Lawstreet Journal

Yes Bank fraud: ED attaches Rs 2,800 crore assets of Rana Kapoor, Wadhawan brothers

Lawstreet Journal 11 Jul 2020 12:20am

Image courtesy: Lawstreet Journal Business Yes Bank fraud: ED attaches Rs 2,800 crore assets of Rana Kapoor, Wadhawan brothers

The Enforcement Directorate on July 9, 2020, provisionally attached assets and properties valued at over Rs 2,800 crore in India and abroad belonging to YES Bank Co-Founder Rana Kapoor and the Wadhawans, promoters of Dewan Housing Finance (DHFL), in connection with the YES Bank money laundering case.

The central probe agency said that it has issued a provisional order, under the Prevention of Money Laundering Act (PMLA), for attachment of properties worth Rs 2,203 crore but the "present market value of these assets is more than Rs 2,800 crore".

"The assets include immovable properties in India and abroad, bank accounts, investments, luxury vehicles, among others," it said.

"These assets belong to Rana Kapoor, Kapil Wadhawan and Dheeraj Wadhawan, and the entities controlled by them," the ED added.

The properties include Kapoor’s plush bungalow in Delhi on 40 Amrita Shergill Marg (worth Rs 685 crore), an independent residential building ‘Khursidabad’ at Cumbala Hill, three duplex flats at Nepean Sea Road, one at the National Centre for the Performing Arts at Nariman Point, along with eight flats at Indiabulls Blu in Worli. “The attached assets relating to Kapoor and related entities are pegged at Rs 1,400 crore (market value),” said the ED.

Another attachment order in the case includes a commercial property in Australia belonging to DHFL promoters Kapil Wadhawan and Dheeraj Wadhawan and one flat in New York and two flats in London, worth Rs 1,411.9 crore.

Wadhawans’ India assets have also been attached. These include 12 flats in Khar (West), two land parcels in Pune and Mulshi, five luxury vehicles, and 344 bank accounts.

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Tagged: Yes Bank  
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