The Enforcement Directorate on Friday registered a money laundering cases against the originator and previous Managing Director of Yes Bank Ltd, Rana Kapoor.
“The ED is as of now leading searches at his Worli (Mumbai) based residence regarding loans granted to DHFL (Dewan Housing Finance Ltd),” said an ED official affirming the improvements.
This comes after RBI on Thursday late night put the private sector lender under ban and suspended the bank’s board for 30 days. The RBI likewise capped withdrawal limit at ₹50,000 for the one-month time frame.
- Enforcement Directorate raids Yes Bank Director Rana Kapoor’s Mumbai residence
- ED is also expected to issue a look out notice against Rana Kapoor
The ban came after Rana Kapoor-promoted bank neglected to raise cash-flow to address potential loan losses and in the wake of decaying financials of the bank.
The government on Friday likewise said that it has requested that RBI present a point by point evaluation report of any supposed monetary anomalies which added to the bank’s weakened condition.
The PMLA case by ED against Kapoor is a continuation of its investigations against DHFL where it has discovered fund diversion to the tune of ₹12,733 crore to 80 claimed shell substances utilizing 1 lakh fake borrowers. These transactions go back to 2015.
“In certain occasions we found that the funds that were occupied by DHFL began from Yes Bank. The searches are to find out the idea of these loans and whether there was any inconsistency in allowing them,” said the ED official.
ED is likewise expected to give a lookout notice against Kapoor. The notification forestalls people being tested by an investigative agency to leave the nation.
The ED has blamed the Kapil and Dheeraj Wadhawan for DHFL of buying shares of five firms- – Faith Realtors, Marvel Township, Abe Realty, Poseidon Realty and Random Realtors- – after which they were amalgamated with Sunblink. The outstanding loans of these five firms, totalling around ₹2, 186 crore till July 2019, were supposedly appropriated onto the books of Sunblink so as to cover the redirection of loans acquired from DHFL.