The CBI has filed a charge sheet against Rana Kapoor and GautamThapar in the Rs 466.51 billion cases, yes bank fraud.
Rana Kapoor’s involvement in the scheme came to dawn, according to officials, despite the truth that he was not a suspect in the FIR filed on June 2 of last year. The CBI has filed a charge sheet for the Rs 466.51 crore bank fraud against former Yes Bank CEO and Managing Director Rana Kapoor and Avantha Group promoter Gautam Thapar.
Kapoor’s involvement in the scheme came in front, they said, despite the verity that he was not a suspect in the FIR filed on June 2 of last year. Thapar and Oyster Buildwell Pvt Ltd (OBPL) were mentioned in the charge sheet of the mechanism submitted to the special CBI court in Mumbai.
The Central Bureau of Investigation (CBI) filed an FIR against Thapar, directors of OBPL Raghubir Kumar Sharma, Rajendra Kumar Mangal, and Tapsi Mahajan, unknown directors of Avantha Realty Pvt Ltd and Jhabua Power Ltd. on June 2 last year, six days after receiving a complaint from the then-Chief Vigilance Officer Ashish Vinod Joshi.
According to them, the agent had placed its charge sheet before the special court following a nearly 15-month search that included questioning of Yes Bank co-founder Kapoor in April of this year.
They declared that the central mechanism has continued to look into the bigger plot and the possible involvement of persons who have not been recognised.
They added that Kapoor and Thapar are co-accused in different alleged misappropriation cases of public funds in Yes Bank in exchange for a luxury place in a region of Delhi.
The accused are accused of engaging in a criminal conspiracy, criminal breach of faith, fraud, and forgery to divert public funds totalling Rs 466.51 crore, they declared.
According to the Yes Bank complaint, which is now a part of the FIR, Jhabua Power Limited (JPL), a group subsidiary of OBPL, signed a 10-year operations and maintenance contract with its holding company Jhabua Power Investment Ltd (JPIL) for its 600 MW power plant.
A credit of Rs 515 crores by Yes Bank was approved for OBPL, a member of the Avantha network, to repay a 515 crores interest-free recoverable balance amount to JPIL. Due to the business’s payment default on October 30, 2019, the bill became a non-performing asset.
The bank determined during its forensic research that just 14.16 crore out of the total 514.27 crores it disbursed were transferred to JPIL in its IndusInd Bank account, and the “ultimate end use of Rs 500.11 crore loan payment could not be confirmed.”
JPIL received Rs 345.15 crores in guarantee monies from OBPL, according to a study of its business statements, however, the accountant could not demonstrate a profit motive because JPIL’s bank accounts were unclear.
Yes, Bank found through an internal assessment of bank documents that the loans provided to OBPL for the security deposit to JPIL were utilised by it to pay off loans of the Avantha group of Thapar.
A $5 billion scam on Yes Bank was perpetrated in April by the households of Rana Kapoor and Wadhawan. A case file in connection with tax fraud has recently been filed against Rana Kapoor, his wife, the Wadhawans family, and other people.
Rana Kapoor, a co-founder of Yes Bank, and Kapil and DheerajWadhawan, proprietors of Dewan Housing Finance Limited (DHFL), are accused by the Enforcement Directorate (ED) of syphoning off money totalling 5,050 crores through questionable transactions.
This was stated by the ED in its second supplementary (third overall) charge sheet against Rana Kapoor, his family, the Wadhawans, and others in a money laundering claim, which was recently submitted in a special court here.
The Prevention of Money Laundering Act (PMLA) does not directly apply to the proceeds of crime (POC) derived from this point because Rana Kapoor syphoned off a large chunk of it overseas, according to the study.
The central agency lately filed a new prosecution complaint (charge sheet) alleging that Rana Kapoor, DHFL advocates KapilWadhawan and DheerajWadhawan, and others were involved in a criminal conspiracy in which they illegally diverted and syphoned off funds through suspicious transactions totalling 5,050 crores.
According to the ED, a probe showed that Yes Bank bought debentures from DHFL between April 2018 and June 2018 for a total of 3,700 crores. As a result, the money was given to DHFL. DHFL subsequently provided DOIT Urban Ventures Pvt Ltd with a loan of 600 crore rupees (an entity, beneficially owned by Rana Kapoor and his family).
The probe showed that Yes Bank had bought the aforementioned short-term DHFL debentures using public funds; DHFL has not yet saved them.
In contrast, the agency said that DHFL gave Rana Kapoor what it called a loan of 600 crores to his beneficially owned company, DUVPL, without providing adequate security.
It was announced that the loans provided to the business run by Kapoor’s family did a cover for the entire act. According to the study, a loan of 600 crores was issued against subpar properties with a paltry worth of 39.68 crores. By taking into understanding the conversion of the properties from agricultural land to residential property, an inflated value of 735 crores was shown, and it continued.
Additionally, it has come forward that Yes Bank invested in DHFL right before these loans were approved. This shows a criminal conspiracy involving Rana Kapoor, Kapil, and DheerajWadhawan to get a loan by promising seriously raised assets, argues the charge sheet. DUVPL had no active or running enterprises at the time the loan proposal was submitted, it was reported.
Due to its lack of company action and inability to develop any money at the moment, DUVPL may not be able to repay the loan given its existing enterprise and income. The report implies a trade-off.
Additionally, Yes Bank has approved a loan of Rs. 750 crores for the development of Mumbai’s Bandra Reclamation Project to M/s Belief Realtors Private Limited, which is beneficially owned by the Wadhawans. According to research, the Wadhawans skimmed off the entire sum without devoting a single cent to the stated purpose, the ED argued.
The charge sheet claimed that the Wadhawans syphoned off the whole money issued to M/s Belief Realtors by stacking it via their shell businesses and never using it for the intended purpose.
“Rana Kapoor has exploited his formal stance to acquire illegal monetary benefit not only for himself and for his family also,” it said. The researchers reported that the POC generated in this situation was piled in both fluid and granular states.
Rana Kapoor transported a significant portion of the POC earned in this case to foreign countries, according to the investigation. After the ECIR was documented on March 3, 2020, the ED launched its research. According to the charge sheet, Rana Kapoor aggressively tried to sell his properties overseas to avoid having them seized by the ED under the PMLA. 5,050 crore is the POC at a point in this lawsuit.
Although Rana Kapoor founded the aforementioned company, DUVPL, his three daughters own 100% of the corporation. Following his arrest in the matter in March 2020, Rana Kapoor is now being held in judicial custody. Wadhwans was also imprisoned after being arrested in a different incident.