ED chargesheets Rana Kapoor, family in Rs 5,050 crore fraud case

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ED chargesheets Rana Kapoor, family in Rs 5,050 crore fraud case
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ED has named Rana Kapoor, his spouse Bindu Kapoor, daughters Roshni Kapoor, Radha Kapoor and Rakhee Kapoor, together with Morgan Credit, Sure Capital and Rab Enterprises in its cost sheet

Enforcement Directorate (ED) has filed a cost sheet in opposition to Rana Kapoor in reference to the YES Financial institution fraud case. The cost sheet filed on the PMLA Courtroom in Mumbai contains names of the YES Financial institution co-founder, his spouse Bindu Kapoor, his daughters Roshni Kapoor, Radha Kapoor and Rakhee Kapoor, together with Morgan Credit, Sure Capital and Rab Enterprises.

Kapoor, former MD and CEO of YES Financial institution, was arrested by the ED on March eight underneath the Prevention of Cash Laundering Act (PMLA). He has been accused of receiving kickbacks in lieu of sanctioning loans to sure corporations.

ALSO READ:YES Financial institution posts Rs 16,418.02 crore web loss in FY20; asset high quality worsens

The central investigation company has pegged the proceeds of crime at Rs 5,050 crore and positioned 168 accounts underneath scrutiny. The ED has additionally provisionally hooked up 59 work, together with a portray of Rajiv Gandhi by MF Hussain, which Kapoor purchased from Priyanka Gandhi for Rs 2 crore.

ED had alleged that YES Financial institution had purchased debentures price Rs 3,700 crore from the scam-hit Dewan Housing Finance Restricted (DHFL), after which DHFL sanctioned a mortgage of Rs 600 crore to DoIT City Ventures, an organization managed by Kapoor’s daughters by means of Morgan Credit. DHFL promoters Kapil Wadhawan and Dheeraj Wadhawan have been arrested by the Central Bureau of Investigation on April 27.

ALSO READ:YES Financial institution share worth falls over 5% forward of This fall earnings

Three days earlier than Kapoor’s arrest, on March 5, Reserve Financial institution of India had seized YES Financial institution because the non-public lender failed to boost funds to remain afloat. Underneath a reconstruction scheme, the central financial institution obtained a number of monetary establishments, together with SBI, ICICI Financial institution and HDFC, to avoid wasting the non-public lender.

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