MUMBAI: Arrested Yes Bank promoter Rana Kapoor was produced before a special court on Sunday in a money laundering case related with Dewan Housing Finance Corporation Ltd (DHFL). He was remanded to Enforcement Directorate (ED) custody until March 11. Rana was arrested early on Sunday morning by the ED after 30 hours of questioning.
The ED which continued its searches at Rana Kapoor’s Samudra Mahal residence in Worli on Saturday, is investigating whether Doit Urban Ventures, a dummy company controlled by the Yes Bank founder and two of his daughters, received Rs 600 crore as kickbacks from the scam-hit Dewan Housing Financial Corporation Ltd (DHFL) for loans worth Rs 4,450 crore granted by the bank.
ED officials stated that Yes Bank had provided a loan of Rs 3,750 crore to DHFL and another loan of Rs 750 crore to RKW Developers, a firm controlled by DHFL. When they defaulted on payment, Yes Bank did not initiate action, and the ED suspects Kapoor and two of his daughters (he has three), who are directors with Doit Urban Ventures, allegedly received kickbacks from DHFL.
The ED suspects that this amount of Rs 4,450 crore is part of the Rs 13,000 crore allegedly siphoned off by DHFL through 79 dummy companies, with Doit Urban Ventures being one of them.
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