The Yes Bank probe leads to the arrest of DHFL promoters Kapil and Dheeraj Wadhawan for alleged money laundering

BCCL
  • The Enforcement Directorate on May 14 arrested the promoters of Diwan Housing Finance Limited Kapil and Dheeraj Wadhawan.
  • The scam started taking shape between April and June 2018 when Yes Bank invested ₹3,700 crore in short-term debentures of the scam-hit DHFL.
  • Wadhawans will be in custody for days until May 24.
  • The arrest comes two days after the Bombay High Court refused to grant pre-arrest bail.
The Enforcement Directorate on May 14 arrested the promoters of Dewan Housing Finance Corporation Limited Kapil and Dheeraj Wadhawan. This time Wadhawans are accused of money laundering in the Yes Bank scam. The arrest comes two days after the Bombay High Court refused to grant pre-arrest bail.

Dheeraj and Kapil Wadhawan were arrested last month by the Central Bureau of Investigation (CBI) in connection with the Yes Bank scam. According to the CBI FIR, the scam started taking shape between April and June 2018 when Yes Bank invested ₹3,700 crore in short-term debentures of the scam-hit DHFL.

In return, the Wadhawans allegedly "paid kickbacks of ₹ 600 crore" to former Yes Bank CEO Rana Kapoor and his family members in the form of loans to DoIT Urban Ventures (India) Pvt Ltd held by the wife and daughters of Kapoor, the CBI has claimed.

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Wadhawans will be in custody until May 24.

But this isn’t the first case to blow the Wadhawan, who were once the limelight of all the glittery Bollywood parties in Mumbai. Earlier this year, Kapil Wadhawan was in ED custody until January 29 and had undergone a legal proceeding under the Prevention of Money Laundering Act. (PMLA). Wadhawans are accused of reportedly diverting over ₹2,100 crore.


Fall of the Wadhawan Empire
DHFL promoters Kapil and Dheeraj Wadhawan, accused in the Yes Bank-DHFL fraud cases, have been taken into CBI custody and taken both to session court from CBI Headquarter in BKC, Bandra,BCCL

From the biggest fleet of Rolls Royce Phantoms in India to the luxury business jet Falcon 2000, the high-flying Wadhawans owned the most fabulous machines the world of hijinks has ever seen.
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Rakesh Wadhawan — the billionaire promoter of DHFL — was once worth ₹1 billion in 2010. Sarang Dewan — son of Rakesh Wadhawan and VC/MD of Housing Development & Infrastructure— along with his wife Anu used to host posh bollywood parties from Karva Chauth to Christmas.

It was all smooth sailing until it came to light that Punjab Maharashtra Cooperative (PMC) Bank had lent a lot of money to the Wadhawans and it wasn’t coming back to bank.

Since then, members of the Wadhawan family have been accused of links with the underworld, bribery and corruption.
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(With PTI)
SEE ALSO:
With Kapil Wadhawan’s arrest, the family is now accused of scams worth over a billion dollars Yes Bank scam: DHFL's Kapil and Dheeraj Wadhawan taken into custody by CBI
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