The Directorate of Enforcement (ED) has provisionally attached a residential flat in London worth 127 million rupees (13.5 million pounds) belonging to Rana Kapoor, former president and managing director of Yes Bank, who has been booked for alleged money laundering by the agency, officials said. on Friday.
The property was bought by Kapoor in 2017 for Rs 93 crore (9.9 million pounds) on behalf of DOIT Creations Jersey Limited, according to officials. “Information from a reliable source revealed that Rana Kapoor is trying to sell this London property and that he has hired a reputable real estate consultant. Open source inquiries confirmed that this property has been listed for sale on various websites, ”they added.
ED had launched an investigation into money laundering allegations after the Central Bureau of Investigation (CBI) recorded two corruption cases against Kapoor in March. In a first information report (FIR), the office alleged that Yes Bank had invested Rs 3,700 crore in short-term obligations of Dewan Housing Finance Corporation (DHFL) between April and June 2018.
DHFL promoter Kapil Wadhawan allegedly paid Kapoor “kickbacks” amounting to 600 million rupees. CBI 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, is a director and a 100% shareholder. Kapoor’s daughters, Rakhee Kapoor Tandon, Roshni Kapoor and Radha Kapoor, are also 100% shareholders of DoIT Urban Ventures. Based on the case recorded by CBI, ED began its investigation into the allegations of money laundering by Kapoor.
In the second case, CBI alleged that Kapoor and his wife purchased a bungalow from Avantha Group developer Gautam Thapar at a price much lower than its valuation. In the past, Thapar had mortgaged the bungalow for a corporate loan of Rs 600 crore, but sold it for Rs 380 crore to Bliss Abode Pvt Ltd in which Kapoor’s wife was a director at the time.
Following the investigation, ED filed a charge sheet against Kapoor, his wife, and their three daughters for money laundering. After the charge sheet was filed, Kapoor’s attorneys filed a motion for bail on the merits of the case.
The total seizures under the Prevention of Money Laundering Act (PMLA) in this case amounts to Rs 2,011 crore. Among these embargoes, the proceeds of crime amounting to 600 million rupees belongs to Kapoor and the remaining asset embargo of 1,411 million rupees is related to the Wadhawan brothers. Complaints of prosecution have been filed against Kapoor, Kapil Wadhawan, Dheeraj Wadhawan and others.
In another separate PMLA case, ED has also attached an asset worth Rs 307 million belonging to Kapoor.
Kapoor, Kapil Wadhawan and Dheeraj Wadhawan were arrested by ED for their role in the alleged money laundering and are in judicial custody.
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