62-year-old Rana Kapoor was arrested at the ED office in Ballard Estate in Mumbai under the Prevention of Money Laundering Act (PMLA).
The founder of India's Yes Bank was arrested on allegations of money laundering on March 8, amid efforts to formulate a rescue plan for the country's fourth-largest private lender. (Photo by Bhushan KOYANDE / AFP)
Estimated investments worth over Rs 2000 crore, 44 expensive paintings and a dozen alleged shell firms are under the scanner of Enforcement Directorate’s investigations against Yes Bank founder Rana Kapoor in the money laundering case, officials said.
As per the sources, the investigating agency has recovered documents showing some assets of Kapoor family in London. The Source of the funds is being investigated.
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Action against Kapoor began by ED through a raid in his upscale house in South Mumbai on Friday. The agency is primarily investigating Rana Kapoor, his wife, and three daughters in the case over a Rs 600 crore fund received by a firm which is allegedly controlled by the accused from an entity linked to scam-hit Dewan Housing Finance Limited (DHFL).
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The Rana Kapoor-linked firm, DoIT Urban Ventures (India) Pvt Ltd, is alleged to have received the funds when Yes Bank had an exposure of more than Rs 3,000 crore loans to DHFL, already being probed for purported financial irregularities and diversion of funds.
The bank, they said, allegedly did not initiate action to recover the NPA-turned loans from DHFL and the agency suspects that the Rs 600 crore funds were part of alleged kickbacks received as quid pro quo in the firm controlled by the Kapoor family.
The ED is looking at finding the proceeds of crime during the raids conducted at Rana Kapoor’s, his wife and daughters’ residence.
62-year-old Rana Kapoor was arrested at the ED office in Ballard Estate in Mumbai under the Prevention of Money Laundering Act (PMLA). He will be produced before a holiday court to obtain his further custody.
ED is also recording the statement of his wife and daughters in the case.
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