Yes Bank
Rana Kapoor, founder Yes Bank Ltd. | Photo: Anindito Mukherjee | Bloomberg
Text Size:

Mumbai: The Enforcement Directorate (ED on Wednesday filed a charge sheet against Yes Bank co-founder Rana Kapoor, arrested on money laundering charges, in a special court here.

Kapoor, former MD and CEO of Yes Bank, was arrested by the ED on March 8 under the Prevention of Money Laundering Act (PMLA).

He is accused of sanctioning loans to certain firms against kickbacks.

Among other things, the central probe agency is investigating Rs 600 crore received by a company allegedly controlled by Kapoor, his wife and three daughters from an entity linked to the scam-hit Dewan Housing Finance Limited (DHFL).

Kapoor and his family members allegedly got benefits worth Rs 4,300 crore through the companies controlled by them as kickbacks for sanctioning huge loans, the ED has alleged.

He is also accused of receiving bribes for going easy on recovery of loans given to some big corporate groups which had turned into non-performing assets.


Also read: RBI injected liquidity after Franklin funds crisis but banks are still not borrowing


 

Subscribe to our channels on YouTube & Telegram

Why news media is in crisis & How you can fix it

India needs free, fair, non-hyphenated and questioning journalism even more as it faces multiple crises.

But the news media is in a crisis of its own. There have been brutal layoffs and pay-cuts. The best of journalism is shrinking, yielding to crude prime-time spectacle.

ThePrint has the finest young reporters, columnists and editors working for it. Sustaining journalism of this quality needs smart and thinking people like you to pay for it. Whether you live in India or overseas, you can do it here.

Support Our Journalism

Share Your Views

LEAVE A REPLY

Please enter your comment!
Please enter your name here