ED moves SC against bail to DHFL promoters

By: |
August 28, 2020 3:00 AM

The CBI probe had revealed that Yes Bank invested Rs 3,700 crore in DHFL’s short-term debentures that were not redeemed. Simultaneously, Kapil Wadhawan is said to have paid a kickback of Rs 600 crore to Kapoor and his family members in the garb of a builder loan from DHFL to DoIT Urban Ventures, which is owned by Kapoor’s three daughters.

The CBI probe had revealed that Yes Bank invested Rs 3,700 crore in DHFL’s short-term debentures that were not redeemed.

The Enforcement Directorate has moved the Supreme Court against the Bombay High Court’s order that granted bail to Dewan Housing Finance Corporation (DHFL) promoters Kapil Wadhawan and Dheeraj Wadhawan in connection with the Yes Bank fraud case.

Bail was granted on a technical ground after the agency failed to file its prosecution complaint (equivalent to a chargesheet) within the stipulated time period of 60 days. However, the trial court directed the brothers to surrender their passports to the investigators and deposit `1 lakh each as surety amount.

However, Wadhawans have not been able to come out of prison as they have also been booked by the CBI in the same money laundering case registered against Yes Bank co-founder Rana Kapoor.

The CBI probe had revealed that Yes Bank invested Rs 3,700 crore in DHFL’s short-term debentures that were not redeemed. Simultaneously, Kapil Wadhawan is said to have paid a kickback of Rs 600 crore to Kapoor and his family members in the garb of a builder loan from DHFL to DoIT Urban Ventures, which is owned by Kapoor’s three daughters.

Kapoor, the then head of Yes Bank’s management credit committee, had in 2018 also sanctioned a Rs 750 crore loan to a DHFL group company. This loan amount was given to Dheeraj Wadhwan-controlled RKW Developers, although the bank’s risk management team had pointed out multiple and serious issues in the proposal.

ED has provisionally attached assets worth Rs 2,203 crore of both Kapoor and co-accused DHFL promoters in India and abroad.

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