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Yes Bank News: ED scanner on large loans issued by Yes Bank, Rana Kapoor’s foreign assets | India Business News


NEW DELHI / MUMBAI: The Execution Directorate (ED) is investigating more multi-million rupee loans issued by Yes Bank to corporate houses that converted unprofitable assets as part of its money laundering investigation against its arrested promoter Rana Kapoor, they said officials on Monday.

They said the agency has expanded its investigation into the case beyond the loan to DHFL (Dewan Housing Finance Limited) and is now looking in its books to find evidence of whether the Kapoor family and other alleged bribes were received from commercial houses instead of no start of loan recovery processes.

The central agency is investigating the DHFL scam that provides a loan of Rs 600 million to a company “controlled” by the Kapoor family, which includes his wife and three daughters, rather than recovering more than Rs 4 billion from loans issued by Yes Bank at the first

CBI problems look to circulate against 7 defendants in Yes Bank scam

The CBI on Monday issued a surveillance circular against seven defendants in the Yes Bank scam, including its co-founder Rana Kapoor and her family, to prevent them from leaving the country, authorities said. CBI reserved Kapoor, his wife Bindu and his daughters Roshini, Raakhe and Radha, in addition to DHFL promoter Kapil Wadhawan and Dheeraj Wadhawan, promoter of RKW Developers.

Sources said Yes Bank CEO Ravneet Gill was questioned by ED at his office in Mumbai on Monday.

They added that investigators have also concentrated on Kapoor’s alleged foreign assets in the United Kingdom, France and the United States to see if the banker and his family used the proceeds of the money laundering offense.

A dozen suspected shell companies, the Kapoor family’s investments of Rs 2 billion and more than Rs 4.5 billion of transactions are under the agency’s scanner today.

Suspecting “sabotage” of the rescue plan, the government played the game of cat and mouse to corner Rana Kapoor

At least three times in the past eight months, potential investors at Yes Bank withdrew just as a deal appeared to be coming to fruition. This led to suspicion that the promoter Rana Kapoor had intervened in sabotage of a restructuring plan and had begun to send messages to the government and the RBI that she wanted to return to the bank, according to highly located sources.

The agency also discovered that 44 expensive paintings were in Kapoor’s possession, one of which was purchased by him from congressional leader Priyanka Gandhi Vadra.

While the Congress party has said the deal was transparent as Vadra received the payment of Rs 2 crore from Kapoor via check and was reflected in the tax returns, the ED is investigating whether the painting was owned her or the All India Congress Committee (AICC)

He is also investigating whether the certificate of origin (signed by an artist to declare his work genuine) was signed by Vadra and under what circumstances.

Yes Bank crisis: UPIs use dives by 40%, PhonePe lines are cut

An unexpected consequence of RBI’s moratorium on Yes Bank was a 40% drop in UPI transactions, in large part because the fintech app PhonePe failed to work as it is connected to Yes Bank to provide account-to-account transfer services based on UPI. Peer-to-peer payments, online business payments and in-store QR code payments were some of the services that were affected.

The painting, a portrait of former Prime Minister Rajiv Gandhi, was made by famed artist M F Hussain and was presented to Gandhi during the AICC Centennial Celebrations in 1985.

Congress rejected the charge as false, saying there was no illegality in the transaction since the general secretary of the party had received the money (Rs 2 crore) under control and mentioned it in his income tax returns in 2010.

The Execution Directorate has said that this case against Rana involves proceeds from the crime of Rs 4.3 billion rupees.

The former CEO and general manager of the bank, 62, was arrested on Sunday and is in the custody of the DE until March 11.

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