Rs 2,000-cr investments, 44 paintings, 12 shell firms under scanner

Yes Bank founder Rana Kapoor being taken to a court after being arrested by the Enforcement Directorate under money-laundering charges, in Mumbai, on Sunday. Pic/PTI

Investments worth over '2,000 crore, 44 expensive paintings and a dozen alleged shell firms are at the heart of ED's investigations against Yes Bank founder Rana Kapoor who was arrested by the agency on Sunday on money-laundering charges, officers said. The agency, official sources said, has also recovered documents that show some assets of the Kapoor family in London and the source of funds for their acquisition is now being investigated.

The central probe agency that began action against the banker by raiding his upscale residence in south Mumbai on Friday is primarily investigating Kapoor, his wife and three daughters over a '600-crore fund received by a firm allegedly "controlled" by them from an entity linked to the scam-hit Dewan Housing Finance Limited (DHFL). The Kapoor's linked firm, DoIT Urban Ventures (India) Pvt Ltd, is alleged to have received the funds when Yes Bank had an exposure of more than '3,000 crore loans to DHFL, already being probed for purported financial irregularities and diversion of funds.

The bank, they said, allegedly did not initiate action to recover the NPA-turned loans from DHFL and the agency suspects that the '600 crore funds were part of alleged kick backs received as quid pro quo in the firm controlled by the Kapoor family.

Rs 600 crore
Fund a firm allegedly controlled by the Kapoor family received

Now, CBI begins investigation

The CBI has begun a probe into Yes Bank's affairs as officials started collecting documents in the matter, sources said on Sunday. According to them, the officials have refused to offer comments on the development as the probe agency wants complete secrecy before any search that it might be planning.

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