DHFL promoter Kapil Wadhawan, brother arrested in Yes Bank fraud

MUMBAI: The CBI on Sunday arrested Dewan Housing Finance Limited (DHFL) promoter Kapil Wadhawan and his brother Dheeraj Wadhwan from Mahabaleswar in Maharashtra’s Satara district in Yes Bank fraudulent case.

Both were arrested in cooperation with district authorities on the basis of Non-Bailable Warrant (NBW) of arrest issued by a special Central Bureau of Investigation session court, Mumbai.

The court had issued the NBW against them on March 17 based on a petition filed by the agency. The CBI had registered a case against Kapil and Dheeraj on March 7 this year based on allegation of fraud against Yes Bank. Rana Kapoor, the then CEO of Yes Bank, and others are accused in the case.

The CBI on April 9 got information about the presence of both the accused in Satara district where they lodged themselves at a government institutional quarantine centre at Panchagani, CBI Spokesperson R.K. Gaur told IANS.

“Thereafter an email was sent to the District Magistrate and Superintendent of Police Satara for not releasing them without NOC (No-Objection Certificate) from CBI or order of the court and taking other necessarysteps to prevent the accused persons from absconding.”

The CBI investigation into the ongoing case involving Yes Bank founder Rana Kapoor has revealed that he and his family members were paid a Rs 600-crore kickback by DHFL promoter Kapil Wadhwan in the garb of “builder loan”. It was part of a criminal conspiracy hatched during April to June 2018 between Rana Kapoor, Wadhwan and others for extending financial assistance to DHFL by Yes Bank Ltd.

In lieu of substantial undue benefit to himself and his family members through the companies held by Rana Kapoor, Wadhwan and his family members, the whole conspiracy was allegedly hatched.

Rana Kapoor’s wife, Bindu was a director in the main investment and holding companies associated with Rana Kapoor, including Morgan Credits, Yes Capital (India), DoIt umbrella companies, RAB among others. The majority of these companies are realty nomenclatured like Bliss, Imagine, Mantra where the suspicion is that the money was siphoned into realty ventures. (IANS)

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