for him and his family members it said Investigation has revealed that the POC generated in this case has been layered in different forms in properties as well as in liquid form It has also been revealed during the investigation that a big part of the POC generated in this case has been siphoned off overseas by Rana KapoorThe proceeds of crime are thus not available for attachment directly the ED said The ED had started its investigation after recording of ECIR on March 3 2020 and after the probe began Rana Kapoor aggressively tried to dispose of his overseas properties to save them from being attached by the ED under PMLA the charge sheet said The POC involved in this case is Rs 5050 croreWhile Rana Kapoor is the founder of the said company namely DUVPL his three daughters are 100 per cent shareholders therein Rana Kapoor is currently in judicial custody following his arrest in the case in March 2020 Wadhwans too are in jail custody after their arrest in another case PTI AVI NP NP

New Delhi [India], March 25 (ANI): The Delhi High Court has permitted Yes Bank promotor Rana Kapoor to appear through a virtual hearing before the trial court in a money laundering case related to allegedly wrongful loss of Rs 466.51 crore registered by the Directorate of Enforcement (ED).

New Delhi [India], February 15 (ANI): Former Managing Director and CEO of YES Bank Rana Kapoor moved a bail petition to Delhi High Court on Tuesday in a Rs 466.51-crore money laundering case being probed by the Enforcement Directorate (ED).

Mumbai (Maharashtra) [India], February 15 (ANI): The Central Bureau of Investigation (CBI) conducted raids at the premises of Radius Developers in Mumbai and Pune in connection with the Yes Bank case, sources said on Tuesday.

New Delhi [India], January 20 (ANI): A Delhi Court on Thursday allowed the bail applications moved on behalf of employees of the Avantha Group Companies, who have been arraigned as co-accused in an alleged case of wrongful loss to YES Bank, to the tune of rupees Rs 466.51 crore, registered by the Enforcement Directorate(ED).

Mumbai (Maharashtra)[India], December 31 (ANI): The Enforcement Directorate (ED) has filed a chargesheet against Yes Bank founder Rana Kapoor, his wife Bindu Kapoor, and Avantha group promoter Gautam Thapar at a Prevention of Money Laundering Act (PMLA) court in Mumbai in connection with the money laundering case.

New Delhi [India], November 30 (ANI): The Supreme Court on Tuesday stayed the criminal proceedings in the FIR initiated by Gautam Buddha Nagar police in Uttar Pradesh on the complaint of Essel Group against the Yes Bank officials.