Yes Bank's Rana Kapoor, family got Rs 600 crore kickback by DHFL
The CBI investigation into the case involving Yes Bank founder Rana Kapoor has revealed that he and his family members were paid Rs 600 crore as kickback by DHFL promoter Kapil Wadhwan in the garb of a "builder loan". It was a part of the criminal conspiracy hatched from April to June 2018 between Rana Kapoor, Wadhwan and others for extending financial assistance to Dewan Housing Finance Limited (DHFL) by Yes Bank Ltd. In lieu of substantial undue benefits to himself and his family members through the companies held by Rana Kapoor, Wadhwan and his family members, the whole conspiracy was hatched, said the CBI First Information Report (FIR) filed on March 7. Yes Bank invested Rs 3,700 crore in the short-term debentures of DHFL for the purpose during the period between April and June 2018, said the FIR which named five companies and seven individuals. Simultaneously, the Central Bureau of Investigation FIR mentioned, Wadhwan paid kickback of Rs 600 crore to Kapoor and his family in the garb of "builder loan". The kickback was given by DHFL to DOIT Urban Ventures (lndia) Pvt Ltd -- a wholly owned subsidiary of RAB Enterprises (lndia) Pvt Ltd in which Rana Kapoor's wife Bindu Kapoor is a director and 100 per cent shareholder. The investigators found that Rana Kapoor's daughters -- Rakhee Kapoor Tandon, Roshni Kapoor and Radha Kapoor -- are also 100 per cent shareholders of DOIT Urban Ventures (lndia) Pvt Ltd through Morgan Credits Private Limited. "It has been learnt that the "loan" of Rs 600 crore was sanctioned by DHFL to DOIT Urban Ventures on the basis of mortgage of a sub-standard property with very meagre market value and by considering its future conversion from agricultural land to residential land." As per the FIR, DHFL has not redeemed Rs 3,700 crore invested by Yes Bank in its debentures till date.
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