TIDBITS

ED gets custody of Wadhawan brothers in DHFL case

By IndianMandarins- 15 May 2020
241

ed-gets-custody-of-wadhawan-brothers-in-dhfl-case

ED has arrested DHFL promoters -- Kapil Wadhawan and his brother Dheeraj Wadhawan -- in connection with a money laundering case of Yes Bank. They were produced before a special PMLA court, which remanded them to ED’s custody till May 24.

 

Bombay HC had rejected their anticipatory bail plea on May 12 saying that custodial interrogation was needed because of the serious nature of allegations such as money laundering and the accused had entered into a conspiracy with several others, including Yes Bank promoter Rana Kapoor and his family members.

 

ED had initiated proceedings against Wadhawans based on an FIR registered by the CBI on March 7 against Kapoor for conspiracy, cheating and under relevant provisions of the Prevention of Corruption Act.

 

It is alleged that Yes Bank invested Rs 3,700 crore in short-term, non-convertible debentures of DHFL and Kapoor received Rs 600 crore as kickbacks from DHFL, in the form of loan advanced to two firms, DOIT Urban Ventures (India) Private Ltd and Morgan Credits Private Ltd.

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