ED confiscates assets from Kapoor, Wadhawan brothers in Yes case

Also included were properties owned by the Wadhawan brothers, sponsors of the now bankrupt Dewan Housing Finance Corp. Ltd., in India and abroad, said an ED official.

Property value ₹792 crore belonging to Kapoor and his family members were fortified in Mumbai, Delhi, London and New York.

” ₹Kapil and Dheeraj Wadhawan owned 1,412 crore worth of property. This includes 12 apartments in Mumbai, one in New York, two in London and one commercial property in Australia, “the official said, asking for anonymity.

The move to tie up real estate in London is the investigating agency’s first major foreign act in the case.

The ED has accused Kapoor, his family members and other fraudulent deals that are worth it ₹5,050 million euros. It is alleged that Kapoor, his wife, and three daughters received kickbacks instead of making large loans through Yes Bank that were later turned into distressed assets. Kapoor was arrested by ED in March and is now on remand.

According to ED’s first fee sheet filed on May 6, Kapoor’s family received ₹600 crore as a bribe in exchange for the bank granting questionable loans. ED said it also discovered that Yes Bank borrowed ₹3,700 crore to DHFL against bonds issued by the company in April-June 2018. At the same time, the DHFL approved a loan worth ₹600 crore to Doit Urban Ventures (India), a company wholly owned by Kapoor’s three daughters – Roshini, Radha and Rakhee – through Morgan Credits. The DHFL has yet to repay the loan, and according to ED, that is ₹600 crore loan to Doit kickbacked the Kapoor family in lieu of loans from Yes Bank. In addition, DHFL lent Doit against security for five properties, the market value of which was approx ₹40 crore to ₹735 crore to justify the credit, it says in the fee schedule.