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HomeEconomyBusinessCBI charge sheet: Cheating, fraud, conspiracy, corruption… by Rana Kapoor, family

CBI charge sheet: Cheating, fraud, conspiracy, corruption… by Rana Kapoor, family

The CBI said that Dewan Housing Finance Ltd and promoters Kapil Wadhawan and Dheeraj Wadhawan were among the other accused in the case

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The Central Bureau of Investigation (CBI) today filed its first charge sheet in the case against eight entities including founder Rana Kapoor and his family members. A CBI spokesperson in a statement said that Dewan Housing Finance Ltd and promoters Kapil Wadhawan and Dheeraj Wadhawan are among the other accused.

The case is about the bank allegedly extending high-value loans to select borrowers in lieu of personal gratification. The charges against these entities in a 100-page charge sheet involve cheating, fraud, conspiracy, corruption and violation of lending norms.

The agency has alleged that entered into a criminal conspiracy with Kapil and Dheeraj Wadhawan for extending high-value loans to DHFL in return for substantial undue benefits to himself and his family members through companies held by them.

CBI had filed a case in the scam on 7 March which stated that between April and June 2018 invested Rs 3,700 crore in short-term debentures of the scam-hit DHFL. In return, the Wadhawans allegedly “paid kickbacks of Rs 600 crore” to former Yes Bank CEO and his family members in the shape of loans to DoIT Ventures Ltd.

In a classic case of round-tripping, between April and June 2018, invested Rs 3,700 crore in short-term debentures of DHFL. The bank also sanctioned a loan of Rs 750 crore to RKW Developers Private Limited, a DHFL group company with Dheeraj Wadhawan as its director, for its Bandra reclamation project, CBI officials said.

Then they transferred the amount from RKW Developers to DHFL — without investing anything in the project for which it was sanctioned, the officials added.

In return for these funds, Wadhawan allegedly invested Rs 600 crore in DoIt Ventures (India) Pvt Ltd, which the CBI alleges to be a bribe to Kapoor for the bank’s investments. DHFL is alleged to have siphoned off Rs 31,000 crore of the total bank loans of Rs 97,000 crore using a web of multiple shell companies.

The agency conducted search operations on 9 March on the premises of Kapoor family members. The Wadhawans, whom the CBI had arrested in April, are currently in the custody of Enforcement Directorate (ED).

On 6 May, the ED had filed a charge sheet in the case on charges of money laundering. The agency estimated the size of fraudulent deals at Rs 5,050 crore.

After failed to raise enough money to stay afloat, the Reserve Bank of India (RBI) had seized the lender on 5 March; Kapoor was arrested three days later, suspecting irregularities in loans granted to DHFL. On 13 March, RBI got a clutch of public and private sector banks to rescue the private lender.

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