Yes Bank founder Rana Kapoor’s daughters have told Enforcement Directorate that they had no knowledge about any quid pro quo or about the source of the initial investment in the companies owned by them.
The ED, earlier this month, filed a charge sheet in the Yes Bank case and named the bank’s founder Rana Kapoor, his wife Bindu Kapoor and daughters Rakhee, Radha and Roshni as accused along with three entities Morgan Credit Pvt Ltd, Yes Capital Pvt Ltd and Rab Enterprises belonging to them.
The charge sheet, according to sources, alleges that Roshni, Rakhee and Radha Kapoor and their mother Bindu were hand in gloves with Rana Kapoor and helped him in laundering the proceeds of crime through the companies owned by them.
Sources said youngest daughter Roshni Kapoor said in her statement to the ED that she was just 10 years old when Morgan Credit India Private Limited (MCPL) and Yes Capital India Private Limited (YCPL) were set up in 2003-2004.
Statement of Radha Kapoor, the second daughter of Kapoor, is also similar to her younger sister Roshni. Radha Kapoor, in her statement, said that “I am not aware of the initial investment in MCPL and YCPL. My father handles all business so he might know about it.”
The companies YCPL and MCPL are jointly owned by Rana Kapoor’s daughters Radha, Rakhee and Roshni. In MCPL and YCPL, all three have 33.33 per cent share.
Raakhe Kapoor’s statement couldn’t be recorded as she stays out of India. The properties owned by Rakhee overseas are also under the agency’s scanner and are suspected to be proceeds of crime.
The ED, in its charge sheet, has said that three daughters of Rana Kapoor were aware of the source of money and were hand in glove with their father. They had full knowledge and origin of the proceeds of crime and siphoned off money through multiple accounts of their companies, ED said.
A source said that the ED findings indicate that they were active participants in the generation of proceeds of crime and were actually abettors in the crime and were involved in the laundering of the proceeds of the crime.
The charge sheet focusses Rs 600 crore loan against property that was sanctioned by DHFL to DOIT Urban Ventures India Ltd (DOIT) a company owned by M/s Morgan Credits Pvt Lt. (MCPL) which in turn is equally held by his Rana Kapoor’s three daughters.
Two earlier loans of Rs 300 crore each had been given to DOIT Urban Ventures India Ltd (DUVPL) by DHFL, which were duly closed in August 2018 and a renewed loan of Rs 600 crore was granted against the five properties owned by DUVPL on inflated valuation prices.
DUVPL, YCPL, MCPL and various other companies owned by Kapoors daughters and wife never had any substantial or actual business. Despite that, huge loans were granted to these companies by companies which had borrowed loans from Yes Bank.
The Rs 600 crore given to DUVPL by DHFL was on condition that they had to pay only interest till 2022 while the principal amount had to be repaid by 2023.
The investigation of Enforcement Directorate has also brought to light that Lata Dave who worked as a personal assistant for Rana Kapoor interacted on regular basis with Kapil Wadhawan who was the promoter of DHFL and with the executives of DHFL for DUVPL. It was also found that Kapoor would personally deal with Wadhawan at the top level for issues related to DUVPL.
Another major point that came to light during the investigation is that Rana Kapoor approved a loan to RKW Developers, a company owned and controlled by Kapil and Dheeraj Wadhawan of DHFL by sending an SMS to top executives of Yes Bank’s loan department. The loan was flagged as it was being provided at a much lower interest rate as compared to the prevailing bank loan interests.
Meanwhile, on Thursday, the Enforcement Directorate arrested Kapil Wadhawan and Dheeraj Wadhawan. Special PMLA Court has sent the accused to ED custody for 10 days.
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