Yes Bank: Enforcement Directorate asks Rana’s daughters to turn approvers

According to sources, the statements of key management persons of Yes Bank over the alleged irregularities form part of the charge sheet

Published: 08th May 2020 10:25 AM  |   Last Updated: 08th May 2020 10:25 AM   |  A+A A-

Yes bank

For representational purpose.

By Anuradha Shukla
Express News Service

NEW DELHI: The Enforcement Directorate (ED) is in negotiations with daughters of former Yes Bank promoter Rana Kapoor to turn approvers against their father, as he had bought many properties and shell companies in their names without their knowledge.

“In many cases, the daughters were not aware of the dealing initially. Rana Kapoor took several decisions on their behalf. We are negotiating with them, if they would turn approvers,” a senior ED official told TNIE.

The ED filed its first charge sheet against Rana Kapoor and his family in Mumbai court on May 6. The charge sheet named his wife Bindu; three daughters Rakhee, Roshini and Radha; and three firms allegedly controlled by the family, namely Morgan Credits, RAB Enterprises (India) and Doit Urban Ventures.

The charge sheet has accused Kapoor of taking kickbacks of more than Rs 5,500 crore for approving loans, anomalies in distributing bank loans to corporate entities by misusing his official position, creating shell companies for laundering money, defaults and creating tainted assets.

The agency has also claimed that Kapoor, who was the managing director and chairman of Yes Bank, was instrumental in sanctioning loans worth Rs 30,000 crore during his tenure, of which Rs 20,000 crore has turned into Non-Performing Assets (NPA).  

According to sources, the statements of key management persons of Yes Bank over the alleged irregularities form part of the charge sheet. ED sources hinted that in the coming months, there will be more action in the case.

“According to the Prevention of Money Laundering Act, the agency has to file a prosecution complaint within 90 days of arresting a person; else, (there are) risks (to) seizure and attachment of assets and properties of the accused. We will initiate attaching of properties sooner,” the official added.
So far ED has identified one luxury hotel in New York, another hotel and two luxury properties in London, a private yacht, six Delhi bungalows and six properties in Mumbai.