Bonjour, new guests from small-town India
Puneet Dhawan of Accor is brimming with ideas on ways to revive the hospitality sector
YES Bank Co-founder Rana Kapoor being taken to a court after being arrested by the Enforcement Directorate on money laundering charges, in Mumbai, on Sunday. (file photo) - PTI
Multiple companies are under the Enforcement Directorate’s scanner as it expands its probe into 46 entities allegedly controlled by Rana Kapoor, the co-founder of YES Bank and its MD and CEO till January 31, 2019, and his family. An amount of ₹4,300 crore is said to have been diverted to these entities, according to ED sources.
Former YES Bank CEO Ravneet Gill is also under the ED scanner.
BW Businessworld Media, AW FIS Space Solutions, Indian School of Management and Entrepreneurship, Art Capital Advisory, Art India Foundation, Goa-based DOIT Resort and Indian School of K-12 Education are among the companies under the ED’s lens.
Real estate giant Indiabulls is also under the ED lens because of the similar nature of transactions.
“A can of worms opened up when the ED was investigating the YES Bank loan of ₹3,600 crore to Dewan Housing Finance Corporation Ltd (DHFL) and it was realised that Rana’s wife and daughter have been given ₹600 crore in their companies by DHFL against a collateral of ₹10-crore worth properties shown in Alibaug (an island off Mumbai's coast) which were falsely valued at ₹300-400 crore,” according to an official in ED.
Another property at 40, Amrita Shergill Marg in Central Delhi, which was purchased by his wife, Bindu, from Lalit Thapar of Advent India has also come under the scanner.
“Lalit Thapar sold his property to Bindu Kapoor in lieu of a ₹500-crore loan he had taken from YES Bank which had turned into a non-performing asset,” said the ED official. “It has to be seen so as to what are the links between Indiabulls and YES Bank now,” the official said.
Meanwhile, the Central Bureau of Investigation has booked Rana Kapoor, his immediate kin, and Kapil Wadhwan, Promoter-Director of Dewan Housing Finance Corporation Limited, charging them with corruption and fund diversion.
CBI’s FIR names Kapoor, his wife, and their daughters Roshini Kapoor, Raakhe Kapoor Tandon and Radha Kapoor Khanna. The CBI alleges that Kapoor and Wadhawan entered into a criminal conspiracy for extending financial assistance to DHFL by YES Bank Ltd. The Kapoors gained substantial undue benefit through the companies held by them because of this partnership, the CBI said.
On Monday, CBI conducted searches across seven locations in Mumbai in connection with this case. The offices of DHFL, DOIT Urban Ventures, RKW Developers and residences of Rana Kapoor, Kapil Wadhawan, Raakhe Kapoor Tandon and Radha Kapoor Khanna were searched by the agency. The investigative agency also issued look-out notices against the accused, preventing them from leaving the country.
(Inputs from Mumbai Bureau)
Puneet Dhawan of Accor is brimming with ideas on ways to revive the hospitality sector
Citroen’s first vehicle sports a novel design and European interiors. It is also meant to be as comfortable as ...
The pandemic is only the tip of the iceberg that the country’s cash-poor airlines — both regional and national ...
The government is yet to specify the framework of its recently announced old vehicle scrappage policy
Here is a checklist that equips you to discern the market nuances
Sensex, Nifty 50 have witnessed sharp decline
The fund has consistently outperformed S&P BSE 100 TRI over one, three and five years
Returns are superior to immediate annuity plans, but SCSS can secure better rates for new investors sooner if ...
With the public looking beyond mainstream media for reports from the ground, independent digital platforms are ...
A book on Badri Narayan is a tribute — albeit a belated one — to an artist who did not enjoy the recognition ...
The country hasn’t had a quiet moment since the military seized power on February 1
The Tatmadaw sees itself as an embodiment of the nationalist soul of Myanmar. But their brand of nationalism ...
Its name is the starting point of a brand’s journey and can make a big difference in the success sweepstakes
Sober spirits are the in thing
A peek into where ad spends went last year and where they are headed tomorrow
Can Swiggy Instamart disrupt the ecommerce groceries space, currently ruled by the Amazons and Big Baskets? ...
Three years after its inception, compliance with GST procedures remains a headache for exporters, job workers ...
Corporate social responsibility (CSR) initiatives of companies are altering the prospects for wooden toys of ...
Aequs Aerospace to create space for large-scale manufacture of toys at Koppal
And it has every reason to smile. Covid-19 has triggered a consumer shift towards branded products as ...
Please Email the Editor