WEB DESK
The Enforcement Directorate (ED) has continued their search at YES Bank co-founder and former chief executive officer Rana Kapoor’s South Mumbai residence, Samudra Mahal, in connection with the bank’s financial dealings with debt-laden Dewan Housing Finance (DHFL).
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Confirming the development, an ED official said searches began yesterday would continue over the weekend. He informed that Kapoor has been taken for questioning by ED officials.
The official also informed that the Enforcement Directorate has also registered money laundering cases against Rana Kapoor yesterday.
According to the official, Raids on Rana’s house in Mumbai was based on evidence reflecting a Rs 600 crore loan sanctioned by DHFL to Doit Urban Ventures, controlled by the family of Rana Kapoor.
While, the PMLA case by ED against Kapoor is a continuation of its investigations against DHFL where it has found fund diversion to the tune of Rs 12,733 crore to 80 alleged shell entities using 1 lakh fake borrowers. These transactions date back to 2015.