How Indian agencies ensured Rana Kapoor did not join the lines of Vijay Mallya, Nirav Modi
New Delhi, Mar 09: Had it not been for the quick thinking of the agencies, Yes Bank promoter would have never returned to India and would have joined the list of fugitive economic offenders like Vijay Mallya and Nirav Modi.
Kapoor while in London was told by the Reserve Bank of India that the failed attempts to attract new investors could mean him returning to the bank that he had co-founded in 2004.
Once, Kapoor returned, multiple agencies mounted the surveillance on him. While on one hand, the agencies were digging up dirt on Kapoor, on the other they ensured that he did not leave the country.
A close watch was kept on his apart at the Worli. The officials started getting feelers that Kapoor had realised the dirt on him had piled up and he was planning on leaving the country. There were several attempts made by Kapoor to leave the country as he had realised that the case was getting bigger and the RBI had no intention of taking him along in the reconstruction plan.
The Enforcement Directorate which is probing the case said that Kapoor's secretary had coordinated with officials of the DHFL for a Rs 600 crore loan. This submission was made by the Enforcement Directorate before a court on Sunday.
ED sources tell OneIndia that Kapoor had misused his position in Yes Bank in several other cases and had received over Rs 2,000 crore in kickbacks for his company.
On Sunday the Enforcement Directorate arrested Yes Bank promoter, Rana Kapoor in connection with a money laundering case. The case is related to the Dewan Housing Finance Corporation Ltd.
He was arrested after being questioned for nearly 30 hours. The ED would probe whether the Doit Urban Ventures, a dummy company controlled by Yes Bank received Rs 600 crore as kick-backs from the scam hit Dewan Housing Financial Corporation Ltd for loans worth Rs 4,450 crore granted by the bank.
The ED had searched Rana's residence in the upscale 'Samudra Mahal' complex in the Worli area on Friday night and had grilled him there too.
The questioning of Kapoor is continuing, they said.
The case against Kapoor is linked to the scam-hit DHFL as the loans lent by the bank to the company allegedly turned non-performing assets (NPAs), they said.
Action against Kapoor is being conducted under the Prevention of Money Laundering Act (PMLA) by the ED.
The central agency is also probing Kapoor's role in connection with the disbursal of loans to some corporate entities and the subsequent alleged kickbacks reportedly received in his wife's accounts.
Other alleged irregularities are also under the agency's scanner, including the one related to the alleged PF fraud in the Uttar Pradesh power corporation, they added.
The CBI has recently taken over investigation into the ₹2,267-crore Employees' Provident Fund fraud in Uttar Pradesh, where hard-earned savings of power sector employees were invested in Dewan Housing Finance Corporation (DHFL).
The ED action came after the Reserve Bank on Thursday imposed a moratorium on the capital-starved Yes Bank, capping withdrawals at ₹50,000 per account and superseded the board of the private sector lender with immediate effect.
Yes Bank will not be able to grant or renew any loan or advance, make any investment, incur any liability or agree to disburse any payment.
As per the RBI's draft reconstruction scheme, State Bank of India will pick up 49 per cent stake in the crisis-ridden Yes Bank under a government-approved bailout plan.