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The Central Bureau of Investigation (CBI) has booked former Yes Bank top boss Rana Kapoor, his immediate kin, and Kapil Wadhwan, Promoter Director of Dewan Housing Finance Corporation Limited, charging them with corruption and fund diversion.
The CBI FIR names Kapoor, his wife Bindu Rana Kapoor and their daughters Roshini Kapoor, Raakhe Kapoor Tandon as well as Radha Kapoor Khanna. The CBI alleges that Rana Kapoor and Kapil Wadhawan entered into a criminal conspiracy for extending financial assistance to DHFL by Yes Bank Limited.
The Kapoors gained substantial undue benefit through the companies held by them by this partnership, the CBI said.
DHFL, DOIT Urban Ventures (lndia) Private Limited, RAB Enterprises (lndia) Private Limited, Morgan Credits Private Limited, RKW Developers Private Limited have been listed as accused in the FIR.
Dheeraj Rajesh Kumar Wadhawan, the Director of RKW Developers Private Limited has also been listed as an accused by the CBI.
Kapoor’s daughters Raakhe, Radha and Roshini are Directors of Morgan Credits. Radha and Roshini are also the Directors of DOIT Urban Ventures. Kapoor’s wife, Bindu is the former Director of RAB Enterprises.
CBI has conducted searches across seven locations in Mumbai in connection with this case on Monday.
According to the CBI, Yes Bank invested ₹ 3700 crore in the short term debentures of DHFL from April to June 2018. “Simultaneously, Kapil Wadhawan paid a kickback of ₹ 600 crores to Rana Kapoor and his family members in the garb of builder loan of ₹ 600 crores given by DHFL (in which Wadhawan is a promoter director) to DOIT Urban Ventures (lndia), a wholly owned subsidiary of RAB Enterprises (lndia) in which Bindu Kapoor, wife of Rana Kapoor is a director and 100 per cent shareholder.”
“In addition to the above, Yes Bank also sanctioned a loan of ₹ 750 crore to RKW Developers Private Limited (which has Dheeraj Rajesh Kumar Wadhawan as a Director), which is a DHFL group company for their Bandra Reclamation Project, Mumbai,” the CBI alleged.
“This whole amount was siphoned off by Kapil Wadhawan since the entire amount was transferred by RKW Developers to DHFL without making investment in Bandra Reclamation Project for which the loan was sanctioned,” the CBI said.
The CBI has booked the Kapoors, Wadhawans and their companies under sections 120-B read with 420 of IPC and Section 7, 12 & 13 (2) read with 13 (1) (d) of Prevention of Corruption Act, 1988.
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