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ED Files Chargesheet Against Yes Bank Founder Rana Kapoor In Money Laundering Case

On Wednesday, the ED filed its first chargesheet in the Yes Bank money laundering case against Yes Bank founder Rana Kapoor in a special court in Mumbai.

Written By
Akhil Oka

On Wednesday, the Enforcement Directorate filed its first chargesheet in the Yes Bank money laundering case against Yes Bank founder Rana Kapoor in a special court in Mumbai. The chargesheet accuses Kapoor, his wife Bindu Kapoor, daughters Roshni, Radha, and Rakhee Kapoor of money laundering and personal gratification in lieu of loans to big borrowers. Moreover, three firms- Morgan Credit Private Limited, Yes Capital India Private Limited, and RAB Enterprises have also been named.

As per the chargesheet, the proceeds of crime have been pegged at Rs.5,050 crore out of which Rs.600 crore has been traced back to a company directly owned by the Kapoor family. The provisional attachment includes MF Hussain's portrait of Rajiv Gandhi and bank accounts worth Rs.59 crore. Sources reveal that 168 bank accounts and mutual funds and 59 paintings are also under the scanner of the investigative agency. 

Read: Anil Ambani Appears At ED In Money-laundering Probe Against Yes Bank Founder Rana Kapoor

Allegations against Rana Kapoor

Rana Kapoor was arrested by the ED on March 8 after 30 hours of questioning. The ED has alleged that Kapoor misused his position as the Chief Executive Officer of Yes Bank to benefit his daughters' companies. According to the agency, loans worth Rs.30,000 crore were given by Yes Bank when he was at the helm of affairs. Out of these, advances of Rs. 20,000 crore became NPAs (non-performing assets).

The ED maintained Rana Kapoor's family members were associated with 78 companies that were allegedly used for the movement of money. On the other hand, Kapoor's counsel has highlighted his client's contribution to the bank, including the awards which he received. Furthermore, it was stressed that Kapoor's family members never defaulted on any of the loans granted. 

Read: After Naresh Goyal, Now Subhash Chandra & Wadhawans Skip ED Summons In Rana Kapoor Probe

Bail plea rejected

The Prevention of Money Laundering Act (PMLA) court in Mumbai rejected the bail application of Rana Kapoor on April 3. Kapoor had moved the bail application citing a threat to his life in the wake of the novel coronavirus outbreak. The plea mentioned that the Yes Bank founder's existing medical conditions such as bronchial asthma, chronic immunodeficiency syndrome, severe hypertension, depression put him at a high risk of a lung infection if he contracted COVID-19 in jail. Moreover, it was argued that Kapoor needed to stay at home and get home-cooked food. 

Read: Republic Impact: Rana Kapoor Property Exposed By Republic Under Scanner; CBI Files Case

Read: STING: Rana Kapoor-Mallya Link Revealed; Caretakers Say Rana Tried To Sell Off Properties



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