ED: Rana Kapoor siphoned off ₹670 crore via web of 100 firms

Firm owned by his wife Bindu got ₹832 crore but she had no idea where money came from, says ED

MONEY LAUNDERING CASE AGAINST YES BANK FOUNDER

MUMBAI: Yes Bank founder Rana Kapoor created a web of over 100 firms, including 58 companies and scores of subsidiaries, to siphon off about ₹670 crore, which was used to purchase immovable properties and other assets in the United States and the United Kingdom, the Enforcement Directorate has claimed in the second supplementary charge sheet filed in the money laundering case against him.

The supplementary charge sheet, filed earlier this month, also revealed that RAB Enterprises, fully owned by Rana Kapoor’s wife Bindu, had received funds to the tune of

Rana Kapoor created a web of over

including 58 companies and scores of subsidiaries.

Firms were used to siphon off

to purchase properties in US and UK

RAB Enterprises, fully owned by Rana Kapoor's wife Bindu, received ₹87 crore infused by Rana Kapoor himself and ₹745 crore received from 15 of RAB’s subsidiaries

₹832 crore. It said that Bindu, who is a housewife, had no idea where the money came from and why.

The agency claimed that Kapoor used three companies -M/s Morgan Credit Pvt Ltd (MCPL), M/s Yes Capital (India) Pvt Ltd (YCPL) and M/s RAB Enterprises India Pvt Ltd (RAB) -- to layer and park proceeds of crime. “These companies were the main holding companies from where the proceeds of

Rana

Kapoor aggressively tried to sell his foreign properties as the agency began its probe in March

2020.

crime have travelled to other web of subsidiary companies,” said the second supplementary charge sheet.

The agency has claimed that a total of ₹2,185 crore were received by MPCL from various sources like Yes Bank dividend (₹125 crore), Rana Kapoor’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. Further, amount of ₹942.5 crore was transferred from MPCL to M/s Doit Creations (India) Pvt. Ltd. (DCPL), another Kapoor family firm.

ED further added that Do It Creative Consumer Venture (India) Pvt Ltd, also a subsidiary of MPCL, invested ₹250 crore into its subsidiaries, including in one of its overseas subsidiaries namely M/S DO IT Creation Jersey Ltd (DCJ) to the extent of ₹93.24 Crore / 9 million GBP (Great Briton Pounds). “In January 2017, DCJ had invested approximately 10 million GBP for acquiring a property based in London viz. Apartment No. 1, 77 Luxio South Audley Street, Mayfair, London,” ED claimed. The agency claimed that Rana used DCJ to park his money overseas.

The ED also claimed that Rana Kapoor tried to sell his foreign properties even after the agency began its probe in March 2020. “Kapoor was aggressively trying to dispose of his overseas properties with the intention to save them from attachment by ED under PMLA. Rana Kapoor with the help of a foreign property consultant began advertising online for selling one of his overseas properties -- Apartment No. 1, 77 Luxlo South Audley Street, Mayfair, London,” reads the ED chargesheet. The said property was registered in the name of M/s DOIT Creation Jersey Ltd.