Dozens of shell companies, 44 expensive paints and Rs 2 billion Rana Kapoor with ED scanner
The agency, official sources said, also recovered documents showing some assets of the Kapoor family in London and the source of funds for acquisition is now being investigated.
A special holiday court in Mumbai sent Kapoor into custody of the DE until March 11.
The central investigation agency that began acting against the banker on Friday raiding his luxury residence in southern Mumbai is mainly investigating Kapoor, his wife and their three daughters on a Rs 600 crore fund received by a company allegedly ” controlled “by them from an entity linked to the Dewan Housing Finance Limited (DHFL) scam.
It is alleged that the Kapoors-related company, DoIT Urban Ventures (India) Pvt Ltd, received the funds when Yes Bank had an exposure of more than Rs 3,000 million to DHFL, which was already being investigated for alleged financial irregularities and diversion of funds .
The bank, they said, allegedly did not initiate actions to recover the loans converted by the DHFL NPA and the agency suspects that Rs 600 crore funds were part of alleged bribes received as quid pro quo in the company controlled by the Kapoor family.
The ED, authorities said, is looking to find the proceeds of the crime during the raids in Kapoor’s residence and those of his wife Bindu and his three daughters. It has run into investments worth more than Rs.2 billion from the family and the active presence of approximately a dozen ghost or fake companies used to rotate alleged setbacks, they said.
He also ran into 44 expensive paintings bought by the family, some of which were supposedly bought from politicians.
Kapoor, 62, was arrested at the ED office in Ballard Estate in Mumbai under the Money Laundering Prevention Act (PMLA) after more than 20 hours of interrogation and will be presented to a vacation court on Sunday to obtain Your additional custody.
The ED, meanwhile, is also recording the statement of Kapoor’s wife and daughters.
The arrest of Kapoor, former MD and CEO of the private bank, comes after charges of alleged financial irregularities and mismanagement in their operations arose and the RBI and the Union government initiated actions to control their affairs.