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The CBI carried out searches at seven locations on Monday in connection with the <keyword id="8878575" type="UNKNOWN" weightage="20" keywordseo="yes-bank-scam">Yes Bank scam</keyword> pertaining to the Rs 600 crore alleged bribe to the family of its co-founder <keyword id="128581" type="PERSON" weightage="20" keywordseo="Rana-Kapoor">Rana Kapoor</keyword> by DHFL, officials said. Teams of CBI officers are carrying out operations at the residence and official premises of the accused in Mumbai, they said. The agency has alleged that Kapoor, 62, entered into a criminal conspiracy with <keyword id="152129" type="COMPANY" weightage="20" keywordseo="Kapil-Wadhawan">Kapil Wadhawan</keyword>, DHFL promoter, for extending financial assistance to DHFL through Yes Bank in return for substantial undue benefits to himself and his family members through companies held by them, they said. According to the <keyword id="522895" type="ORGANIZATION" weightage="20" keywordseo="CBI-FIR">CBI FIR</keyword>, the scam started taking shape between April and June, 2018 when Yes Bank invested Rs 3,700 crore in short-term debentures of the scam-hit Dewan Housing Finance Corporation Ltd (DHFL). In return, Wadhawan allegedly "paid kickback of Rs 600 crore" to Kapoor and family members in the form of loan to DoIT Urban Ventures (India) Pvt Ltd, they said. See also: <a href="https://www.businessinsider.in/finance/news/finance-minister-assures-employment-and-salary-at-yes-bank-at-least-for-one-year/articleshow/74514015.cms">Finance Minister assures employment and salary at Yes Bank at least for one year</a> <a href="https://www.businessinsider.in/finance/news/yes-bank-share-price-falls-10-after-rbi-limits-withdrawals/articleshow/74504094.cms">Yes Bank share price nose dives 72% after RBI limits withdrawals</a> <a href="https://www.businessinsider.in/finance/news/rbi-has-a-new-scheme-to-rescue-yes-bank-will-be-released-shortly-says-shaktikanta-das/articleshow/74506268.cms">RBI has a new 'scheme' to rescue Yes Bank — will be released shortly, says Shaktikanta Das</a>

Yes Bank scam escalates as CBI carries out searches to connect Rana Kapoor to DHFL promoter Kapil Wadhawan

<ul><li>The Enforcement Directorate on May 14 arrested the promoters of Diwan Housing Finance Limited Kapil and <keyword id="2992416" type="PERSON" weightage="20" keywordseo="Dheeraj-Wadhawan">Dheeraj Wadhawan</keyword>. </li><li>The scam started taking shape between April and June 2018 when Yes Bank invested ₹3,700 crore in short-term debentures of the scam-hit DHFL. </li><li>Wadhawans will be in custody for days until May 24. </li><li>The arrest comes two days after the Bombay High Court refused to grant pre-arrest bail. </li></ul>The Enforcement Directorate on May 14 arrested the promoters of Dewan Housing Finance Corporation Limited Kapil and Dheeraj Wadhawan. This time Wadhawans are accused of money laundering in the <keyword id="8878575" type="UNKNOWN" weightage="20" keywordseo="yes-bank-scam">Yes Bank scam</keyword>. The arrest comes two days after the Bombay High Court refused to grant pre-arrest bail. Dheeraj and <keyword id="152129" type="COMPANY" weightage="20" keywordseo="Kapil-Wadhawan">Kapil Wadhawan</keyword> <a href="https://www.businessinsider.in/india/news/dhfls-kapil-and-dheeraj-wadhawan-taken-into-custody-by-cbi-for-role-in-yes-bank-scam-case/articleshow/75388823.cms">were arrested last month</a> by the Central Bureau of Investigation (CBI) in connection with the Yes Bank scam. According to the CBI FIR, the scam started taking shape between April and June 2018 when Yes Bank invested ₹3,700 crore in short-term debentures of the scam-hit DHFL. In return, the Wadhawans <a href="https://www.livemint.com/news/india/yes-bank-ed-case-bombay-hc-rejects-pre-arrest-bail-plea-of-dheeraj-kapil-wadhawan-11589274386094.html">allegedly </a> "paid kickbacks of ₹ 600 crore" to former Yes Bank CEO Rana Kapoor and his family members in the form of loans to DoIT Urban Ventures (India) Pvt Ltd held by the wife and daughters of Kapoor, the CBI has claimed. Wadhawans will be in custody until May 24. But this isn’t the first case to blow the Wadhawan, who were once the limelight of all the glittery Bollywood parties in Mumbai. Earlier this year, Kapil Wadhawan was in ED custody until January 29 and had undergone a legal proceeding under the Prevention of Money Laundering Act. (PMLA). Wadhawans are accused<a href="https://www.livemint.com/news/india/ed-arrests-dhfl-s-kapil-wadhawan-in-iqbal-mirchi-money-laundering-case-11580126559311.html"> of reportedly diverting over ₹2,100 crore.</a> Fall of the Wadhawan Empire <div type="image" title="F78FE098-151C-41DD-B171-C35E8F74CB4A" msid="75738363" hostid="261" caption="&amp;lt;p&amp;gt;DHFL promoters Kapil and Dheeraj Wadhawan, accused in the Yes Bank-DHFL fraud cases, have been taken into CBI custody and taken both to session court from CBI Headquarter in BKC, Bandra,&amp;lt;/p&amp;gt;"></div> From the biggest fleet of Rolls Royce Phantoms in India to the <a href="https://www.businesstoday.in/current/corporate/pmc-bank-scam-cash-private-jets-rolls-royce-bentley-recovered-wadhawans-waryam-singh/story/383870.html">luxury business jet Falcon 2000,</a> the high-flying Wadhawans owned the most fabulous machines the world of hijinks has ever seen. Rakesh Wadhawan — the billionaire promoter of DHFL — was once worth<a href="https://timesofindia.indiatimes.com/business/india-business/rise-and-fall-of-wadhawans-once-toast-of-city-party-circuit/articleshow/71430451.cms"> ₹1 billion in 2010. </a>Sarang Dewan — son of Rakesh Wadhawan and VC/MD of Housing Development &amp; Infrastructure— along with his wife Anu used to <a href="https://theprint.in/opinion/parties-over-no-lunches-why-bollywood-is-avoiding-hdil-gilded-couple-sunny-and-anu-dewan/311717/">host posh bollywood parties</a> from Karva Chauth to Christmas. It was all smooth sailing until it came to light that Punjab Maharashtra Cooperative (PMC) Bank had lent a lot of money to the Wadhawans and it wasn’t coming back to bank. Since then, members of the Wadhawan family have been accused of links with the underworld, bribery and corruption. (With PTI) SEE ALSO: <a href="https://www.businessinsider.in/business/news/with-kapil-wadhawans-arrest-the-family-is-now-accused-of-scams-worth-over-a-billion-dollars/articleshow/73713230.cms">With Kapil Wadhawan’s arrest, the family is now accused of scams worth over a billion dollars </a><a href="https://www.businessinsider.in/india/news/dhfls-kapil-and-dheeraj-wadhawan-taken-into-custody-by-cbi-for-role-in-yes-bank-scam-case/articleshow/75388823.cms">Yes Bank scam: DHFL's Kapil and Dheeraj Wadhawan taken into custody by CBI</a>

The Yes Bank probe leads to the arrest of DHFL promoters Kapil and Dheeraj Wadhawan for alleged money laundering

<ul><li>Indiabulls chairman <keyword id="220157" type="PERSON" weightage="20" keywordseo="Sameer-Gehlaut">Sameer Gehlaut</keyword> and <keyword id="6423706" type="DOMAIN" weightage="20" keywordseo="dewan-housing-finance">Dewan Housing Finance</keyword> Corporation’s (DHFL) Dheeraj Wadhawan and <keyword id="152129" type="COMPANY" weightage="20" keywordseo="Kapil-Wadhawan">Kapil Wadhawan</keyword> have refused to appear before the ED citing <keyword id="1754604" type="PERSON" weightage="20" keywordseo="coronavirus">Coronavirus</keyword>. </li><li>They were being investigated for their connection with Yes Bank co-founder Rana Kapoor. </li><li>Wadhawan said that “in today’s circumstances, health is a priority”. </li><li>Meanwhile, Anil Ambani is likely to appear before ED today.</li></ul>The spread of coronavirus has landed people across the globe in a mayhem. But, the adversity has turned out to be an advantage for some. For instance, those summoned in connection with the investigation into loans and kickbacks by Yes Bank are having a field day. Indiabulls chairman Sameer Gehlaut and Dewan Housing Finance Corporation’s (DHFL) Dheeraj Wadhawan and Kapil Wadhawan — who are being investigated <a href="https://www.indiatoday.in/business/story/health-is-priority-yes-bank-investigation-hits-coronavirus-roadblock-1657220-2020-03-19">refused to appear before the ED citing coronavirus outbreak</a>. This is a part of an investigation into the bank’s founder Rana Kapoor, who is already in custody. 
 
 <div type="image" title="rana corona" msid="74706429" hostid="261"></div>





 The law enforcement agency was probing if Gehlaut paid ₹685 crore to Kapoor as a trade off for Yes Bank loan. However, Gehlaut said that he had left for the UK even before the orders to appear before ED were given. Given the current situation — the health emergency due to the pandemic — he conveyed that he will not be able to be a part of it. Wadhawan says that he is at high risk to get infected due to age and health Wadhawans, on the other hand, too managed to escape ED’s radar. It is alleged that the Yes Bank invested ₹3,700 crore in DHFL. In return, Kapil Wadhavan of DHFL gave ₹600 crore fund as loan to DoIT Urban Ventures, a company held by Kapoor’s daughters. Kapil Wadhawan has been untraceable since March 9, when CBI raided his place. And now says that he won’t appear for the investigation due to the pandemic. "In the current environment of the Coronavirus, it is a government directive to curtail travel,” he said. “Considering the COVID-19 pandemic, and with my already-compromised health and age, I am at high risk, and consequently, for my own health and safety, it is difficult for me to travel to Mumbai. I would request you to appreciate that in today's circumstances in the country, health is a priority,” Dheeraj Wadhawan <a href="https://www.businesstoday.in/current/economy-politics/yes-bank-case-dhfl-promoters-refuse-to-appear-for-questioning-cite-coronavirus/story/398518.html">said</a>. This is despite the fact that they have been summoned thrice to appear before ED. Dheeraj and Kapil Wadhawan were<a href="https://theprint.in/india/health-is-priority-dhfl-promoters-cite-coronavirus-to-avoid-facing-ed-in-yes-bank-case/382956/"> first issued summons on March 10</a> by the ED to appear on March 13. But, they did not appear — after which the summons were issued again on March 16. “They have been issued summons, but they are not cooperating and did not appear before the ED. Efforts are being made to locate them,” TOI reported citing sources. Meanwhile, Anil Ambani is likely to appear before the ED official today. In all, the ED has issued 18 summons to corporate houses so far — including the key investors in Yes Bank. See also: <a href="https://www.businessinsider.in/science/environment/news/dolphins-return-to-italy-venice-canal-shines-chinas-air-clears-up-the-impact-of-coronavirus-isolation-says-we-need-to-rethink-our-ways/articleshow/74705435.cms">Dolphins return to Italy, Venice canal shines, China’s air clears up – the impact of Coronavirus isolation says we need to rethink our ways</a> <a href="https://www.businessinsider.in/india/news/a-timeline-of-troubles-at-yes-bank/articleshow/74510279.cms">A timeline of troubles at YES Bank</a>

Coronavirus outbreak hampers Yes Bank investigation — DHFL’s Wadhawans and Indiabulls’ Gehlaut refuse to appear before ED

New Delhi, Apr 26 () The CBI has taken DHFL promoter Kapil Wadhawan and RKW Developers promoter Dheeraj Wadhawan into custody from a Mahabaleshwar-based quarantine facility in connection with a case of bribery against former Yes Bank CEO Rana Kapoor, officials said on Sunday. A process of executing non-bailable warrants against both is going on, a CBI official said. The Wadhawan brothers are named as accused in the CBI FIR pertaining to swindling of money by Kapoor and others, the officials said. The two were absconding since the case was registered against them on March 7, the agency had alleged. They were held by Satara police earlier this month while allegedly violating prohibitory orders related to lockdown when a carcade carrying Wadhawan family members was stopped at Panchgani in Maharashtra. They were kept at a quarantine facility in Mahabaleshwar by the district administration, they said. The Central Bureau of Investigation (CBI) had written to the Satara district administration to not release them without a No Objection Certificate from it, the officials added. ABS SRYSRY

CBI takes DHFL promoters Kapil, Dheeraj Wadhawan into custody in Yes Bank scam

<ul><li>The SGX Nifty was trading 0.23% higher at 7:55 am, indicating a higher start for Nifty50. </li><li>Here’s a list of stocks to watch for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider. </a></li></ul>Amidst positive cues from the global markets, the Indian equities are likely to open higher on Monday. The SGX Nifty was trading 0.23% higher at 7:55 am, indicating a positive opening for Nifty50. These are the stocks to watch out for during the trading session on October 26: Future Retail and RIL The Singapore arbitration court ruled in favour of American e-commerce giant Amazon with regard to the Future-RIL deal. The court has directed Kishore Biyani’s led Future Group to not proceed with Mukesh Ambani’s Reliance Retail deal until the outcome of the arbitration process. The shares of Future Retail and RIL ended 4% and 0.24% higher, respectively, on Friday. DHFL According to PTI reports, the committee of creditors (CoC) of debt-ridden DHFL is scheduled to meet today to take a call on four bids received as part of the resolution process for the beleaguered firm. The four bidders include Adani Group, Piramal Enterprises, US-based Oaktree and Hong Kong-based SC Lowy. The shares of DHFL ended 5% lower on Friday. IndusInd Bank and Kotak Mahindra Bank The Mauritius-based, IndusInd Bank promoter, IndusInd International Holdings Ltd (IIHL) refuted <a href="https://www.cnbctv18.com/finance/indusind-bank-says-report-on-merger-with-kotak-mahindra-bank-is-untrue-and-malicious-7297331.htm">media reports claiming that</a> Kotak Mahindra Bank may take over the bank. The shares of IndusInd Bank and Kotak Mahindra Bank ended 0.3% and 0.5% lower, respectively, on Friday. ICICI Bank The Indian multinational Bank, ICICI Bank has shut its operations in Sri Lanka after getting approval from the Sri Lankan monetary authority. The shares of ICICI Bank ended 0.84% higher on Friday. Vedanta Vedanta on Saturday said its board has approved the first interim dividend of ₹9.50 per share amounting to ₹35 billion. The shares of Vedanta ended flat on Friday. Tata Motors Tata Motors on Friday told investors that it has bagged an order for 6,413 vehicles from Andhra Pradesh State Civil Supplies Corporation. The company said it emerged as the top bidder under the terms and conditions set by the government. The shares of Tata Motors ended 3% higher on Friday. Tech Mahindra Tech Mahindra<a href="https://www.businessinsider.in/business/corporates/news/tech-mahindra-q2-maring-expansion-and-acquisitions/articleshow/78827612.cms"> reported a 5% year-on-year drop in its profit to ₹1,065 cror</a>e for the quarter ended September 30. Although the profit was up 9.5% compared to the sequential quarter. The company generated revenue of ₹9,372 crore, up 3.3% year-on-year. The shares of Tech Mahindra ended 1% higher on Friday. Yes Bank The private sector lender, Yes Bank is back in the black after reporting a net profit of ₹129 crore for the second quarter ended September 30. The bank had posted a net loss of ₹600 crore in the corresponding quarter last year. However, the bad loans in Yes Bank’s portfolio remained elevated. The shares of Yes Bank ended 5% higher on Friday. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/the-first-satellite-with-ai-onboard-is-now-in-orbit-and-its-tech-could-completely-change-how-we-respond-to-wildfires/articleshow/78858333.cms" data-type="tilCustomLink">The first satellite with AI onboard is now in orbit, and its tech could completely change how we respond to wildfires</a> <a href="https://www.businessinsider.in/stock-market/news/the-stock-market-has-historically-performed-better-when-the-incumbent-president-wins-reelection-according-to-one-analysis/articleshow/78858968.cms" data-type="tilCustomLink">The stock market has historically performed better when the incumbent president wins reelection, according to one analysis</a>

Top stocks to watch — Future Retail, RIL, IndusInd Bank, Kotak Mahindra Bank, ICICI Bank, Tata Motors, Tech Mahindra, Yes Bank and others

<ul><li>The Yes Bank crisis could have a cascading effect on the stock markets. </li><li>Businesses with deposit accounts at Yes Bank may not be able to make payments on loans taken from other financial institutions. </li><li>Mutual funds have a total exposure of ₹2,848 crore, and most are already side-pocketing the risk. </li></ul>As the Yes Bank crisis continues to unfold, not everyone is on board with the Reserve Bank of India’s (RBI) scheme to restructure the troubled bank. Mutual funds stand to lose millions and the moratorium limiting withdrawals to ₹50,000 could spell trouble for companies who are using the bank’s services. “With large-sized withdrawals disallowed, a number of companies availing of facilities from Yes Bank could face disruption in their operations, which may constrain their ability to service financial obligations on time,” said global rating firm CRISIL in a statement. As the fourth largest private sector bank in the country, Yes Bank has an asset book of more than ₹3.45 crore and deposits exceeding ₹2 lakh crore. CRISIL believes that the moratorium has “material implications” for companies using Yes Bank for loans, deposits, bonds and other instruments. How Yes Bank crisis could affect other banks The fall out from funds being stuck at the troubled bank could result in companies defaulting on their loans from other financial institutions since their payments are linked to deposit accounts at Yes Bank. It may further aggravate liquidity issues for the already cash-starved non-banking lenders, according to a report by <a href="https://www.businessinsider.in/business/news/yes-bank-reconstruction-may-further-aggravate-liquidity-issues-for-nbfcs-report/articleshow/74579814.cms">Fitch Ratings.</a> “There could also be a marginal uptick in delinquencies in retail loans of banks and non-banks,” said CRISIL. Companies using Yes Bank’s letters of credit and bank guarantees to leverage their businesses may also have to rethink their plans. “There are also some securitisation transactions of other originators where Yes Bank is a counterparty - either as the bank where credit enhancement in the form of fixed deposits is being maintained, or as the collection and paying agent for the transaction,” said CRISIL. NSE Clearing (NCL) and India Clearing Corporation (ICCL), the biggest clearing firms in the country, have told members that any existing benefit toward bank guarantees and fixed deposit receipts issued by Yes Bank were to be squared off by Wednesday, March 11. “The RBI decision has a cascading effect on trading members and their clients at large since they may not be able to cover their positions from their own funds,” Association of National Exchanges (ANMI) president Vijay Bhushan told <a href="https://economictimes.indiatimes.com/markets/stocks/news/yes-bank-fds-bank-guarantees-no-longer-valid-traders-have-to-arrange-funds-by-wednesday/articleshow/74545067.cms">ET.</a> Bonding over bonds Nearly 32 mutual funds are exposed to Yes Bank’s debt with a total exposure of ₹2,848 crore. Many of them are AT 1 (Additional 1) bonds, set to be written off completely. Mutual funds owned by Nippon, Kotak, and Franklin <a href="https://economictimes.indiatimes.com/markets/stocks/news/yes-banks-at1-bond-write-down-these-mfs-pension-funds-stand-to-lose-most/articleshow/74555609.cms">have the most to lose</a>. After news broke of RBI superseding Yes Bank’s board, rating agency ICRA downgraded Yes Bank’s debt instruments to a “D” — below investment grade. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td colspan="2" style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mutual fund owners with the most to lose from RBI’s scheme to restructure Yes Bank: </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mutual fund </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Loss </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nippon Mutual Fund </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2,500 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Franklin Mutual Fund </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹590 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Barclays Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹246 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kotak Mutual Fund </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹130 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Reliance Industries </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹100 crore </td></tr></tbody></table> Nippon India Mutual Fund, which has the largest exposure, was the first to side-pocket the risk. The move prevents distressed assets, like Yes Bank, from damaging returns generated from better-performing assets. PGIM India Mutual Fund, UTI Mutual Fund, Franklin Templeton Mutual Fund and Baroda Mutual Fund <a href="https://www.bloombergquint.com/business/yes-bank-news-two-more-mutual-funds-side-pocket-exposures-to-yes-bank-bonds">soon followed suit</a>. Axis Trustee Services, on the other hand, filed a petition to delay any action until its bond investors have had the time to review its impact. It asks the court to give enough time for bond investors to review the proposed plan. <div type="twitter" handle="LiveLawIndia" handlename="Live Law" image="http://pbs.twimg.com/profile_images/897707258334916608/nMQWwGlo_normal.jpg" favoritecount="11" retweetcount="6" status="Axis Trustee Services Ltd, a debenture trustee of #Yes_Bank , on Monday petitioned the Bombay High Court against th… https://t.co/pE53lzxTwl" createdat="1583913099000" id="1237647359091195905"></div>

 According to Axis, the proposal to write off the value of over ₹8,000 AT-1 bonds is unjustified and goes against global best practices. It argues that the scheme put forth by the RBI gives preference to Yes Bank promoters despite their shady record and mismanagement of resources — which landed the bank in hot water, to begin with. The possibility of the moratorium being cut short The proposed restructuring of Yes Bank includes recapitalisation of ₹20,000 crore with equity contribution and bulk deposits of around ₹30,000 crore by multiple-state owned banks. “If equity commitments are in place and CD funds flow in, the moratorium may be lifted by the end of the week,” RBI administrator of Yes Bank told reporters on March 10. CRISIL believes that the challenges in the face of the Yes Bank crisis are likely to be temporary, since they are a direct result of a crunch in liquidity and cash flow. Nonetheless, the temporary crunch will result in systemic risk until the moratorium is resolved — like the cost of borrowing and capital-raising becoming tougher for other banks Sources told <a href="https://economictimes.indiatimes.com/industry/banking/finance/banking/under-the-scanner-rbi-to-check-if-yes-bank-auditor-bsr-had-raised-red-flags/articleshow/74568396.cms">ET</a> that RBI is checking with Yes Bank’s auditor — BSR &amp;Co, which is a part of KPMG India — whether or not the proposal for SBI to buy a stake in Yes Bank will have any “material impact” on the existing accounts with the bank. Another one bites the dust The repeated incidents of large — supposedly ‘too big to fail’ — companies are becoming increasingly rampant. Last September, the Mumbai-based Punjab and Maharashtra Cooperation (PMC) Bank faced a similar crisis. It was placed under an RBI administrator for six months after under-reporting of loans going bad. However, banks aren’t the only ones going down. The collapse of Jet Airways and Cox &amp; Kings left many investors — and travelers — stranded. Even stockholders in IL&amp;FS and DHFL saw their money disappear overnight due to mismanagement, fraud and corruption within the companies. More than just getting Yes Bank on its feet, the central government and the RBI will have to address the trust deficit that now plagues the market. See also: <a href="https://www.businessinsider.in/finance/news/indias-largest-bank-stock-sees-the-sharpest-fall-in-over-7-years-investors-want-to-say-no-to-yes-bank/articleshow/74504449.cms">India's largest bank stock sees the sharpest fall in over 7 years — investors want to say 'no' to Yes Bank</a> <a href="https://www.businessinsider.in/finance/news/finance-minister-assures-employment-and-salary-at-yes-bank-at-least-for-one-year/articleshow/74514015.cms">Finance Minister assures employment and salary at Yes Bank at least for one year</a> <a href="https://www.businessinsider.in/finance/news/yes-bank-share-price-falls-10-after-rbi-limits-withdrawals/articleshow/74504094.cms">Yes Bank share price nose dives 72% after RBI limits withdrawals</a>

Yes Bank crisis and its domino effect on bonds, mutual funds and other corporate defaults

<ul><li><keyword id="8883506" type="UNKNOWN" weightage="20" keywordseo="yes-bank-founder-rana-kapoor">Yes Bank founder Rana Kapoor</keyword> was arrested by the Enforcement Directorate (ED) early today, March 8.</li><li>He has been arrested under the provision of the <keyword id="6355007" type="UNKNOWN" weightage="20" keywordseo="Prevention-of-Money-Laundering-Act">Prevention of Money Laundering Act</keyword> (PMLA).</li><li>Authorities claim he was not cooperating with the probe.</li></ul> The Enforcement Directorate arrested Yes Bank founder Rana Kapoor under money laundering charges here in the early hours of Sunday, officials said. The banker was held under the provision of the Prevention of Money Laundering Act (PMLA) around 3 am as he was allegedly not cooperating in the probe, they said. Kapoor's arrest at the ED office in Ballard Estate followed over 20 hours of questioning by the central agency after it raided his residence on Friday night. The arrest comes after charges of alleged financial irregularities and mismanagement in the operations of the private bank surfaced and the RBI and Union government initiated action to control its affairs. Officials said Kapoor, 62, will be produced before a local court during the day to obtain custody. The investigating officer of the case had recorded Kapoor's statement under the PMLA when he was first interrogated on Friday night at his upscale residence in 'Samudra Mahal' complex in Worli area here. He was brought to the ED office on Saturday noon for a fresh round of questioning. On Saturday, the agency widened its probe in the case as the premises of Kapoor's three daughters in Delhi and Mumbai were searched to gather more information and evidence. According to officials, Kapoor's wife Bindu and daughters -- Rakhee Kapoor Tandon, Roshni Kapoor and Radha Kapoor -- are allegedly linked to some companies to which the suspected "proceeds of crime" have been traced. The case against Kapoor is linked to the scam-hit DHFL as the loans lent by the bank to the company allegedly turned NPAs, they said. A Rs 600 crore worth loan extended by the DHFL to an entity is also at the centre of the ED probe, officials said. The central agency is also probing Kapoor's role in connection with the disbursal of loans to some corporate entities and the subsequent alleged kickbacks reportedly received in his wife's accounts. Other alleged irregularities are also under the agency's scanner including the one related to the alleged PF fraud in the Uttar Pradesh power corporation, they added. The CBI has recently taken over investigation into the Rs 2,267-crore Employees' Provident Fund fraud in Uttar Pradesh, where hard-earned savings of power sector employees were invested in Dewan Housing Finance Corporation (DHFL). The ED action came after the Reserve Bank of India (RBI) on Thursday imposed a moratorium on the capital-starved Yes Bank, capping withdrawals at Rs 50,000 per account, and superseded the board of the private sector lender with immediate effect. Yes Bank will not be able to grant or renew any loan or advance, make any investment, incur any liability or agree to disburse any payment. As per the RBI's draft reconstruction scheme, State Bank of India will pick up 49 per cent stake in the crisis-ridden Yes Bank under a government-approved bailout plan. PTI NES AD 03080721 NNNN

Yes Bank founder Rana Kapoor arrested by ED on charges of money laundering

<ul><li>Kapoor was in the limelight due to the fast rise of its bank. Its stock shot up from ₹12.5 in June 2005 to ₹393.20 in August 2019. </li><li>In just over 17 years, the bank became India’s fourth-largest private lender. </li><li>However, the downfall of <keyword id="45660" type="CITY" weightage="20" keywordseo="Yes-Bank">Yes Bank</keyword> and <keyword id="128581" type="PERSON" weightage="20" keywordseo="Rana-Kapoor">Rana Kapoor</keyword> came as fast as its rise. </li><li>Rana Kapoor was taken into custody by the Enforcement Directorate (ED) on charges of money laundering, allegedly worth ₹4,300 crore, during his tenure. </li></ul>India’s second richest banker Rana Kapoor — former MD and CEO of troubled Yes Bank — was taken into custody by the Enforcement Directorate (ED) on charges of money laundering worth ₹4,300 crore, during his tenure. The 62-year old Kapoor co-founded Yes Bank alongside Ashok Kapur in 2004. In just over 17 years, the bank became India’s fourth-largest private lender. However, the downfall of Yes Bank and Rana Kapoor came as fast as its rise. 
 
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 On March 5, the Reserve Bank of India (RBI) superseded Yes Bank’s board and imposed a withdrawal limit of ₹50,000 on its customers for a month. Like many other banks in India, Yes Bank was stressed under a load of bad loans. However, the Enforcement Directorate (ED) stepped against its probe on Kapoor due to the bank’s irregular credit practices leading to suspicions of money laundering and insider trading. The rise of a billionaire promoter Rana Kapoor started Yes Bank at a time when the country didn’t have many banking entrepreneurs. Uday Kotak was the only one leading the charge on private banking. And, Kapoor wanted to model Yes Bank after Kotak Mahindra Bank. He infused ₹200 crore capital with his brother-in-law Ashok Kapur, who is now deceased. A year later, the bank raised ₹300 crore through an initial public offering (IPO). Soon after its debut, Yes Bank stock became the apple of investor’s eye and it looked like nothing could go wrong. But it was a rocky ride for Yes Bank. Three years after it went for an IPO, Kapur the then chairman of Yes Bank died in 2008 Mumbai terrorist attack. <a href="https://qz.com/india/891891/once-an-intern-at-citibank-yes-banks-rana-kapoor-is-now-indias-newest-banking-billionaire/">His wife Madhu Kapur later inherited his 12% stake after a nasty court battle. </a> Over the span of a decade, the bank recorded a 30% increase in its profit during the October-December quarter of 2016. ICICI Securities also recommended buying Yes Bank shares after it showed <a href="http://www.moneycontrol.com/mccode/news/article/article_pdf.php?autono=8310641&amp;num=0">“strong business growth” in 2017. </a> The Good and the bad times Kapoor was in the limelight due to the fast rise of its bank. Its stock shot up from ₹12.5 in June 2005 to ₹393.20 in August 2019. 
 
 
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 In January 2019, he entered the billionaire club after his net worth surged. His 11.6% stake in the bank was now worth $1 billion, according to Bloomberg. For a while, it looked like Kapoor would achieve his dream as he became the second richest banker in India after Uday Kotak. He was looking to double Yes Bank’s market share from 1% to 2.5% in 2020. But little did he know that growth itself would punch a hole in the bank. The bank came on RBI’s radar for its penchant for loaning to corporates that other banks wouldn’t entertain and quoting high-interest rates. While he did successfully recover a few loans <a href="https://www.businesstoday.in/current/economy-politics/vijay-mallya-74-lakh-ubhl-shares-sold-rs-1008-crore-ed/story/331719.html">like from the defunct Kingfisher Airlines</a> owned by Vijay Mallya — his model was heading for failure, as the economy slowed down. When RBI ousted Rana Kapoor as the CEO 
 
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 In 2016, RBI’s assessments discovered that Yes Bank was sweeping a lot under the carpet. It had under-reported non-performing assets (NPAs) worth ₹4,176 crore ($580 million) for March 2016. In 2017, the extent of underreporting swelled to ₹6,355 crore. As a result, its plan to raise $1 billion through qualified institutional placement failed terribly, leading it to the funding crisis that eventually led to its downfall. Thanks to the many gimmicks, RBI also ousted Kapoor from the bank by <a href="https://qz.com/india/1396517/why-rbi-wants-yes-banks-rana-kapoor-to-go/">trimming his tenure to January, 2019. </a> Soon, many secrets came tumbling out. Nearly ₹10,000 crore worth loans (about 4% of all its loans) given under Rana Kapoor’s management were classified as high-risk. In simple words, loans that may turn bad in a year. In fact, Yes Bank had exposure to almost all the troubled groups and companies in the country — Jet Airways, Anil Dhirubhai Ambani Group, Cox &amp; Kings, CG Power, Dewan Housing Finance (DHFL), Essar Shipping, Mcleod Russel, Cafe Coffee Day etc. Troubled Times Even after Yes Bank appointed Ravneet Gill as Rana Kapoor’s successor in March 2019, its troubles were far from over. It posted a shocking loss of ₹600 for the quarter ending September 2019. While the revenues fell 20%, costs rose through the roof shrinking operating profit by 40%. 
 
	
 
	
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 Soon, there were a flurry of rating downgrades from Moody’s and others after news about NPA’s doubling to 9.5% of total loans in FY21, started doing the rounds. IDFC Securities cut the target price for the share price by more than half to ₹35. Yes Bank’s share slipped by 93% since its peak of August 2018. Rana Kapoor to blame 
 
	
 
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 Most industry experts are blaming Rana Kapoor and his non-traditional ways for the fall of Yes Bank — and crippling India’s banking sector even further. The ED and CBI now believe that the robust growth of Yes Bank was based on unethical and illegal practises. He is also being booked for accepting bribes in the form of loans to his daughters’ company. However, Kapoor still maintains that he <a href="https://www.moneycontrol.com/news/business/companies/yes-bank-crisis-how-rana-kapoors-authoritarian-streak-proved-to-be-the-banks-undoing-5010931.html">has “no clue” why the RBI took over the bank he </a>built from scratch. See also: <a href="https://www.businessinsider.in/finance/news/yes-bank-mobile-and-net-banking-down-after-rbi-limits-withdrawals-to-50000/articleshow/74499754.cms">Yes Bank mobile and net banking down after RBI limits withdrawals to ₹50,000</a> <a href="https://www.businessinsider.in/stock-market/markets/news/yes-bank-share-price-and-shareholding-charts-show-how-rumours-were-used-to-trap-small-investors/articleshow/74500017.cms">In the Yes Bank crisis, one chart shows how rumours were used to trap small investors</a> <a href="https://www.businessinsider.in/business/corporates/news/yes-bank-q2-earnings-and-share-price-impact/articleshow/71847366.cms%20of%20Yes%20Bank%E2%80%94%20swings%20to%20a%20loss%20in%20the%20second%20quarter">Bad loans take the wind out of Yes Bank— swings to a loss in the second quarter</a> <a href="https://www.businessinsider.in/yes-bank-q1-earnings-report-yes-bank-share-price-q1-earnings-repor/articleshow/70261380.cms">Yes Bank profits dropped 91%-- but it was still way better than expectations</a>

The fall of Yes Bank founder Rana Kapoor from a billion dollars to facing a ₹4300 crore investigation

<ul><li>The founder of Yes Bank — which was taken over by the RBI — was arrested on Sunday (March 8). In addition, the CBI has named his wife, Bindu and their three daughters — Roshini, Radha and Rakhee — as co-accused in a case of money laundering. </li><li>This is one of those rare cases where a scam-hit person’s family is also into the dock. </li><li>The Kapoor sisters had one thing in common — the ‘no’ to a banking career.</li></ul>Tainted billionaire <keyword id="128581" type="PERSON" weightage="20" keywordseo="Rana-Kapoor">Rana Kapoor</keyword> is taking his fortunes and family down with him. The founder of Yes Bank — which was taken over by the RBI — was arrested on Sunday (March 8). In addition, the CBI has named his wife, Bindu and their three daughters — Roshini, Radha and Rakhee — as co-accused in a case of money laundering. <div type="image" title="rana kapoor" msid="74550156" hostid="261"></div>

 The company founded by his three daughters was charged a vehicle for kickbacks. This is one of those rare cases where a scam-hit person’s family is also into the dock. The government issued a lookout notice of Kapoor and his family and his daughter Roshini was stopped from flying out of the country, to London on March 8. Apart from bad credit decisions that led to crisis at the bank, Kapoor is being investigated for graver crimes like aiding the scam-hit Deewan Housing FInance (DHFL). ED also seized the family properties and is searching across seven locations in Mumbai. The start of the scam It all started in April 2018, when Yes Bank invested ₹3,700 crore in Dewan Housing Finance (DHFL). In return, Kapil Wadhavan of DHFL gave ₹600 crore fund as loan to <keyword id="8884258" type="COMPANY" weightage="20" keywordseo="doit-urban-ventures">DoIT Urban Ventures</keyword>, a company held by the three Kapoor sisters. DoIT Urban Ventures was formed in March 2012, listed as “limited by shares” company. "Rana Kapoor obtained undue pecuniary advantage from DHFL in the matter of investment in the debentures of DHFL by Yes Bank, through the companies held by his wife and daughters," the FIR alleged. The sisters who said ‘no’ to banking The Kapoor sisters had one thing in common — the ‘no’ to a banking career. Rakhee, Kapoor’s second daughter studied finance and even started her career with JP Morgan. She however could not continue with it and took up a creative stint. <div type="image" title="kapoors" msid="74550193" hostid="261"></div>

 His youngest daughter Roshini had always looked up to her father and his entrepreneurial spirit. “My dad has always been my role model. His dedication and commitment towards his work and his passion as an entrepreneur and leader has fired up an entrepreneurial spirit in me. He has taught my sisters and me to dream big and not settle for mediocrity,” <a href="https://www.exchange4media.com/marketing-news/my-wife-and-i-have-always-encouraged-our-daughter-roshini-to-travelrana-kapoorfounder-ceoyes-bank-68253.html">Roshini had once said</a> in an interview. The Three Sisters Institutional Office This entrepreneurial spirit led to the foundation of the finance company — The Three Sisters Institutional Office — to manage the family wealth of Rana Kapoor, identifying areas of investment of personal wealth across sectors like tourism and logistics. The first thing <keyword id="2182807" type="PERSON" weightage="20" keywordseo="Radha-Kapoor">Radha Kapoor</keyword> did after studying communication at Parsons in New York, she created her own company DoIt Creations in 2009. Since then, Radha Kapoor invested in an array of businesses — starting with the laundry business Pressto, followed by interiors-design company Brand Canvas and the Indian School of Design and Innovation (ISDI), which offers courses in media and design. “During our research, we also found that a lot of people wait till they travel abroad to get some of their more expensive clothes cleaned, or send them to hotels. With the retail boom in India, we felt there was a market for a good dry cleaning service,” Radha Kapoor <a href="https://www.thehindu.com/news/cities/mumbai/business/no-bank-for-radha-kapoor/article8013182.ece">said</a>. The absence of high street dry cleaners who understand textiles, embellishments such as embroidery and delicate garment pieces, convinced me of Presto's potential, she added. According to reports, the Kapoor sisters <a href="https://economictimes.indiatimes.com/small-biz/startups/rana-kapoors-daughters-bet-on-startups-new-business-invest-rs-965-crore/articleshow/58523244.cms">invested nearly ₹965 crore</a> to incubate the new business, which was founded by the eldest daughter Radha Kapoor in 2013. Talking about his family business, Rana Kapoor had once <a href="https://prime.economictimes.indiatimes.com/news/67017850/fintech-and-bfsi/how-a-family-succession-plan-and-the-conflicts-it-spawned-put-yes-banks-rana-kapoor-and-his-clan-in-a-spot">said in an interview</a>, “Typically, families have a tendency of starting a business. They came up with an idea: Let us not call it the Rana Kapoor family office. We will call it TTS:IO — The Three Sisters Institutional Office,” Kapoor said in a start plus programme on father-daughter relationships. However, the very relationship has landed them all in trouble who will have to face questioning by the CBI. The investigation agencies is upping its ante and has raided and searched seven locations in connection with the case. This was after Finance Minister Nirmala Sitharaman asked the RBI to look into the reasons behind the many troubles at Yes Bank, on which a moratorium had to be issued by the banking regulator. See also: <a href="https://www.businessinsider.in/business/news/the-fall-of-yes-bank-founder-rana-kapoor-from-a-billion-dollars-to-facing-a-4300-crore-investigation/articleshow/74547669.cms">The fall of Yes Bank founder Rana Kapoor from a billion dollars to facing a ₹4300 crore investigation</a> <a href="https://www.businessinsider.in/india/news/a-timeline-of-troubles-at-yes-bank/articleshow/74510279.cms">A timeline of troubles at YES Bank</a> <a href="https://www.businessinsider.in/business/startups/news/phonepe-logs-4000-crore-transactions-a-day-after-it-shifts-from-yes-bank-to-icici/articleshow/74545359.cms">Phonepe logs ₹4,000 crore transactions a day after it shifts from Yes Bank to ICICI</a>

The three Kapoor sisters who said ‘no’ to banking are now in the dock with Yes Bank crisis

<ul><li>All of SBI’s windfall from SBI Life stake sale went into provisioning for bad loans.</li><li>ICICI Bank stock could be re-rated based on its exposure to latest list of troubled firms.</li><li>HDFC Bank’s retail loan quality has not deteriorated but slow pick up in auto loans might affect it in the future.</li><li>Kotak Mahindra Bank is already affected by slow uptake in loans and its credit costs are also growing.</li></ul>There has been a lot of fear around the health of Indian banks, including the large ones, for a while now⁠— largely due to rising bad loans. However, if you look at some of the top banks in the country⁠— like the State Bank of India (SBI), ICICI Bank, HDFC Bank, Kotak Mahindra Bank, and Yes Bank⁠— one would find that the factors that affect the earnings are largely different. Yes Bank’s gross non-performing assets or basically loans where recovery is tough stands at ₹17,134 crore which is more than four times what it was in the same quarter last year-- ₹3,866 crore. And it might have <a href="https://www.business-standard.com/article/finance/yes-bank-stock-falls-by-15-as-investors-worry-over-hdil-dhfl-exposure-119093001180_1.html">more to come </a>because of its extensive exposure to troubled shadow banks like Housing Development Infrastructure (HDIL) and Deewan Housing Finance (DHFL). Not just that, it also has exposure to Anil Dhirubhai Ambani Group and Essel Group as well. In this regard, SBI has more to worry about the crisis in the country’s shadow banks, whereas Kotak and HDFC Bank are largely untouched by the same crisis because they lend more to individuals than corporates, while ICICI Bank too has managed to curb its exposure to troubled sectors like telecom and real estate financiers. The same cannot be said for Yes Bank, whose bad loans have been consistently rising over the last one year. 
 
 
 
 
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 The SBI story The fortunes of India’s largest bank State Bank India depends on the survival of the shadow banks that it has lent to. After the IL&amp;FS debacle last year, a lot more are in the line and it has an exposure to Dewan Housing Finance which has not yet sunk but on thin ice. Yet this quarter has been better than expected for SBI as its profits went up three times over from the same quarter last year. But that is not the best news it has received this quarter. Its slippages which is basically the extent of loans that have turned bad---have come down by half. Going ahead, its health will depend on how it holds onto this number and DHFL’s survival is extremely important. But the bank is confident that its slippages will not go down below 2%. For a bank with a vast loan book, it is as high as ₹8,000 crore. Basically, it’s a good enough quarter for SBI if its loans worth this ₹8,000 crore turn bad, and not more! ICICI Bank has corrected its course over time The country’s largest private bank ICICI Bank too has an asset quality problem and its extent of slippage is lower too. Its slippages came at ₹2,480 crore for the quarter -- at around 1.7% of its total loans. The improving asset quality has helped the stock price which has gained 17.2% in the last six months. “Importantly, it displays no large stress exposure to some downgraded groups or emerging stress groups, while also has lower exposure to telecom, housing finance companies, non-banking financial companies and builders,” said a report by Prabhudas Liladher. <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[
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 As much as ₹1,260 crore worth loans recovered to get off the ‘dud’ category and that is much better news. When banks have fewer bad loans on their books, they have to keep less amount aside -- as per regulations. It means they will have more amount at their disposal to lend, which also doubles as growth money in case of banks. This will help the bank compete with other private banks on a war path of growth like Kotak Mahindra and HDFC Bank which are exhibiting double digit growth. Individual borrowers in India are better in repaying loans than companies⁠— and that helps HDFC Bank and Kotak Mahindra. While HDFC’s loan growth is at 15% from last year, in spite of the fact that this bank which lends to individuals instead of corporates is seeing lack of interest for two good segments -- auto and housing. The loan book of Kotak Mahindra which has a mix of retail and corporate clients grew by 20%. But these banks will see the effect of slowdown that is lulling the economy. “Slower-than-expected loan growth will likely delay the leveraging up process and higher than expected slippages and credit costs given weaker macros. Weakness in capital markets would impact the flow businesses,” said Nomura in a report on Kotak Mahindra Bank. While other banks are offering lower rates for deposits, an aggressive Kotak Bank is offering rates as high as 8% to ensure it has enough money to lend to its borrowers. But that has also meant that it has a narrower profit margin.

What bothers Yes Bank does not bother its bigger peers as much

<ul><li> The Mumbai-based bank posted a loss of ₹600 crore for the three months ended September 2019.</li><li>Yes Bank's share price has lost over 60% of its since the start of this year due to mounting cash crunch and the investors' anxiety with bank's earlier management.</li><li>Gross NPA, a measure of bad loans, spiked to 7.39% in the latest quarter, more than double compared to the first three months of 2019.</li></ul>The Mumbai-based Yes Bank posted a shocking loss of ₹600 crore for the three months ended September 2019. While the revenue fell 20%, costs rose during the quarter squeezing the operating profit by 40%. This is largely due to a sharp spike in bad loans. Gross NPA, a measure of bad loans, jumped to 7.39%— more than doubled compared to the level at the which the number was in the first three months of 2019. Gross NPA rose to ₹17,100 crore— nearly two and a half times more compared to three months ago. The amount of loans that turned sour during the quarter was over ₹5,945 crore. Making matters worse, Yes Bank had to take a one-time tax hit of ₹709 crore. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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 In the last quarter ending June 2019, Yes Bank posted as much as ₹114 crore in net profit, 91% less compared to the same period a year earlier. However, it was way better than street predictions that it would post heavy losses. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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 “This was a ‘Quarter of Consolidation’ in which the bank has demonstrated strong resilience in revenues and asset quality. We believe that earnings trajectory should strengthen significantly from hereon,” the bank said in a press release three months ago. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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 The brokerages have also been worried ever since the stock has been taking a beating since March this year. Over 60% of the bank’s share value has been shaved off since the start of this year. The stock of yes Bank even hit a ten-year low a few days ago, but since then it has doubled. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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 Hope floats that there will be a white knight who will bring in the money to help the bank to tide over the current cash crunch. Also read: 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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 “YES Bank’s exposure in Anil Dhirubhai Ambani Group stands at around 2.9% of loan book as per recent Ministry of Corporate Affairs (MCA) filings. Apart from this, the bank’s exposure to the DHFL, Indiabulls and Essel groups combined exceeds around 4% of gross loan book,” said a report by Elara Securities on June 26. SEE ALSO: <a href="https://www.businessinsider.in/yes-bank-plans-to-grow-25-by-2020/articleshow/71105078.cms" data-type="tilCustomLink" target="_blank">YES Bank wants to customize branches, ramp up digitize customer acquisition to grow at a breakneck speed of 25%</a> <a href="https://www.businessinsider.in/yes-bank-stock-spikes-11-6-in-early-trade-as-it-stays-clear-of-losses/articleshow/70271361.cms">Yes Bank's share price is not celebrating the surprise profit because it has a capital problem</a> <a href="https://www.businessinsider.in/yes-bank-q1-earnings-report-yes-bank-share-price-q1-earnings-repor/articleshow/70261380.cms">Yes Bank profits dropped 91%-- but it was still way better than expectations</a>

Bad loans take the wind out of Yes Bank— swings to a loss in the second quarter

New Delhi, May 14 () The Enforcement Directorate (ED) on Thursday arrested DHFL promoters Kapil and Dheeraj Wadhawan in connection with its money laundering probe against Yes Bank co-founder Rana Kapoor and others, officials said.The brothers were remanded to 10-day ED custody by a special court in Mumbai, they said.The Wadhawans are presently in jail after being arrested by the Central Bureau of Investigation (CBI), which is also probing the same case.They were arrested under the provisions of the Prevention of Money Laundering Act (PMLA), the officials said.The Wadhawan brothers, also being probed by the ED in another money laundering probe linked to late gangster Iqbal Mirchi, were summoned by the agency multiple times in the Yes Bank case but they had cited the ongoing COVID-19 travel restrictions to skip the summons.Five vehicles of the Wadhawan brothers were seized by the ED in April after they and their family members were reported to have unauthorisedly travelled to Mahabaleshwar from Lonavala in Maharashtra during the nationwide coronavirus-induced lockdown.As many as 44 companies belonging to 10 large business groups, including Anil Ambani Group, Essel Group, ILFS, Dewan Housing Finance Corporation Ltd, Cox &amp; Kings, and Bharat Infra, reportedly accounted for bad loans of Rs 34,000 crore of Yes Bank.The ED has accused Kapoor, his family members and others of laundering "proceeds of crime" worth Rs 4,300 crore by receiving alleged kickbacks in lieu of extending big loans through their bank that later allegedly turned non-performing assets (NPA).Kapoor is also in ED custody. NES DIVDIV

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Yes Bank scam escalates as CBI carries out searches to connect Rana Kapoor to DHFL promoter Kapil Wadhawan

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Coronavirus outbreak hampers Yes Bank investigation — DHFL’s Wadhawans and Indiabulls’ Gehlaut refuse to appear before ED

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CBI takes DHFL promoters Kapil, Dheeraj Wadhawan into custody in Yes Bank scam

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Yes Bank founder Rana Kapoor arrested by ED on charges of money laundering

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The fall of Yes Bank founder Rana Kapoor from a billion dollars to facing a ₹4300 crore investigation

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Bad loans take the wind out of Yes Bank— swings to a loss in the second quarter

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ED arrests Wadhawan brothers in Yes Bank case

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