YES Bank loan fraud: CBI charges Rana Kapoor with criminal conspiracy

Just after Enforcement Directorate (ED), the Central Bureau of Investigation (CBI) on Thursday filed a prosecution grievance, also recognised as chargesheet, versus Of course Lender co-founder Rana Kapoor and eleven many others at the Periods Court docket in Mumbai.

CBI experienced registered the scenario on March 7 for alleged dishonest, fraud, criminal conspiracy in sanctioning of loans by Of course Lender and in exchange obtaining kickbacks by Kapoor from DHFL promoter Dheeraj and Kapil Wadhawan.

The one hundred-plus page chargesheet also named DHFL, its promoters Wadhawans, DOiT Urban Ventures Ltd (DUVPL), owned by Kapoor’s daughters, as an accused in the Of course Lender rip-off.

In accordance to CBI, Rana Kapoor in his tenure experienced prolonged credit amenities to DHFL by way of Of course Lender and in return taken massive financial positive aspects for himself and his hundreds of organizations controlled by him and his family members.

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CBI in his 1st facts report outlined that, the rip-off started having form in between April and June 2018 when Of course Lender invested Rs 3,seven hundred crore in small-time period debentures of the personal debt-laden DHFL.

In return, the Wadhawans allegedly paid out kickbacks of Rs 600 crore to Rana Kapoor and his family members associates in the form of loans to DoIT Urban Ventures. Yet another suspicious bank loan of Rs 750 crore granted by Of course Lender to a organization controlled by Kapil and Dheeraj Wadhawan is also under probe by the agency.

ED in its chargesheet filed in May possibly under anti-cash laundering regulations highlighted the Kapoor’s unlawful gratification amounting Rs 5,050 crore. Alongside with numerous irregularities in distributing financial institution loans to corporate entities, by misusing his official situation, developing shell organizations for laundering cash, defaults, and developing tainted assets.

Other than Kapoor, the ED grievance named his spouse Bindu, a few daughters– Rakhee, Roshini, and Radha–and a few companies, Morgan Credits, RAB Enterprises (India), and Doit Urban Ventures, allegedly controlled by them.