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Yes Bank co-founder Rana Kapoor and Dewan Housing Finance Limited (DHFL) promoters Kapil and Dheeraj Wadhawan siphoned off funds worth ₹5,050 crore through suspicious transactions, Enforcement Directorate (ED) alleged in its second supplementary (third overall) charge sheet filed in a special court.
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), the statement also added.
The probe agency claimed that Kapoor, DHFL promoters and several others were involved in the criminal conspiracy of illegal diversion and siphoning off of funds through suspicious transactions.
Yes Bank had bought debentures worth ₹3,700 crore between April 2018 and June 2018 from DHFL, hence the amount was transferred to DHFL. Then DHFL gave a loan of ₹600 crore to DOIT Urban Ventures Pvt Ltd (an entity, beneficially owned by Rana Kapoor and his family). ED suggested 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 ₹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 Kapoor's family were to camouflage the entire act.
The investigation has revealed that a loan of ₹600 crore was given against substandard properties having a meager value of ₹39.68 crore and by considering further conversion from agriculture land to residential land and an inflated value of ₹735 crore was shown, it added.
ED also said 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