ED attaches assets worth Rs 2,800 cr in YES Bank money laundering case

ED had in May filed a prosecution complaint in the Rana Kapoor case alleging laundering to the tune of Rs 5,050 crore
The Enforcement Directorate (ED) on Thursday provisionally attached assets and properties valued at over Rs 2,800 crore in India and abroad belonging to YES Bank Co-Founder Rana Kapoor and the Wadhawans, promoters of Dewan Housing Finance (DHFL), in connection with the YES Bank money laundering case.

These properties include Kapoor’s plush bungalow in Delhi on 40 Amrita Shergill Marg (worth Rs 685 crore), an independent residential building ‘Khursidabad’ at Cumbala Hill, three duplex flats at Nepean Sea Road, one at the National Centre for the Performing Arts at Nariman Point, along with eight flats at Indiabulls Blu in Worli. “The attached assets relating to Kapoor and related entities are pegged at Rs 1,400 crore (market value),” said the ED.

Another attachment order in the case includes a commercial property in Australia belonging to DHFL promoters Kapil Wadhawan and Dheeraj Wadhawan and one flat in New York and two flats in London, worth  Rs 1,411.9 crore.

Wadhawans’ India assets have also been attached. These include 12 flats in Khar (West), two land parcels in Pune and Mulshi, five luxury vehicles, and 344 bank accounts.

This is the first order in the case where foreign assets have been attached by the agency, said an ED official.

Other than properties in India, the federal agency is learnt to have also identified that Kapoor’s company  Doit Creations Jersey, with an investment of Rs 83 crore, has three properties in London, including a guesthouse on 77 South Audley Street in London worth £11.5 million, and another residential property.

Sources say more attachments will be made in the coming weeks.

The directorate had earlier attached bank deposits to the tune of Rs 115 crore of various companies of Kapoor and seized jewellery worth Rs 22.87 crore. The agency had also seized luxury cars worth Rs 12.58 crore belonging to the Wadhawans’ family.

The ED alleged that these assets had been created out of proceeds the Kapoors had received from corporates as ‘kickbacks’ in exchange for sanctioning loans during his tenure at YES Bank.

The ED has listed several properties managed and owned by Kapoor’s family and companies, including bungalows, villas, farmhouses,  apartments not just in Delhi and Mumbai, but also in London, the US, the UK and other places worth several thousand crores.

 
Some other expensive properties belonging to Kapoor are located in Lutyens’ Delhi, including on 18 Kautilya Marg and 20 Sardar Patel Marg. He also has 7.5 acres of beachfront land in Alibaug in Maharashtra.

The ED had filed a prosecution complaint in May in the Kapoor case alleging laundering to the tune of Rs 5,050 crore.


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