The Enforcement Directorate claims to have detected Rs 5,000 crore kickback money being funnelled into 30 or more 'shell' companies run by former Yes Bank CEO Rana Kapoor's wife and three daughters.
An ED official told Business Today that all this money has been used to buy properties in India and overseas. The ED has allegedly identified five such properties in Delhi - Amrita Shergil Marg, SP Marg, Kautilya Marg, Jor Bagh and Hauz Khas - and many others in Mumbai, including properties in the US, UK (London) and France (Paris).
The ED official alleged the modus operandi of Rana Kapoor and family was same as that of Chanda Kochhar of ICICI Bank. When Chanda Kochhar was MD and CEO of ICICI bank, she was found to be extending loans to Videocon group, which in turn invested in the company of Kochhar's husband.
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In the case of Yes Bank, loans were given to different entities, which in turn allegedly offered loans to companies run by Rana Kapoor's wife and three daughters.
In one such case, investigated by the CBI after an FIR was filed against Rana Kapoor, his wife and daughters, it has been alleged that Yes Bank sanctioned a loan of Rs 3,700 crore to DHFL group, which later offered a loan of Rs 600 crore to DoIT Urban Ventures Ltd, run by Rana Kapoor's wife Bindu Kapoor.
ED sources told Business Today that companies floated by Rana Kapoor's wife and daughters are paper companies and they have no business activities to show.
DoIT Urban Ventures is owned by Rana Kapoor's three daughters through Morgan Credits Pvt Ltd.
According to the filings with the Registrar of Companies, DoIT Urban Ventures is in the business of retail trading and posted a turnover of Rs 34.5 crore in 2018-19. It had a net worth of Rs 251 crore.
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