Mumbai, March 9
Roshini Kapoor, the daughter of founder and former managing director of “Yes Bank”, Rana Kapoor, booked by Enforcement Directorate for financial irregularities, was detained at Mumbai airport and was stopped from flying to London, even as Rana Kapoor was remanded to ED’s custody till March 11 on Sunday.
The development came after an investigation was launched against Rana Kapoor under money laundering charges in connection with the bank’s loans to the scam-hit Dewan Housing Finance Corporation Limited (DHFL) .
Earlier in the day, the Enforcement Directorate released a lookout notice against Rana Kapoor and his family, including his wife Bindu Kapoor, daughters Rakhee Kapoor Tandon, Radha Kapoor-Khanna, Roshini Kapoor and son-in-law Aditya.
Rana Kapoor was arrested around on Sunday under the provision of the Prevention of Money Laundering Act as he was reportedly not cooperating in the investigation.
The Enforcement Directorate is mainly investigating Kapoor, his wife, and three daughters over a Rs 600 crore fund received by a company allegedly “controlled” by them from an entity associated with the scam-hit DHFL. The firm, DOIT Urban Ventures (India) Private Limited (DUVIPL), allegedly received the funds when “Yes Bank” had a exposure of over Rs 3,000 crore loans to the DHFL that were already being investigated for financial irregularities.
The charges under relevant sections of the Indian Penal Code and sections 7, 12, and 13 of the Prevention of Corruption Act have been filed against Rana Kapoor, DHFL and its promoter Kapil Wadhawan and DUVIPL. Radha Kapoor-Khanna and Roshini Kapoor are the directors of the DUVIPL.
“Yes Bank” allegedly did not begin to recover the non-performing assets-tuned loans from DHFL, adding that the Rs 600 were funds part of alleged kickbacks received in exchange.
investments to the tune of more than Rs 2,000 crore, 44 expensive artwork, and a dozen alleged shell corporations have been a part of the Enforcement Directorate’s inquiry against Kapoor.
On Thursday, the Reserve Bank of India (RBI) had placed “Yes Bank” under a moratorium till 3 rdApril and abolished its board. RBI also imposed a limit of Rs 50,000 on withdrawals for every account. The RBI had said that it took the decision due to the “absence of a credible revival plan, and in public interest and the interest of the bank’s depositors”.
The Central Bureau of Investigation (CBI) has also begun its investigation into “Yes Bank” and is looking into charges of criminal conspiracy, cheating, and corruption. The CBI is reportedly looking into links on how Rana Kapoor entered into a criminal conspiracy with Kapil Wadhwan with regard to financial assistance for DHFL through “Yes Bank” in exchange of significant undue benefit.
In another development, the CBI has taken over investigation into the Rs 2,267-crore Employee’ Provident Fund scam in Uttar Pradesh, where hard-earned savings of the employees of the Uttar Pradesh Power Corporation Limited, were invested in the DHFL, facing a probe. The CBI has re-registered the FIR filed by the Uttar Pradesh police at the Hazratganj police station, according to officials.