YES Bank fraud: PMLA court denies bail to Kapil, Dheeraj Wadhawan

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Mumbai: A special court under the Prevention of Money Laundering Act (PMLA), 2002, on Tuesday rejected bail pleas of Kapil Wadhawan and Dheeraj Wadhawan, the promoters of Dewan Housing Finance Corporation Ltd (DHFL), arrested for their involvement in the YES Bank fraud case.

The Wadhawans had sought the bail on Monday stating that the Enforcement Directorate (ED) had failed to file a prosecution complaint or charge sheet within the stipulated 60-day timeframe.

However, ED, which had arrested the Wadhawans on May 14, filed a prosecution complaint on Monday evening.

The court rejected the Wadhawans’ contention for bail on Tuesday, but will again hear the merits of the plea on Thursday (July 16).

ED had initiated proceedings against the Wadhawans based on a first information report (FIR) registered by the Central Bureau of Investigation (CBI).

Earlier in March, CBI had registered two cases against Rana Kapoor, YES Bank’s co-founder, former managing director (MD) and chief executive officer (CEO).

A first information report (FIR) filed on March 7 had alleged that the bankrupt YES Bank had invested Rs 3,700 crore in short-term debentures of Dewan Housing Finance Corporation (DHFL) between April and June 2018.

In lieu, Kapoor was allegedly paid “kickbacks” to the tune of Rs 600 crore by DHFL promoter, Kapil Wadhawan.

DHFL had sanctioned a loan to DoIT Urban Ventures (India) Pvt Ltd, a wholly-owned subsidiary of RAB Enterprises in which Kapoor’s wife Bindu is a director and 100% shareholder, the CBI had stated in its FIR.

Kapoor’s three daughters -- Rakhee Kapoor Tandon, Roshni Kapoor, and Radha Kapoor -- are also 100% shareholders in DoIT Urban Ventures (India) Pvt Ltd.

ED’s second charge sheet, filed on Monday, had named Kapil and Dheeraj Wadhawan and the firms that they had allegedly floated to indulge in money laundering.

The charge sheet also names Rana Kapoor, his wife Bindu Kapoor, daughters Roshni and Rekha Kapoor, and chartered accountant Dularesh K Jain & Associates.

The second charge sheet was filed after ED examined a host of witnesses including YES Bank and DHFL employees.

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