Yes Bank co-founder held in money laundering case
The Enforcement Directorate (ED), on Wednesday, arrested Yes Bank co-founder Rana Kapoor in a money laundering case pertaining to a loan of Rs 200 crore sanctioned by Yes Bank to one Mack Star Marketing Private Limited, which is linked with the promoters of Housing Development Infrastructures Limited. (HDIL). The anti-money laundering agency has been probing HDIL promoters Rakesh Kumar Wadhawan and his son Sarang Wadhawan, former chairman Waryam Singh, former managing director of Punjab and Maharashtra Co-operative (PMC) Bank Joy Thomas and others for causing loss to the tune of Rs 4355 crores to PMC Bank and corresponding gain to themselves. The agency has also initiated investigation in another case against Rakesh Wadhawan and Sarang Wadhawan and others for siphoning off the loan of Rs 200 crore sanctioned by Yes Bank to one Mack Star Marketing Private Limited. This loan was siphoned by the Wadhawans by showing it for fictitious purposes. In the matter, the Central Bureau of Investigation’s (CBI) anti-corruption bureau, Mumbai, had registered an FIR under sections 120 B, 409, 420 of the Indian Penal Code, which deal with the criminal breach of trust and cheating and 13 (1) (d) for criminal misconduct by a public servant of the Prevention of Corruption Act, 1988.