The Free Press Journal

Yes Bank co-founder held in money laundering case

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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.

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