Roshni Kapoor, Rana Kapoor's daughter, was stopped at the Mumbai airport on Sunday.
Highlights
- Yes Bank has been placed under a moratorium by the RBI since last week
- Founder Rana Kapoor was arrested early on Sunday
- Rana Kapoor's daughter was stopped at Mumbai airport yesterday
Yes Bank founder Rana Kapoor, his wife and three daughters are among 13 accused named by the CBI in a spiralling investigation into bribery and money-laundering linked to India's fourth largest private lender. The charges were filed on a day of raids in seven locations linked to the family.
Roshni Kapoor, one of Rana Kapoor's daughters, was stopped at the Mumbai airport on Sunday as she was about to board a flight to London, in the middle of the investigation into corruption in Yes Bank.
Yes Bank was last week placed under a moratorium by the Reserve Bank of India (RBI), which took control of the board and also imposed a Rs 50,000-limit on withdrawals from the bank, sending thousands of depositors scurrying to retrieve their money.
Rana Kapoor was arrested in the early hours of Sunday after marathon questioning the day before by investigators and searches at his and his daughters' homes in Delhi and Mumbai. A lookout notice was also issued against his wife, daughters and other family members.
According to the case filed by the CBI, Yes Bank invested around Rs 3,700 crore in DHFL or Dewan Housing and Finance Ltd around the same time it granted a Rs 600 crore loan to a company called Doit, owned by Rana Kapoor's three daughters Roshni Kapoor, Rakhee Kapoor Tandon, and Radha Kapoor.
DHFL has allegedly not, to date, redeemed the Rs 3,700 crore bought in debentures by Yes Bank.
The CBI calls it a bribe as DHFL valued five properties pledged by Doit as collateral at Rs 700 crore though the acquisition cost of these properties was just 40 crores.
The agency also alleges that Yes Bank sanctioned a loan of Rs 750 crore to RKW Developers Private Limited, which is a DHFL group company, for their Bandra Reclamation Project in Mumbai. The whole amount was allegedly siphoned off by Kapil Wadhawan, a relative of RKW director Dheeraj Rajesh Kumar Wadhawan.
The entire amount was transferred by RKW Developers Private Limited to DHFL without any investment in the Bandra reclamation project, for which the loan was sanctioned.
The CBI alleges that Rana Kapoor, in criminal conspiracy with Kapil Wadhawan and others, had invested in DHFL through Yes Bank to gain undue benefits for himself and his family.
Rana Kapoor is accused of misusing his official position and getting kickbacks directly or indirectly through entities controlled by him or his family members.
Mr Kapoor denied the charges. Zain Shroff, Kapoor's lawyer, told the court his client had been made "a scapegoat" due to public outrage against Yes Bank.