The Enforcement Directorate has discovered the existence of more than 20 shell companies set up by the now arrested YES bank co-founder Rana Kapoor and his family member, reports Business Standard.
As per report, these shell companies were allegedly used for receiving kickbacks and investing in properties illegally.
Kapoor had set up shell companies, which were directly or indirectly controlled by him, his wife and three daughters, the report quotes ED officials as saying.
ED is also probing into a dummy company owned by Kapoor and two of his daughters by the name of Doit Urban Ventures which had allegedly received Rs 600 crore as kickbacks from DHFL in return for sanctioning of loans to the tune of Rs 4,450 crore from Yes Bank.
Additionally, the investigation also revealed that these companies allegedly invested in properties valued at Rs 2,000 crore, whose present market value may very well be above Rs 5,000 crore.
Earlier today, the Enforcement Directorate arrested Kapoor in money laundering case connected to scam-hit Dewan Housing Finance Corporation Limited (DHFL).
ED carried out searches at the residential premises of Rana and his three daughters -- Rakhee Kapoor Tandon, Roshni Kapoor and Radha Kapoor.
As per a LiveMint report, the officials found a lot of incriminating documents during these searches and later registered a money laundering case against Kapoor as a continuation of its probe against the DHFL wherein it was allegedly that Rs 12,500 crore was diverted to 80 shell companies using one lakh fake borrowers.
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