Industrialist Subhash Chandra summoned in Yes Bank money laundering case
New Delhi/IBNS: Industrialist Subhash Chandra has been summoned in the money laundering case that involves Yes Bank founder Rana Kapoor, media reports said on Monday.
He has been summoned by the Enforcement Directorate to visit its office on Wednesday.
According to reports, Subhash Chandra's Essel Group has an alleged due of Rs 8,000 crore in the crisis-hit Yes Bank.
The ED has also summoned Anil Ambani and Gautam Thapar of the Avantha Group on Thursday.
Earlier, the CBI registered had an FIR against Yes Bank founder and its former MD Rana Kapoor under charges of criminal conspiracy and cheating.
The central investigating agency had also searched seven locations in connection with the Yes Bank scam case.
The CBI sleuths had conducted raids at Kapoor's plush Mumbai residence Samudra Mahal and his official premises.
As many as five companies and seven individuals, including Kapoor's wife Bindu, daughters Roshini, Raakhe and Radha, had been booked too by the CBI in the Yes Bank scam case which runs into hundreds of crores.
Between April and June 2018, Yes Bank had granted a loan of Rs 3750 crore to Dewan Housing Finance Ltd (DHFL) and another Rs 750 crore to RKW Developers, another firm controlled by DHFL, said media reports.
RKW transferred the Rs 750 crore to DHFL without investing the money in the project for which it was sanctioned, said reports.
When they defaulted on loan installments, Yes Bank did not initiate action. Reports said ED is suspecting that Kapoor and his daughters received a kickback of Rs 600 crore for this.
The Reserve Bank of India has placed Yes Bank under moratorium and restricted borrowings by its account holders to Rs 50,000. The apex bank also superseded the private bank's board.
(Image Credit: Subhash Chandra Facebook Page)
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