CBI Investigation on Yes Bank Scam

Yes Bank Crisis: Yes bank scam investigation on intensifies, CBI raids seven locations

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Yes Bank Scam: The CBI on Monday conducted raids at seven places in connection with the alleged bribe of Rs 600 crore to the family of Yes Bank co-founder Rana Kapoor by DHFL, a scam-ravaged scandal. Officials said teams of CBI officials are conducting searches at the accused’s residence and official premises in Mumbai.

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He said that the agency alleged that Rana Kapoor had provided financial assistance to DHFL through Yes Bank by criminal conspiracy with Kapil Wadhavan, promoter of DHFL and in return, Rana’s family members received undue benefits.

According to the CBI FIR, the scam began between April and June 2018, when Yes Bank invested Rs 3,700 crore in short-term debt papers of Dewan Housing Finance Corporation Limited (DHFL).

He said that in return Wadhawan allegedly provided a benefit of Rs 600 crore to Kapoor and his family members. He said that this benefit was given as a loan to DOIT Urban Ventures (India) Private Limited.

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Case of fraud filed against Rana Kapoor

The Yes Bank founder Rana Kapoor is currently in custody of ED’s custody. The first day’s custody brought tears to his eyes. With teary eyes, he denied any wrongdoing. On Sunday, the special court sent him to ED custody till March 11.

After nearly 30 hours of intense questioning by the ED, Rana Kapoor was arrested around 4 am. He was then produced in the Holiday Court seeking a five-day remand. He has been charged under the Prevention of Money Laundering Act and other provisions.

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