YES BANK SCAM CASE: BY NILISHA PRIYA MENDONCA@LEXCLIQ

“YES” Bank scam case:


The case has been registered on a complaint, dated May 27, 2021, from Chief Vigilance Officer of Yes Bank Ashish Vinod Joshi. The CBI has alleged that the accused have indulged in a criminal conspiracy, criminal breach of trust, cheating, and forgery for diversion of public money to the tune of Rs 466.15 crore.

Yes Bank Limited is an Indian private sector bank headquartered in Mumbai, India. and was founded by Rana Kapoor and Ashok Kapur in 2004. It offers wide range of banking and financial products for corporate and retail customers through asset banking and asset management services. On 5 March 2020 in an attempt to avoid the collapse of the bank, which had an excessive amount of bad loans, the RBI took control of it. RBI later reconstructed the board and named Prashant Kumar, former Chief financial officer of SBI as new MD & CEO at Yes Bank. YES Bank is an associate of State Bank Of India which has a 30% stake in the company as of 28 July 2020.

Kapoor, his family members and others got benefits of Rs 4,300 crore through companies controlled by them as kickbacks for sanctioning huge loans, the ED has alleged.He is also accused of receiving bribes for going easy on loans given to a few big corporate groups that had turned into non-performing assets (NPAs).

The CBI  said that  it had conducted raids at six locations in connection with a Rs 2,435-crore fraud following a complaint by an SBI-led consortium of banks, including Yes Bank. Agency officials said the complaint was against former Crompton Greaves chairman Gautam Thapar, who was already under probe in similar cases. According to CBI, it had conducted raids at six locations in connection with a Rs 2,435-crore fraud following a complaint by an SBI-led consortium of banks, including Yes Bank. The CBI said, “It was alleged that the accused persons and entities cheated the SBI and other consortium members, including Bank of Maharashtra, Axis bank, Yes Bank, Corporation Bank, Barclays Bank, IndusInd Bank etc.”

According to CBI, Rana Kapoor in his tenure had extended credit facilities to DHFL through YES Bank and in return taken huge monetary benefits for himself and his hundreds of companies controlled by him and his family. The magistrate accepted the charge sheet filed by the CBI and issued summons to all the accused who are not arrested in the case, including Roshni Kapoor and four other companies DHFL, Belief Realtors Pvt Ltd, RKW Project PVT Ltd, Do iT Urban Ventures (India) Pvt Ltd.

Responding to the summons, Roshni Kapoor appeared before the magistrate court and sought bail.

As per the central agency, in return for investment in Dewan Housing Finance Corporation Ltd (DHFL) debentures by Yes Bank, companies controlled by Rana Kapoor and his family members allegedly got undue benefits.

Currently Kapoor is lodged at Taloja Jail, Maharashtra. Kapoor’s bail application in the Prevention of Money Laundering case filed on the grounds that he is keeping poor health and is at the risk of contracting COVID-19 was rejected by Mumbai Court in April 2020.

 

 

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