Yes Bank-DHFL scam: ED files 90-page chargesheet in special PMLA court

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The Enforcement Directorate on Thursday filed a 90-page chargesheet in the special PMLA court in connection with the Yes Bank-DHFL scam case.

Earlier on Wednesday, ED attached assets totalling Rs 415 crore in Yes Bank- DHFL Fraud case. Of the total, Rs 251 crore assets were of Sanjay Chhabria and Rs 164 crore of Avinash Bhosale.

ED issued two provisional attachment orders under the provisions of the Prevention of Money Laundering Act, 2002 (PMLA) against the duo.

With this latest attachment, the total goes up to Rs 1,827 crore, the enforcement agency said.

The attached assets of Sanjay Chhabria are in the form of a land parcel located in Santacruz, Mumbai worth Rs 116.5 crore, 25 per cent equity shares of Chhabria's company held in the land parcel, located at Bengaluru worth Rs 115 Crore, a flat located at Santacruz, Mumbai worth Rs 3 crore, profit receivable from hotel belonging to Chhabria located at Delhi Airport worth Rs 13.67 crore and three high-end luxury cars worth Rs 3.10 crore.

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Further, attached assets of Avinash Bhosale were in the form of a duplex flat belonging to Bhosale, located in Mumbai worth Rs 102.8 crore, one land parcel located at Pune worth Rs 14.65 crore, one more land parcel located at Pune worth Rs 29.24 crore, a land parcel located at Nagpur worth Rs 15.52 crore and another portion of land located at Nagpur to the extent of Rs 1.45 crore.

ED has initiated an investigation against Rana Kapoor of Yes Bank and Kapil Wadhawan and Dheeraj Wadhawan Promoters of DHFL on the basis of an FIR registered under relevant sections alleging that Rana Kapoor had entered into a criminal conspiracy with Kapil Wadhawan, Promoter Director of M/s DHFL and others for extending financial assistance to M/s DHFL by Yes Bank Ltd. in lieu of substantial undue benefit to himself and his family members through the companies held by them.

Rana Kapoor through M/s Yes Bank Ltd invested Rs 3,700 crore in the short-term non-convertible debentures of DHFL and Rs 283 crore in Masala Bonds of DHFL.

Simultaneous to this investment made by Yes Bank in DHFL, Kapil Wadhawan through DHFL paid a kickback of Rs 600 crore, in the garb of a loan, to one of Rana Kapoor's beneficially owned companies namely M/s DOIT Urban Ventures (India) Pvt. Ltd.

The investigation further revealed that immediately after the said transfer of funds to the tune of Rs 3,983 crore by Yes Bank to DHFL appraised and sanctioned loans to Radius Group of Sanjay Chhabria and received funds to the tune of Rs 2317 crore as loan from DHFL in the name of development of his project "Avenue 54" at Santacruz, Mumbai and then Sanjay Chhabria diverted the same without using it for the declared purpose.

Further, it was revealed that Sanjay Chhabria further connived with Avinash Bhosale and diverted funds to Avinash Bhosale in his various beneficially owned companies.

Apart from this, Bhosale had connived with Kapil Wadhawan of DHFL and received approximately Rs 71.82 crore from DHFL in the garb of providing certain services to DHFL and other entities.

However, the said so-called services have never been provided and the same was utilized by Avinash Bhosale for his beneficial use.

ED had earlier attached properties worth Rs 1,412 Crore, seized 5 high-end vehicles of Wadhawans having an approximate value of Rs 12.59 crore of Wadhawans and also attached properties worth Rs 600 crore of Rana Kapoor in Yes bank -DHFL fraud case and has arrested Kapil Wadhawan on Dheeraj Wadhawan, Rana Kapoor earlier this year who are still in judicial custody.

ED has also arrested Sanjay Chhabria and Avinash Bhosale in June and both are in judicial custody.

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