Rana hid ₹832 cr in wife’s firm without her knowledge: ED

MUMBAI: Yes Bank founder Rana Kapoor created a web of over 100 firms to siphon off about ₹670 crore in order to purchase properties and other assets in the US and the UK, according to the second supplementary charge sheet filed by the Enforcement Directorate in a money laundering case against him, which also found that a firm owned by Kapoor’s spouse, a homemaker, received ₹832 crore but without her knowing of its source or purpose.

The supplementary charge sheet was filed earlier this month and found that the former Yes Bank boss had used 58 companies and scores of their subsidiaries. In particular were three companies MCPL, Yes Capital (India) Pvt Ltd (YCPL) and RAB-- used for layering and parking proceeds of crime.

RAB was registered in his wife Bindu’s name. “These companies were the main holding companies from where the proceeds of crime have travelled to other web of subsidiary companies,” it said.

The ED claimed that a total of ₹2,185 crore were received in MPCL from various sources like Yes Bank dividend (₹125 crore), Rana’s gift to his daughters Radha and Roshani (₹300 crore), borrowings (₹1,160 crore) and sale of Yes Bank shares (₹600 crore).

Of this, ₹900 crore was transferred to Do It Urban Ventures (India) Pvt Ltd (DUVPL), a Kapoor family concern, and from there, the amount was transferred to DUVPL subsidiaries. An amount of ₹942.5 crore was transferred from MPCL to M/s Doit Creations (India) Pvt Ltd (DCPL), another Kapoor family firm. The agency claimed that Rana used some of these to park his money overseas.