The Enforcement Directorate (ED) on August 3 attached assets worth ₹415 crore in the Yes Bank-Dewan Housing and Finance Corporation (DHFL) fraud.
The Central agency attached ₹251 crore of Sanjay Chhabria, a Mumbai-based realtor and assets worth ₹164 crore of Avinash Bhosale, chairman of a real estate group ABIL under the provisions of the Prevention of Money Laundering Act. As per ED’s press release, Mr. Chhabria’s assets include a land parcel located in Santacruz, Mumbai worth ₹116.5 crore, 25% equity shares of his company is held in a land parcel, located at Bengaluru which is worth ₹115 crore, there is a flat at Santacruz, Mumbai worth ₹3 crore and all the profit receivable from the hotel belonging to him at Delhi Airport is worth ₹13.67 crore along with three high end luxury cars worth ₹3.10 crore.
Mr. Bhosale has a duplex flat in Mumbai worth ₹102.8 crore, one land parcel located at Pune is worth ₹14.65 crore, another land parcel at Pune is worth ₹29.24 crore, two land parcels at Nagpur are worth Rs. 15.52 crore and ₹1.45 crore respectively.
Watch | Yes Bank crisis explained
The investigation in the case was initiated against the founder and CEO of Yes Bank, Rana Kapoor and promoters of DHFL, Kapil and Dheeraj Wadhawan all currently in jail. The First Information Report by the Central Bureau of Investigation alleges Mr. Kapoor entered into a criminal conspiracy with Mr. Wadhawan, and others for extending financial assistance to DHFL by Yes Bank Limited in lieu of substantial undue benefit to himself and his family members through the companies held by them.
Mr. Kapoor through Yes Bank Limited invested ₹3,700 crore in the short term non-convertible debentures of DHFL and ₹283 crore in masala bonds of DHFL. For this, Mr. Wadhawan paid a kickback of ₹600 crore, in the garb of loan, to one of Rana Kapoor’s beneficially owned companies namely DOIT Urban Ventures (India) Private Limited.
Soon thereafter, funds of ₹3,983 crore were sanctioned loans to Radius Group by Mr. Chhabria and he received funds to the tune of ₹2,317 crore as a loan from DHFL in the name of development of his project “Avenue 54” at Santacruz, Mumbai. Mr. Chhabria then diverted the same without using it for the declared purpose and he revealed that Mr. Bhosale and him diverted funds to Mr. Bhosale’s various beneficially owned companies. Mr Bhosale had also connived with Mr. Wadhawan and received approximately ₹71.82 crore from DHFL in the garb of providing certain services to DHFL and other entities. Previously ED attached properties worth ₹1,412 crore, seized five high end vehicles of Wadhawans having an approximate value of ₹12.59 crore and attached properties worth ₹600 crore of Mr. Kapoor.
