Yes Bank Bribery Case: Rana Kapoor’s Family Named Accused, CBI Raids Seven Locations
Police officers observe customers standing in line outside a Yes Bank Ltd. branch in Mumbai. (Photographer: Dhiraj Singh/Bloomberg)

Yes Bank Bribery Case: Rana Kapoor’s Family Named Accused, CBI Raids Seven Locations

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The Central Bureau of Investigation has carried out searches at seven locations in connection with the Yes Bank Ltd. probe, officials said today. The case pertains to the allegation that Rana Kapoor's family received Rs 600 crore bribe from the now-insolvent Dewan Housing Finance Corporation Ltd.

In a first investigation report filed in the matter, CBI has named five companies, seven individuals—including Kapoor's wife Bindu and daughters Roshini, Raakhe and Radha—and unidentified persons.

DHFL's promoter Kapil Wadhawan and Dheeraj Rajesh Kumar Wadhawan, director of RKW Developers Pvt. Ltd., a company linked to home loan financier, have also been named as accused, officials said.

DHFL, RKW Developers, Dolt Urban Ventures, RAB Enterprises (lndia) Pvt. Ltd. and Morgan Credits Pvt. Ltd. are the five companies named in the FIR.

While Dolt Urban Ventures is controlled by the Kapoor family, Bindu Kapoor is director, RAB Enterprises Pvt. Ltd. Morgan Credits counts Kapoor’s daughters as directors.

Teams of CBI officers are carrying out operations at the residence and official premises of the accused in Mumbai, the officials cited above said.

CBI has alleged that ana Kapoor entered into a criminal conspiracy with Kapil Wadhawan for round-tripping of funds—loans from Yes Bank to DHFL landed in companies owned by Rana Kapoor's daughters.

The agency has alleged that between April and June 2018, Yes Bank invested Rs 3,700 crore in short-term debentures of DHFL, the officials said. Yes Bank also sanctioned a loan of Rs 750 crore to DHFL’s RKW Developers for their Bandra reclamation project, the officials said. The amount was transferred to by RKW Developers to DHFL without investing anything in the project, they said.

In return for these Yes Bank funds, Wadhawan allegedly invested Rs 600 crore in a company of Kapoor's daughters—DoIt Urban Ventures, which the CBI alleges was a bribe to Kapoor for Yes Bank investments.

DHFL is alleged to have had siphoned off Rs 31,000 crore out of total bank loans of Rs 97,000 crore using a web of multiple shell companies.

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