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Jun 08, 2020

Yes Bank case: ED conducts searches at five premises of Promoter and auditor of Cox & Kings Group

Enforcement Directorate, ED today conducted searches at five premises of Promoter, Directors and auditor of Cox and Kings Group in Mumbai involved in Yes Bank fraud case of Rs. 3,642 Crore.

The agency had registered a money laundering case against Rana Kapoor and others in March this year under the provisions of Prevention of Money laundering act on the basis of a FIR registered by Central Bureau of Investigation.

In the FIR, it was alleged that during April to June, 2018, Yes Bank Limited had invested three thousand 700 crore rupees in the short term debentures of M/s Dewan Housing Finance Corporation Ltd (DHFL).

Simultaneously, Kapil Wadhawan, MD of DHFL paid a kickback of 600 Crore rupees to Rana Kapoor and his family members in the garb of loan given by DHFL to Rana Kapoor Group Company,

DOIT Urban Ventures Private limited. The investigation revealed the role of Rana Kapoor in money laundering and he was arrested by ED on 8th March and he is in judicial custody now.

During investigation, irregularities were also noticed in relation to the loan sanctioned to Cox and Kings Group.

The Group had created multiple layers of onshore and offshore subsidiary across the globe through which the money were siphoned off.

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