The CBI suspects that Yes Bank founder Rana Kapoor obtained kickbacks through entities controlled by his family like the way he received "undue pecuniary advantage" to the tune of Rs 600 crore from Dewan Housing Finance Corporation Ltd (DHFL) to invest Rs 3,700 crore in short term debentures in the latter.
The CBI has registered an FIR against 12 individuals and companies, including Kapoor, his wife Bindu and three daughters as well as DHFL promoter Kapil Wadhawan and his brother Dheeraj.
"Rana Kapoor obtained undue pecuniary advantage from DHFL in the matter of investment in the debentures of DHFL by Yes Bank through the companies held by his wife and daughters. It is apprehended that Rana Kapoor has similarly (misused) his official position in several other transactions and obtained illegal kickbacks directly or indirectly through entities controlled by him," the FIR said.
According to the FIR, Yes Bank invested Rs 3,700 crore in short term debentures, a debt instrument that have no collateral backing and relies on the creditworthiness and reputation of the issuer for support, of DHFL following a "criminal conspiracy during the month of April to June 2018".
Simultaneously, the FIR claimed, Wadhawan paid a "kickback of Rs 600 crore" to Kapoor and his family members in the "garb of builder loan" to M/s DOIT Urban Ventures (lndia) Pvt Ltd, which is a wholly owned subsidiary of M/s RAB Enterprises (lndia) Pvt Ltd.
In RAB Enterprises, Kapoor's wife Bindu is a director and 100% shareholder while in DIOT his daughters Roshini, Radha Kapoor Khanna and Raakhe Kapoor Tandon are 100% shareholders M/s Morgan Credits Pvt Ltd.
The CBI has claimed that the Rs 600 crore loan was sanctioned by DHFL to DOIT on the basis of a "mortgage of a sub-standard property having very meager value and by considering its future conversion from agricultural land to the residential land". It also claimed that DHFL has not redeemed the amount of Rs 3700 crore invested by YES Bank in its debentures till date.
In addition, the FIR claimed, Yes Bank also sanctioned a loan of Rs 750 crore to M/s RKW Developers Pvt Ltd, whose Director is Dheeraj Rajesh Kumar Wadhawan. RKW Developers is a DHFL group company for their Bandra Reclamation Project in Mumbai.
"The whole amount was siphoned off by KapiL Wadhawan since the entire amount was transferred by M/s RKW Developers Pvt Ltd to DHFL without making investment in Bandra Reclamation Project for which the loan was sanctioned," the FIR said.
Besides the Kapoors and Wadhawans, the FIR has also named DHFL, DOIT Urban Ventures, RAB Enterprises, Morgan Credits, RKW Developers and unknown others.