Yes Bank-DHFL Fraud: ED attaches assets worth Rs 415 Cr

New Delhi: On the Yes Bank-DHFL Fraud case, the Enforcement Directorate (ED) attached assets worth Rs 415 crore on Monday. Out of the attached assets worth Rs 251 crore belongs to Sanjay Chhabria and assets worth Rs 164 crore to Avinash Bhosale, IANS reported.

Sanjay Chhabaria's assets include a land parcel located in Santacruz, Mumbai, worth Rs 116.5 crore; 25 per cent Equity Shares of Chhabria's company held in a land parcel located at Bengaluru worth Rs 115 crore; a flat located in Santacruz, Mumbai worth Rs 3 crore; profit receivable from a hotel belonging to Chhabria located at Delhi Airport worth Rs 13.67 crore and three high-end luxury cars worth Rs 3.10 crore.

Avinash Bhosale's are in the form of a duplex flat belonging to Bhosale, located in Mumbai worth Rs 102.8 crore, one land parcel situated at Pune worth Rs 14.65 crore, one more land parcel located at Pune worth Rs 29.24 crore, a land parcel located at Nagpur worth Rs 15.52 crore and another portion of land located at Nagpur to the extent of Rs 1.45 crore.

An FIR alleged that Rana Kapoor of Yes Bank was involved in a criminal conspiracy with Kapil Wadhawan, Promoter Director of DHFL and others for extending financial assistance to DHFL by Yes Bank Ltd. in lieu of substantial undue benefit to himself and his family members through the companies held by them.

The ED had initiated a probe Rana Kapoor and Kapil Wadhaean, and Dheeraj Wadhawan, also Promoter of DHFL. The probe was based on the FIR registered under sections 120B read with 420 of IPC and Section 7, 12 & 13(2) r/w13 and 10(d) of PC Act by the CBI.

Rana Kapoor, through Yes Bank Ltd., invested Rs 3,700 crore in the short-term non-convertible debentures of DHFL and Rs 283 crore in Masala Bonds of DHFL.

Simultaneous to this investment made by Yes Bank in DHFL, Kapil Wadhawan, through DHFL, paid a kickback of Rs 600 crore, in the garb of a loan, to one of Rana Kapoor's beneficially owned companies, namely DOIT Urban Ventures (India) Pvt. Ltd.

ED said, "Investigation further reveals that immediately after the said transfer of funds to the tune of Rs 3,983 crore by Yes Bank to DHFL, appraised and sanctioned loans to Radius Group of Sanjay Chhabria received funds to the tune of Rs 2,317 crore as loan from DHFL in the name of development of his project 'Avenue 54' at Santacruz, Mumbai and then Sanjay Chhabria diverted the same without using it for the declared purpose."

The agency learnt that Sanjay also connived with Avinash Bhosale and diverted funds to his various beneficially owned companies. Bhosale had connived with Wadhawan and received Rs 71.82 crore from DHFL in the garb of providing certain services to DHFL and other entities.

ED said, "However, the so-called services have never been provided, and the same was utilised by Bhosale for his beneficial use."

Earlier, the ED had attached properties worth Rs 1,412 crore, seized five high-end Vehicles of Wadhawans having a value of Rs 12.59 crore and also attached properties worth Rs 600 crore of Rana Kapoor.

Kapil Wadhawana and Dheeraj Wadhawan were arrested on May 14, Rana Kapoor was arrested on March 8, Sanjay Chhabria was held on June 7, 2022, and Bhosale was arrested on June 28 in this case. All are in judicial custody currently.

With this action, the total attachment is now Rs 1,827 crore in this case.

Further investigation is in progress.