ED raids exCM Harish Rawat’s close aide in Dehradun
The Enforcement Directorate(ED), on Tuesday, raided the house of Uttarakhand Congress leader and property dealer Rajiv Jain in Dehradun.
The Enforcement Directorate on Monday conducted searches at five premises linked to global tours and travel company Cox and Kings in Mumbai, in connection with the money laundering probe case involving lender’s former director-promoter Rana Kapoor.
The raids were carried out with an aim to gather information and proof of dealings between Yes Bank co-founder Rana Kapoor and Cox and Kings firm, reports said.
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The ED took the action under its ongoing probe in the case under the Prevention of Money Laundering Act (PMLA). It is learnt that Yes Bank has more than Rs 2,000 crore of loan exposure to Cox and Kings firm, one of the top borrowers of the bank.
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Cox and Kings was one of the top borrowers of the bank and the latter had an exposure of about Rs 2,260 crore to the company, officials told agencies.
The searches are aimed at gathering more evidence in the case and five premises are being covered, reports added.
The ED is probing Yes Bank and a number of other large corporate groups in connection with an alleged fraud case where huge loans issued by the bank became non-performing assets (NPAs).
It arrested Yes Bank co-founder Rana Kapoor in March this year and recently filed its first charge sheet in the case before a special PMLA court in Mumbai.
Kapoor is accused of sanctioning loans to certain firms against kickbacks.
Among other things, the central probe agency is investigating Rs 600 crore received by a company allegedly controlled by Kapoor, his wife and three daughters from an entity linked to the scam-hit Dewan Housing Finance Limited (DHFL).
Kapoor and his family members allegedly got benefits worth Rs 4,300 crore through the companies controlled by them as kickbacks for sanctioning huge loans, the ED has alleged.
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