The Enforcement Directorate on Thursday attached about Rs2,500 crore worth of property belonging to Wadhawan brothers and the Kapoor family, said an ED official.
Of this, Rs1,100-crore worth of properties belonged to Rana Kapoor and members of his family in Mumbai, Delhi, London and New York.
" ₹1,412-crore worth of properties belonging to Kapil and Dhiraj Wadhawan stand attached. These include 12 flats in Mumbai, one in New York, two in London and one commercial property in Australia," said the ED official.
The attachment of property in London is the first major overseas act by the investigative agency in the case, which deals with Kapoor’s alleged use of the bank to extend loans in exchange for “kickbacks" as detailed in ED’s 6 May, 2020, charge sheet against Kapoor. These property can be seized by the Centre after a court order.
The ED has accused Kapoor, members of his family and others of laundering proceeds of crime. The estimated size of fraudulent deals stands at Rs5,050 crore. The allegation is that members of the Kapoor family received kickbacks in lieu of extending big loans through the bank, which later turned into non-performing assets (NPAs). Kapoor was arrested by the central probe agency in March and is at present in judicial custody.
According to ED's first charge sheet filed on 6 May, Kapoor family received ₹600 crore as kickbacks in return for Yes Bank extending questionable loans. ED had found that Yes Bank lent Rs3,700 crore to Wadhawan brothers-owned Dewan Housing Finance Ltd (DHFL) against debentures issued by the company in April-June 2018; simultaneously, DHFL sanctioned loan of ₹600 crore to Doit Urban Ventures (India), a company fully-owned by three daughters of Kapoor—Roshini, Radha and Raakhee—through Morgan Credits. DHFL is yet to repay the loan, and, according to ED, the Rs600-crore loan to Doit was a kickback to the Kapoor family in lieu of loans from Yes Bank. Further, Yes Bank lent to Doit against a collateral of five properties whose market value was inflated from about Rs40 crore to Rs735 crore to justify the loans, the charge sheet said.
ED is in the process of preparing a second charge sheet in this case and will be filed soon, said the ED official.
