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CBI files chargesheet against Rana Kapoor — The rise and fall of Yes Bank’s former co-founder and CEO

<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

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 is currently investigating <keyword id="1702687" type="ORGANIZATION" weightage="20" keywordseo="YES-Bank-founder">Yes Bank founder</keyword> <keyword id="128581" type="PERSON" weightage="20" keywordseo="Rana-Kapoor">Rana Kapoor</keyword>.</li><li>They suspect that he's responsible for ₹30,000 crore worth loans at Yes Bank that went bad.</li><li>Here's the full story of everything that the ED's investigation has revealed so far about how Rana Kapoor gave out those loans and pocketed the kickbacks.</li></ul>Yes Bank founder Rana Kapoor shunned the family jewellery businesses to break into the tough world of private banking in India. However, his choice of loans, heady risks and illegal practices of lending against kickbacks brought the country’s fourth-largest lender under the lens of investigative agencies. A year after he entered the billionaire club, Kapoor’s world <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">started to crumble</a> when the Reserve Bank of India (RBI) asked Kapoor to step down from his position as CEO of Yes Bank by January 2019. By July, Yes Bank’s share price had dropped by 78% leaving Kapoor with a net worth of $377 million. 
 
 
 <div type="image" title="rana6" msid="74645019" hostid="261" caption="&amp;lt;p&amp;gt;Rana Kapoor addresses his first press conference after taking charge as ASSOCHAM President in New Delhi on 26 July 2013&amp;lt;/p&amp;gt;"></div>







 But the bank had lost much more as ₹30,000 crore worth loans went bad, and the Enforcement Directorate (ED) held him responsible. After the <a href="https://www.businessinsider.in/finance/news/yes-bank-founder-rana-kapoor-arrested-by-ed-on-charges-of-money-laundering/articleshow/74534138.cms">ED arrested him</a>, it has identified 78 shell corporations that are suspected of receiving kickbacks in exchange for loans that no other bank would touch. According to the investigation, as his depositors lost money, he became richer by ₹5,000 crore only in kickbacks. With funds routed through shell companies and benami accounts, Kapoor <a href="https://www.businessinsider.in/business/news/a-reported-list-of-rana-kapoors-assets-include-a-30-million-investment-in-uk-a-yacht-and-five-properties-in-delhi/articleshow/74594273.cms">bought hotels in New York</a> and London, bungalows in Delhi, flats in Mumbai and expensive paintings. The ED's investigation also revealed that, Kapoor who played fast and hard with rules, also failed to insulate his family from harm. His wife Bindu and <a href="https://www.businessinsider.in/finance/news/rana-kapoors-daughters-who-said-no-to-banking-are-now-in-the-dock-with-yes-bank-crisis/articleshow/74549729.cms">three daughters</a> — Roshini, Radha and Rakhee — are at the helm of most of these shell companies, and CBI has its claws around them too. The case of money laundering The saga of crony capitalism started to come to light last week when Kapoor was booked under the Prevention of Money Laundering Act (PMLA) on March 6 to look into the connection between him and Yes Bank’s bad loans. 
 
 
 <div type="image" title="rana7" msid="74645029" hostid="261" caption="&amp;lt;p&amp;gt;Rana Kapoor arrested at his residence in Mumbai by the ED&amp;lt;/p&amp;gt;"></div>







 The ED <a href="https://www.businessinsider.in/business/news/yes-bank-founder-rana-kapoor-questioned-on-money-laundering-case-house-raided-by-ed/articleshow/74522297.cms">raided his residence</a> at Samudra Mahal in Worli to search for evidence and grilled him for hours. The following day, <a href="https://www.businessinsider.in/business/news/ed-continues-questioning-yes-bank-founder-rana-kapoor/articleshow/74525680.cms">officials took Kapoor</a> back to ED’s Ballard Pier office in Mumbai. During the course of the interrogation, the agency expanded its probe to include his daughters. They allegedly own multiple companies that received kickbacks from different corporates who received loans from Yes Bank. 
 
 
 <div type="image" title="rana9" msid="74645036" hostid="261" caption="&amp;lt;p&amp;gt;Rana Kapoor reprimanded into ED Custody until March 16&amp;lt;/p&amp;gt;"></div>







 The ₹600 crore kickback from DHFL One of the companies suspected by the ED of giving kickbacks to Kapoor’s companies is DHFL — <a href="https://www.businessinsider.in/finance/news/yes-bank-founder-rana-kapoor-arrested-by-ed-on-charges-of-money-laundering/articleshow/74534138.cms">accused of misappropriating funds</a> worth ₹25,000 crore, which ultimately led to its downfall. Yes Bank had doled out a loan of ₹3,750 crore directly to DHFL and another loan worth ₹750 crore to RKW Developers, a subsidiary of DHFL. However, when the real estate company defaulted on its loan, Kapoor did not initiate any action. 
 
 
 <div type="image" title="rana4" msid="74645060" hostid="261" caption="&amp;lt;p&amp;gt;Rana Kapoor (C) with wife Bindu Kapoor (L) and daughter Roshni Kapoor (R)&amp;lt;/p&amp;gt;"></div>







 The ED now suspects that his restraint was a result of <a href="https://www.businessinsider.in/business/news/ed-questions-yes-bank-founder-rana-kapoor-for-second-day-expands-raids/articleshow/74530525.cms">kickbacks to the tune of ₹600 crore</a> to Doit Urban Ventures — a dummy corporation owned by Kapoor and two of his daughters. Nearly 80 shell companies set up to receive bribes and buy bungalows Two days into the interrogation Kapoor was arrested for not cooperating with the authorities. Meanwhile, 10 teams of the CBI were involved in its <a href="https://www.businessinsider.in/business/news/yes-bank-scam-cbi-carries-out-searches-at-7-locations-in-mumbai-loc-issued/articleshow/74554915.cms">search operations</a> spread across the south Mumbai neighbourhood. The ED found that Rana Kapoor and his family had more than <a href="https://www.ndtv.com/india-news/yes-bank-crisis-probe-agency-says-rana-kapoor-along-with-his-family-owned-78-shell-companies-2194031">78 shell companies </a>set up to receive bribes and invest in properties under the radar. All of these companies were either directly under Kapoor’s control or under the control of his wife and daughters. His wife, Bindu, was the director of at least 42 companies. 
 
 
 <div type="image" title="25110ed6046e3eb4597f509f58f1c4eb_edited" msid="74645069" hostid="261" caption="&amp;lt;p&amp;gt;Rana Kapoor&amp;#39;s property at Amrita Shergil Marg&amp;lt;/p&amp;gt;"></div>







 The companies allegedly invested in properties with a net worth of over ₹2,000 crore. An official told PTI that the current market value of those properties could be <a href="https://www.ndtv.com/india-news/yes-bank-crisis-probe-agency-says-rana-kapoor-along-with-his-family-owned-78-shell-companies-2194031">well above ₹5,000 crore.</a> His shady overseas properties include two luxury hotels — one in New York worth over $20 million and one in London worth nearly £30 million — two residential apartments in London valued at £15 million apiece, and a yacht. In India, Kapoor owns six bungalows in Delhi’s upscale neighbourhoods, including Jor Bagh, Hauz Khas and Kautilya Marg. Two were bought by a company called Bliss Adobe, which had Bindu as its director. The property on Amrita Shergil Marg was auctioned off by Avantha Realty when Bliss Abode picked it off the market. Coincidentally, Yes Bank’s exposure to Avantha Realty was ₹500 crore. The other house on Sardar Patel Marg was bought by the Kapoor’s shell corporation Bliss Home. ED’s investigation noted that the house was formerly owned by Vijay Mallya. ED also found that Kapoor owns six flats and a parcel of land in Mumbai and its suburbs. Priyanka Gandhi Vadhra and the painting by MF Hussain During the search of his Mumbai residence, the ED seized nearly 50 pieces of art from his home. One of the paintings — <a href="https://www.businessinsider.in/politics/india/news/congress-raises-question-over-rana-kapoors-links-with-bjp/articleshow/74544228.cms">a portrait of former prime minister Rajiv Gandhi by MF Hussain</a> — belonged to Congress leader Priyanka Gandhi Vadra. The Congress party says that the deal between Vadra and Kapoor was a transparent transaction of ₹2 crore. The payment was made through cheque and was reflected in income tax returns. However, the ED is still looking into whether the painting was Vadra’s to sell or belonged to the All India Congress Committee (AICC). It’s also looking into whether the provenance certificate — which authenticates the artwork — was signed by Vadra and under what circumstances. Can’t leave the country Kapoor and his family currently can’t leave the country. A look-out notice was also issued in their names on March 12 along with DHFL promoter Kapil Wadhawan and Dheeraj Wadhawan. Roshini, Kapoor’s youngest daughter, was stopped at the CSM International Airport in Mumbai trying to catch a flight to London. Kapoor’s arrest has been extended to March 16 during which he will be in the custody of the ED. The Central Bureau of Investigation (CBI) is also loading its guns. It has begun a probe into the Yes Bank affairs but has not elaborated on the nature of the probe. The Income Tax Department is next in line to initiate action against Kapoor and others for tax evasion and possession of alleged undeclared foreign assets. Meanwhile, the Odisha unit of the Bharatiya Janata Party (BJP) has asked for a separate probe to look into the alleged conspiracy behind the deposits of ₹545 crore of the <a href="https://www.businessinsider.in/business/news/concern-over-lord-jagannaths-rs-545-crore-in-yes-bank/articleshow/74514318.cms">Shree Jagannath Temple</a>. Money laundering, tax evasion, fraud and insider trading— the founder of India’s fourth-largest private sector bank Rana Kapoor has been accused of it all. And, the evidence against him is piling up. While depositors are all set to get <a href="https://www.businessinsider.in/india/news/yes-bank-withdrawal-limit-to-be-lifted-in-three-working-days/articleshow/74624128.cms">relief this week</a> as moratorium lifts, Kapoor who claims he has “no clue” why RBI restricted withdrawals - will stay with the authorities trying to explain how he sunk crores into companies that can best be described as money pits. See also: <a href="https://www.businessinsider.in/finance/news/yes-bank-crisis-and-its-domino-effect-on-bonds-mutual-funds-and-other-corporate-defaults/articleshow/74586858.cms">Yes Bank crisis and its domino effect on bonds, mutual funds and other corporate defaults</a> <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/finance/news/rana-kapoors-daughters-who-said-no-to-banking-are-now-in-the-dock-with-yes-bank-crisis/articleshow/74549729.cms">The three Kapoor sisters who said ‘no’ to banking are now in the dock with Yes Bank crisis</a>

Rana Kapoor's hotels, bungalows, flats and paintings — everything that Yes Bank founder is suspected for buying with kickbacks

Mumbai, Mar 7 () The Enforcement Directorate on Saturday continued questioning Yes Bank founder Rana Kapoor in connection with a money laundering probe against him and others, officials said. They said Kapoor was brought to the agency's office in the Ballard Estate area Saturday afternoon. The ED had searched Rana's residence in the upscale 'Samudra Mahal' complex in the Worli area on Friday night and had grilled him there too. The questioning of Kapoor is continuing, they said. The case against Kapoor is linked to the scam-hit DHFL as the loans lent by the bank to the company allegedly turned non-performing assets (NPAs), they said. Action against Kapoor is being conducted under the Prevention of Money Laundering Act (PMLA) by the ED. 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 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. NES SMNSMN

ED continues questioning Yes Bank founder Rana Kapoor

<ul><li>The <keyword id="6357808" type="DEFINITION" weightage="20" keywordseo="enforcement-directorate">Enforcement Directorate</keyword> (<keyword id="12163" type="COMPANY" weightage="20" keywordseo="Ed">ED</keyword>) filed a money laundering case and carried out searches at the residence of the bank's founder <keyword id="128581" type="PERSON" weightage="20" keywordseo="Rana-Kapoor">Rana Kapoor</keyword>.</li><li>The central financial probe agency also issued a look out circular against Kapoor, so that he does not leave the country.</li><li>The ED's action comes a day after the RBI superseded the <keyword id="45660" type="CITY" weightage="20" keywordseo="Yes-Bank">Yes Bank</keyword> board for 30 days and appointed an administrator, putting a cap of Rs 50,000 on withdrawal by account holders for a month.</li></ul>The Enforcement Directorate (ED) filed a money laundering case and carried out searches at the residence of the bank's founder Rana Kapoor, officials said. The central financial probe agency also issued a look out circular against Kapoor, so that he does not leaves the country. A senior ED official told IANS, "Yes, the agency registered a case of money laundering in the Yes Bank matter." Confirming the searches carried out at Kapoor's residence in Mumbai by the central financial probe agency, the official said, "Yes, the searches started late in the evening at his residence." Another ED official, also related to the probe said the agency has issued LOC against Kapoor, so that the does not leaves the country. The copy of the LOC has been sent to the airport's with details of his passport. The ED's action comes a day after the RBI superseded the Yes Bank board for 30 days and appointed an administrator, putting a cap of Rs 50,000 on withdrawal by account holders for a month. The RBI said that the bank's board was superseded "owing to serious deterioration in the financial position of the bank". Former SBI CFO Prashant Kumar was appointed as administrator of Yes Bank. Yes Bank has over 1,000 branches and 1,800-plus ATMs across the country which are under severe stress after the crisis erupted last night. Earlier in the day, Union Finance Minister Nirmala Sitharaman said that the bank was put under watch since 2017 and developments relating to it were being monitored on a day-to-day basis. "Since 2017, the central bank noticed governance issues and weak regulatory compliance at Yes Bank, besides wrong asset classification and risky credit decisions," the Finance Minister said. The bank took many risky credit decisions, and the RBI had advised change in management, she said, adding such decisions were taken in the interest of the bank's health. A new CEO was appointed in September 2018 and clean up of the bank started and the investigative agencies too found irregularities, she said. Sitharaman said the RBI has been asked to assess the causes of problems and identify the role played by individuals. The restructuring scheme will be fully effective within 30 days, she said, adding that the State Bank of India has expressed willingness to invest in Yes Bank. Kapoor was present at his Samudramahal residence when the searches were conducted, the official said. ED officials also questioned Kapoor about financial dealings and properties. Kapoor's role in the disbursal of loan to a corporate entity and kickbacks allegedly received in her wife's bank account are also being probed.

YES Bank founder Rana Kapoor questioned on money laundering case, house raided by ED

Mumbai, Mar 7 () The Enforcement Directorate questioned Yes Bank founder Rana Kapoor for the second day on Saturday in connection with a money laundering probe against him and others and raided some more locations in Delhi and Mumbai, officials said.They said Kapoor was brought to the agency's office in Ballard Estate area after noon.He has been questioned for over seven hours and his statement recorded by the agency under the Prevention of Money Laundering Act (PMLA), the officials said.The premises of Kapoor's three daughters in Delhi and Mumbai were also searched on Saturday to gather more information and evidence, they added.The ED had searched Rana's residence in the upscale 'Samudra Mahal' building in the Worli area on Friday night and grilled him there too.The questioning of Kapoor is continuing, the officials said.The case against Kapoor is linked to the scam-hit Dewan Housing Finance Corporation (DHFL) as the loans given by the bank to the company allegedly turned non-performing assets (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, they added.Action against Kapoor is being conducted under the PMLA.According to the officials, the central agency is also probing the Yes Bank founder'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 Employees' Provident Fund (EPF) fraud in Uttar Pradesh Power Corporation Limited (UPPCL), they said.The CBI recently took over the investigation into the Rs 2,267-crore EPF fraud in Uttar Pradesh, where hard-earned savings of power sector employees were invested in 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. NES DIVDIV

ED questions Yes Bank founder Rana Kapoor for second day; expands raids

(Eds: Combines related stories) Mumbai, Mar 8 () Rana Kapoor, the founder of crisis-ridden Yes Bank, was arrested by the ED on Sunday under money-laundering charges after over 20 hours of questioning and remanded to its custody till March 11, a day after the CBI booked him for allegedly receiving kickbacks of Rs 600 crore in form of loans to a company held by his three daughters.As the agencies tightened the noose around the 62-year-old, his daughter Roshni Kapoor was stopped by ED from taking a flight to London as she is required to join the probe, officials said.On Saturday, the agency had widened its probe as the premises of Kapoor's daughters in Delhi and Mumbai were searched to gather more evidence.The banker was taken into custody at the ED office in Ballard Estate under the provisions of Prevention of Money Laundering Act around 3 am on Sunday as he was allegedly not cooperating in the probe, they said. Kapoor was questioned for over 20 hours after ED raided his residence on Friday night.On Sunday, the ED produced Kapoor before a holiday court in Mumbai and sought his remand, saying the role of some companies run by his family members needs to be established and they need to confront all these people with him.The defence lawyer, however, said Kapoor has been selectively targeted by ED and he is cooperating with the probe agency. "We are ready to cooperate and submit all the documents that the agency wants. I have fully cooperated with them," Kapoor said in the court."From the last few days I was not well, hence my family members took me to Breach Candy Hospital, but still I am cooperating with ED," he told in the court.However, the ED told the court it wants to conduct a through investigation and "many people are under the scanner". The court then remanded Rana Kapoor in ED's custody till March 11.Kapoor was arrested by ED on the basis of the CBI FIR registered on Saturday, after allegations of financial irregularities and mismanagement in the operations of Yes Bank surfaced and the RBI and the Union government initiated action to control its affairs.Sources said the CBI booked Kapoor, DoIT Urban Ventures Ltd, a company allegedly held by his family members and promoter-director of DHFL Kapil Wadhawan for alleged criminal conspiracy, cheating and corruption. The details of the FIR emerged on Sunday when the enforcement case information report (ECIR) of ED became public.The CBI alleged Kapoor entered into a criminal conspiracy with Wadhawan for extending financial assistance to DHFL though Yes Bank in return for substantial undue benefits to himself and his family members through companies held by them.According to the CBI FIR, the scam started taking shape between April and June 2018 when Yes Bank invested Rs 3,700 crore in short-term debentures of scam-hit DHFL.In return, Wadhawan allegedly "paid kickback of Rs 600 crore" to Kapoor and family members in the form of loans to DoIT Urban Ventures (India) Pvt Ltd, officials said.DoIT Urban Ventures is held by daughters of Kapoor - Roshini, Radha and Rakhee - which are 100 per cent share holders of the company through Mogran Credits Pvt Ltd, it alleged."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 ED investigating officer had recorded Kapoor's statement under 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.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 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 Reserve Bank of India had on Thursday imposed a moratorium on 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 Yes Bank under a government-approved bailout plan. NES/ABS AB RT ABHABH

ED arrests Yes Bank founder Rana Kapoor; CBI alleges kickbacks to firm held by daughters

New Delhi, Mar 6 () <keyword id="45660" type="COMPANY" weightage="20" keywordseo="Yes-Bank">Yes Bank</keyword> was the biggest lender to <keyword id="6360217" type="UNKNOWN" weightage="20" keywordseo="loan">loan</keyword> defaulter travel firm <keyword id="44449" type="COMPANY" weightage="20" keywordseo="Cox-Kings">Cox &amp; Kings</keyword> with total claims of over Rs 2,285 crore, according to a list of financial creditors prepared by the resolution professional of the debt-ridden firm. Financial creditors have submitted a claim of over Rs 5,911 crore for debt they provided to Cox &amp; Kings, according to a regulatory filing by the company. Cox &amp; Kings is currently going through the corporate insolvency resolution process. The Mumbai bench of the National Company Law Tribunal in Mumbai has directed to initiate insolvency proceedings against Cox &amp; Kings in October last year over the plea filed by Rattan India Finance, claiming default on a loan of Rs 30 crore by the travel company. Axis Bank has submitted a claim of Rs 1,065 crore, State Bank of India Rs 635 crore, Indus Ind Bank Rs 270 crore, Abu Dhabi Commercial Bank Rs 218 crore, Bank of Baroda Rs 188 crore, Central Bank of India 157 crore, Kotak Mahindra Bank Rs 148 crore, UTI Trustee Company 128 crore, Andhra Bank Rs 103 crore, SBI cards and payment services Rs 102 crore to the RP of Cox &amp; Kings. Other banks have exposure below Rs 100 crore which includes SBI (UK). HDFC Bank, Indian Bank, and IDFC Bank, among others. Around 2,500 operational creditors have submitted claims of over Rs 631 crore, 2,440 employees and workman have claimed dues of over Rs 94 crore and other creditors have submitted claims of over Rs 3 crore. The company's auditors have noticed the use of "allegedly forged financial statements" in the accounts of its UK-based subsidiary Prometheon Enterprise. The auditors of Cox &amp; Kings have found that the audited consolidated financial statements of Prometheon Enterprise were not signed by Raffingers, the auditor of its UK-based arm. The company in an earlier filing had said that "the newly appointed statutory auditors, in the course of the performance of his duties as auditor, have a reason to believe that an offence of fraud involving Rs 1 crore or above (individual amount), is being or has been committed in the company by its officers or employees and accordingly correspondences to the Ministry of Corporate Affairs is in process.". PRS HRS

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CBI files chargesheet against Rana Kapoor — The rise and fall of Yes Bank’s former co-founder and CEO

Vaamanaa Sethi

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

PTI

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

PTI

Rana Kapoor's hotels, bungalows, flats and paintings — everything that Yes Bank founder is suspected for buying with kickbacks

Prabhjote Gill

ED continues questioning Yes Bank founder Rana Kapoor

PTI

YES Bank founder Rana Kapoor questioned on money laundering case, house raided by ED

IANS

ED questions Yes Bank founder Rana Kapoor for second day; expands raids

PTI

ED arrests Yes Bank founder Rana Kapoor; CBI alleges kickbacks to firm held by daughters

PTI

Yes Bank was the biggest lender to loan defaulter Cox & Kings

PTI

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