Yes Bank scam: ED provisionally attaches Rana Kapoor’s London apartment worth Rs 127 cr

In a massive development in the Yes Bank scam, the Enforcement Directorate (ED) has provisionally attached a Rs 127 crore London apartment owned by Yes Bank founder Rana Kapoor in connection to the case on Friday. The flat was purchased by Kapoor in 2018 in the name of DOIT Creations Jersey Limited - in which he is a beneficiary, stated the ED. Kapoor's recent anticipatory bail was rejected by the CBI in connection with the same case probed by the CBI. 

PMC Bank Scam: Mumbai police notifies depositors to not protest at RBI on 1-yr anniversary

ED attaches Rs 127 crore-worth property

Yes Bank case: SC stays default bail granted to Kapil & Dheeraj Wadhawan by HC till Oct 7

Properties attached

Previously, the ED has attached properties of DHFL promoters - Kapil and Dheeraj Wadhawan worth Rs 1400 crores. The attached properties include 12 apartments and land in Pune, properties in Australia, New York and London, as per sources. Moreover, sources report that Yes Bank founder Rana Kapoor's properties worth Rs 1200 crore have been attached - including six flats at the Malabar Hill and  Delhi property at the Amrita Shergil Marg, charge sheeting Kapoor in the cases. 
SC rejects bail to Wadhawans

On September 3, the Supreme Court stayed the Bombay High Court's order granting 'default bail' to  DHFL promoters Kapil and Dheeraj Wadhawan - who are co-accused in the Yes Bank scam - till October 7. An apex court bench headed by Justice Sanjay Kishan Kaul said that it would examine the legal issues involved in the Wadhawans’ bail plea. The two Wadhawan brothers have been booked by the ED under the Prevention of Money Laundering Act (PMLA) in the Yes Bank scam. The duo's uncle - Rakesh Wadhawan and cousin - Sarang Wadhawan -  HDIL directors are currently embroiled in the PMC Bank scam.

Coronavirus LIVE Updates: India's tally crosses 58 lakh; Singer SPB succumbs to virus

What is the Yes Bank crisis?

Yes Bank started facing a crisis as it accumulated many bad loans in 2018 by lending to corporate defaulters such as DHFL, Jet Airways, and Cafe Coffee day, among others. Moreover, when RBI refused to extend the term of founder Rana Kapoor as chief executive in 2018, its management was severely hit with his successor Ravneet Gill managing to raise only one round of funds through a share sale to institutional investors. Currently, the CBI and ED have been investigating several investors who had received loans from Rana Kapoor. Meanwhile, Yes Bank has been restructured by the RBI with SBI as a major stakeholder at 48.21%.

India's GDP crashes to -23.9% in Q1- FY21 due to COVID-19; worst contraction till date