Categories: Business

Enforcement Directorate arrested Wadhawan brothers in Yes Bank case

Enforcement Directorate
Image Source: FILE

new Delhi. The Enforcement Directorate (ED) arrested DHFL promoters Kapil and Dheeraj Wadhawan on Thursday. The arrests of the Wadhawan brothers have come in the case of money laundering investigation against the founder of Yes Bank and others. Officials said that the special court in Mumbai sent both of them to ED custody for 10 days. The Wadhawan brothers are currently in jail. He was arrested by the CBI in this case. The CBI is also investigating the matter.

According to ED officials, both have been arrested under sections of the Money Laundering Act. The ED has already investigated the case related to gangster Iqbal Mirchi against the Wadhawan brothers. In the Yes Bank case, the ED sent him summons several times, but he repeatedly deferred the summons by pretending to travel restrictions imposed due to lockdown due to Kovid-19. The ED seized five of his vehicles after illegally traveling to Mahabaleshwar in Maharashtra, including the Wadhawan brothers' families. The bulk of Yes Bank's Rs 34,000 crore stranded debt is likely to be linked to 44 companies from 10 large business groups. This includes Anil Ambani Reliance Group, Essel Group, ILFS, DHFL, Cox & Kings and Bharti Infra. The ED has accused Yes Bank promoter Rana Kapoor and his family of money laundering of Rs 4,300 crore of crime proceeds. This amount was allegedly given to them through the bank as a bribe to provide large loans to these companies. The loan given later became NPA. Due to which Yes Bank got into trouble.

This post was published on May 15, 2020 2:52 am

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