Mumbai: The Enforcement Directorate (ED) Monday carried out searches at five locations in Mumbai in Yes Bank money laundering case. Separate ED teams conducted raids at locations which belong to global tours and travel company Cox and Kings and other different premises of some suspected persons linked to the case.
The raids were carried out with an aim to gather information and proof of dealings between Yes Bank co-founder Rana Kapoor and Cox and Kings firm, said an agency source.
The ED took the action under its ongoing probe in the case under the Prevention of Money Laundering Act (PMLA). It is learnt that Yes Bank has more than Rs 2,000 crore of loan exposure to Cox and Kings firm — one of the top borrowers of the bank.
The ED is probing Yes Bank and a number of other large corporate groups in connection with an alleged fraud case where huge loans issued by the bank became non-performing assets (NPAs).
The agency arrested former MD and CEO of Yes Bank, Rana Kapoor March 8 this year and also filed its first chargesheet in the case before a special PMLA court in Mumbai in the first week of May.
Kapoor is accused of sanctioning loans to certain firms against kickbacks.
Among other things, the central probe agency is investigating Rs 600 crore received by a company allegedly controlled by Kapoor, his wife and three daughters from an entity linked to the scam-hit Dewan Housing Finance Limited (DHFL). Kapoor and his family members allegedly got benefits worth Rs 4,300 crore through the companies controlled by them as kickbacks for sanctioning huge loans, the ED has alleged.
