The Central Bureau of Investigation (CBI) on Monday conducted raids at seven locations linked to Yes Bank founder Rana Kapoor, who is accused of accepting Rs 600 crore kickback from Dewan Housing and Finance Ltd. All the raids were conducted at the residence and official premises of the accused in Mumbai.
The investigating agency has alleged that Rana Kapoor got involved in a criminal conspiracy with Kapil Wadhawan, DHFL promoter, for granting financial aid to DHFL through Yes Bank in return for substantial undue benefits to himself and his family via companies held by them, said official.
In accordance with the CBI FIR, the scam started becoming definite between April and June, 2018 when Yes Bank invested Rs 3,700 crore in short term debenture of the DHFL. In return, Wadhawan allegedly paid bribe of Rs 600 crore to Rana Kapoor and family members in the form of loan to DoIT Urban Venture Pvt Ltd, they said.
Rana Kapoor was sent to Enforcement Directorate’s custody untill Wednesday by a court in Mumbai on Sunday following his arrest.
On Thursday, Reserve Bank of India took control of Yes Bank and stated that it would work on the betterment plan. State Bank of India stated on Saturday that it would plough money into 49% stake in Yes Bank as part of the initial phase of a rescue plan.
Previously, Nirmala Sitharaman said Yes Bank had given loans to entities including bankrupt DHFL. The Yes Bank is the third important Indian financial institution to unravel in the last six months, after the RBI’s moves to take control of DHFL and Punjab and Maharashtra Co-operative Bank.