The Enforcement Directorate (ED) probing the Yes Bank case is expected to file the second chargesheet in the case on Monday. The chargesheet, according to sources, will be against 10 to 13 accused persons and entities.
The ED had arrested Kapil and Dheeraj Wadhawan, promoters of Dewan Housing Finance Corporation (DHFL), in the Yes Bank case on May 14.
Other than the two brothers, those who used to offer and borrow loans by Yes Bank founder Rana Kapoor and his family members will also be named in the chargesheet as accused, sources said.
Last week, the probe agency attached properties worth 2,500 crores in connection with the case. Properties belonging to accused Rana Kapoor, Kapil Wadhawan and Dhiraj Wadhawan were attached.
According to sources, properties worth Rs 1,100 crores belonging to Rana Kapoor and his family members in Mumbai, Delhi, London and New York were attached.
Moreover, properties belonging to Kapil and Dhiraj Wadhawan in Mumbai, Australia, London and Pune worth around Rs 1,400 crores were attached by the ED.
Wadhawans were arrested by the Central Bureau of Investigation (CBI) in the Yes Bank case on April 26 from Mahabaleshwar.
Earlier in April, the DHFL promoters, along with 21 others were found violating lockdown rules and travelling from Khandala to Mahabaleshwar. They were booked for violating lockdown and placed under institutional quarantine after which the CBI took them in custody on April 26.
ED officials filed the first chargesheet in the Yes Bank case in the month of May and it revealed the alleged quid pro quo and kickbacks received by Yes Bank founder and accused Rana Kapoor by offering loans to various entities including the DHFL.
The ED had named Rana Kapoor, his wife Bindu Kapoor, his daughters Roshni, Radha and Rakhee along with three of their entities as accused in the case. This was the primary chargesheet in the case and a supplementary chargesheet could be filed in the coming months.
In his statement given to the ED, Rana Kapoor said: “In 2018, the DHFL had issued retail senior public debentures worth Rs 8,000 to 10,000 crore and an amount of approximately Rs 3,000 crore was allocated for purchase by Yes bank Ltd. as per the Bank’s Board Credit Committee approval.” He also said that a loan of Rs 1,200 crore had been given by Yes Bank to Adhar Housing Finance Ltd which was a DHFL group company.
The ED had provisionally attached 168 bank accounts of Rana Kapoor and his family members and their network companies with worth Rs 52 crore. The agency had also attached 59 paintings worth Rs 4 crore and mutual fund worth Rs 3 crore.
The chargesheet named eight persons including Rana Kapoor, his wife Bindu Kapoor, daughters Rakhee, Roshni and Radha — and three entities — Morgan Credit Pvt Ltd, Yes India Capital Pvt Ltd and Rab Enterprises owned and controlled by Kapoor’s family members.
The chargesheet was close to 100 pages while the relied upon documents which consists of statements and other documents including bank and company details is of around 400 pages.
The chargesheet revealed that a loan of Rs. 600 crore against property mortgage was sanctioned by the DHFL to DOIT Urban Ventures India LId.(DOIT) which is owned by a company namely Morgan Credits Pvt. Ltd. (MCPL) which in turn is equally held by his (Rana Kapoor’s) three daughters — Radha K. Khanna, Rakhee K. Kapoor and Roshni Kapoor (33 per cent each).
Kapoor had further stated that two earlier loans of Rs 300 crores each had been given to DOIT Urban Ventures India Ltd by DHFL, which were duly closed in August 2018 and a renewed loan of Rs 600 crores was granted. Investigators also found out that DOIT Urban Ventures India Ltd had mortgaged the five properties against this loan of Rs 600 crores.
The ED has found that the value of these properties was inflated to more than ten times its actual value and had been further used to hoodwink banking regulators.
The agency, while probing the case, had summoned major borrowers like Anil Ambani of Reliance ADAG Group , Essel Group’s Subhash Chandra Goel , Peter Kerkar of Cox and Kings and several others from Yes Bank and those who were associated with companies floated by Rana Kapoor’s family members.
The ED also filed a separate case against Rana Kapoor, Gautam Thapar and others under Prevention of Money Laundering Act (PMLA) on the allegations that Rana Kapoor, then MD and CEO of Yes Bank obtained illegal gratification in the form of a property at a prime location in New Delhi at a value much lesser than the realizable market value, belonging to Avantha Reality Ltd (ARL) for sanction of a loan to ARL and for extending concessions, relaxations and waivers in the already existing credit facilities provided to Avantha Group (AG) of companies and for advancing additional loans to them by Yes Bank Ltd. The market value of this property is Rs 685 crore.