After extensive raid conducted on Yes Bank's founder Rana Kapoor's residence in Mumbai, Enforcement Directorate has arrested Kapoor early today (8 March) in a money laundering case connected to scam-hit Dewan Housing Finance Corporation Limited (DHFL), reports The Times of India.
The arrest comes after 30 hours of questioning of Kapoor who had founded the bank in 2004. He will now be produced before a court at 11am today.
ED is investigating whether a dummy company owned by Kapoor and two of his daughters by the name of Doit Urban Ventures had received Rs 600 crore as kickbacks from DHFL in return for sanctioning of loans to the rune of Rs 4,450 crore from Yes Bank.
ED has stated that Yes Bank had sanctioned a loan of Rs 3,750 crore to DHFL. Apart from this, Yes Bank had also sanctioned a loan of Rs 750 crore to RKW Developers which is a firm controlled by DHFL. ED has stressed that the then Rana owned Yes Bank had not initiated any action against DHFL after it had defaulted on the loan.
ED is investigating if Rs 4,450 crore loan availed by DHFL from Yes Bank is a part of the Rs 13,000 crore which DHFL had allegedly siphoned off via 79 dummy companies of which Rana's Doit Urban Ventures could be one.
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