CBI arrests DHFL promoter Kapil Wadhawan, his brother in Yes Bank fraud
Mumbai, April 26, 2020
The Central Bureau of Investigation (CBI) on Sunday arrested Dewan Housing Finance Limited (DHFL) promoter Kapil Wadhawan and his brother Dheeraj Wadhawan from Mahabaleswar in Maharashtra's Satara district in the Yes Bank loan fraud case.
Both were arrested in cooperation with district authorities on the basis of a non-bailable warrant (NBW) of arrest issued by a special CBI session court in Mumbai.
The court had issued the NBW against them on March 17 based on a petition filed by the agency. The CBI had registered a case against Kapil and Dheeraj on March 7 this year based on allegation of fraud against Yes Bank. Rana Kapoor, the then CEO of Yes Bank, and others are accused in the case.
The CBI on April 9 got information about the presence of both the accused in Satara district where they lodged themselves at a government institutional quarantine centre at Panchagani, CBI spokesperson R.K. Gaur told IANS.
"Thereafter an e-mail was sent to the District Magistrate and Superintendent of Police Satara for not releasing them without NOC (No-Objection Certificate) from CBI or order of the court and taking other necessary steps to prevent the accused persons from absconding."
The CBI investigation into the ongoing case involving Yes Bank founder Rana Kapoor has revealed that he and his family members were allegedly paid a Rs 600-crore kickback by DHFL promoter Kapil Wadhawan in the garb of "builder loan".
It was part of a criminal conspiracy hatched during April to June 2018 between Rana Kapoor, Wadhawan and others for extending financial assistance to DHFL by Yes Bank Ltd, the CBI said.
In lieu of substantial undue benefit to himself and his family members through the companies held by Rana Kapoor, Wadhawan and his family members, the whole conspiracy was allegedly hatched, the agency said.
Rana Kapoor's wife, Bindu was a director in the main investment and holding companies associated with Rana Kapoor, including Morgan Credits, Yes Capital (India), Doit umbrella companies, RAB among others. The majority of these companies are realty nomenclatured like Bliss, Imagine, Mantra where the suspicion is that the money was siphoned into realty ventures.
In Delhi alone, Rana Kapoor reportedly had three bungalows. Some of these companies are named in the CBI FIR in which DHFL is also named. DHFL, Doit Urban Ventures (lndia) Pvt Ltd, RAB Enterprises (lndia) Pvt Ltd, Morgan Credits Pvt Ltd and RKW Developers Pvt Ltd are among the firms named in the CBI FIR registered under charges of criminal conspiracy, cheating, bribery, abetment of bribery and criminal misconduct.
The individuals named in the CBI FIR are Rana Kapoor, his wife Bindu Rana Kapoor (the then director of RAB Enterprises), and their daughters Roshini Kapoor (director of Morgan Credits Pvt Ltd and Doit Urban Ventures), Raakhe Kapoor Tandon (director of Morgan Credits Pvt Ltd) and Radha Kapoor Khanna (director of Morgan Credits Pvt Ltd and Doit Urban Ventures (lndia) Pvt Ltd.
According to it, the kickback was given by DHFL to Doit Urban Ventures (lndia) Pvt Ltd -- a wholly owned subsidiary of RAB Enterprises (lndia) Pvt Ltd in which Rana Kapoor's wife Bindu Kapoor is a director and 100 per cent shareholder.
The investigators found out that Rana Kapoor's daughters -- Rakhee Kapoor Tandon, Roshni Kapoor and Radha Kapoor -- are also 100 per cent shareholders of Doit Urban Ventures (lndia) Pvt Ltd through Morgan Credits Private Limited.
Most of the companies are under the Doit, Bliss, Imagine umbrella of companies. Bindu Kapoor is also named as a director in companies like Bliss Home, Imagine Residence, Doit E Solutions, Doit Creative Consumer Ventures, Morgan Exim, Doit Sports Management, Doit Creations, Liasaria Agri and Ecotourism, Doit Innovative Attractions, Bliss Agri, Bliss Address, RAB Enterprises, Imagine Realty, Doit Smart Aviation, Morgan Habitat, Mantra Realty among others.