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Rana Kapoor’s secretary negotiated ‘setback’ with DHFL: ED

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MUMBAI: The request for the return of Rana Kapoor submitted by the ED to the vacation court on Sunday mentioned that his secretary had coordinated with DHFL officials contaminated by fraud for a loan of Rs 600 Rs, which is believed to be a bribe , at DOIT Urban Ventures, a company controlled by the three daughters of the founder of Yes Bank. According to ED, the bribe was instead of an investment and a loan of obligations worth Rs.4,450 million sanctioned by Yes Bank to the companies of the DHFL group.
ED sources alleged that Kapoor also misused his position at Yes Bank in several other cases and received more than Rs.2 billion in bribes for companies controlled by him or his family members. ED and the income tax department intensified their investigation against the Kapoors after the CBI filed a case against them. ED stated that just before the approval of a loan of Rs 600 million rupees, Yes Bank invested Rs 3,700 million rupees in short-term obligations in DHFL between April and June 2018. Yes Bank granted a loan of Rs 750 million Rupees to another company of the DHFL group. Rajendra Mirashie, president (project financing), DHFL, said in his statement to ED that DOIT Urban Ventures granted five properties as a guarantee to DHFL with a valuation of Rs 735 million rupees. But it was discovered that the purchase price of the properties (agricultural land in Alibaug and Raigad) was only Rs 40 million.
Mirashie stated that she never interacted with the three daughters of Kapoor, but that she would coordinate with Lata Dave, the senior executive secretary of Rana Kapoor. Kapil Wadhawan of DHFL or his assistant S Govindan used to instruct Mirashie for transactions. Mirashie told ED that, although there was no commercial activity or visible income in DOIT Urban Ventures, the Rs 600 crore loan was structured in such a way that the principal had to be paid in 2023 (after five years) in a single paid vignette, but so far only interests are being served.
Kapoor’s daughters, Roshini Kapoor, Radha Kapoor Khanna and Raakhee Kapoor Tandon are 100% shareholders of DOIT Urban Ventures through Morgan Credits. In his statement to ED, Radha said that in addition to the mortgaged properties, he had also given DHFL his personal guarantee.
In his statement to ED, Rana Kapoor said he believed that the real estate mortgage, securities and monetization of various DOIT Urban Ventures investments could cover the loan risk and repayment of loans on the due date of DHFL. Kapoor told ED officials that from the loan of Rs 750 crore from Yes Bank to Belief Realtors (controlled by the Wadhawan brothers), DHFL in turn lent Rs 450 crore to the builders Radius Group and Paresh Shah Grou. In turn, they paid Rs 450 crore to Yes Bank to pay their loans. Kapoor declined to disclose to ED more details of this transaction. Sonpal Jain, CA at RKW Developers (again, controlled by the Wadhawans) told ED about the flow of Rs 750-crore.
He said Belief Realtors took the loan for an SRA redevelopment project in Bandra Reclamation. But they immediately transferred the money to KYTA Advisors through three other companies in the group. KYTA then transferred the amount to RIP Developers, which then transferred it to DHFL. All these companies were controlled by the Wadhawans.
ED’s special lawyer, Sunil Gonsalves, presented to the court on Sunday that “public money deposits were used to buy loans of Rs 3.7 billion.” “To camouflage it, a loan of Rs 600 Rs is shown. The entire proceeds of crime is Rs 4,300 crore. These loans are granted to a company called DOIT Urban Ventures, where Kapoor is the founder and his daughters are beneficiaries. They are 100% shareholders of the company, ”said Gonsalves, adding that Yes Bank’s public money went to DHFL and family businesses and that it was necessary to investigate it.

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