The Enforcement Directorate (ED) has filed a charge sheet in connection with the YES Bank fraud against the Bank’s Former Chief operating officer and managing director Rana Kapoor, his wife and daughters before a special PMLA Court in Mumbai on Wednesday.
ED sources said the charge sheet is filed against Kapoor, his wife Bindu, and daughters Rakhee, Roshni and Radha along with entities allegedly associated with them – Morgan Credits, RAB Enterprises (India) Private Limited and Yes Capital India Private Limited.
The central agency, which probes financial crimes, filed the charge sheet before the Special Court under the Prevention of Money Laundering Act (PMLA), on Wednesday.
ED has pegged the total amount of the fraud at around ₹5,050 crores and have put 168 bank accounts under scrutiny. The probing agency has provisionally attached 59 paintings, including a portrait of Rajiv Gandhi by MF Husain, which were seized during the raids.
After special public prosecutor Sunil Gonsalves submitted the charge sheet before the court, Kapoor’s counsel Subash Jadhav requested the court to provide a copy of the same to the accused, which the court allowed.
The charge sheet comprises statements of key Yes Bank management officials. The agency had begun investigation based on a Central Bureau of Investigation (CBI) case for alleged sham transaction between Yes Bank and Dewan Housing Finance Corporation (DHFL).
The agency claimed that Yes Bank bought debentures worth ₹3,700 crore of DHFL, and in return, DHFL sanctioned a ₹600-crore loan without adequate collateral to Doit Urban Ventures Pvt Ltd where Kapoor’s daughters are directors.
The agency claimed that during his tenure, Kapoor was instrumental in sanctioning loans worth ₹30,000 crore, of which ₹20,000 crore has turned into non-performing assets (NPAs). Kapoor is also accused of accepting illegal gratification for granting loans.
Kapoor, along with his family members, is under investigation for suspected money laundering through several shell companies. He is also under probe for his alleged role in the loan scam which led to a moratorium on the bank by the Reserve Bank of India (RBI). He was arrested on March 8.