Coronavirus outbreak hampers Yes Bank investigation — DHFL’s Wadhawans and Indiabulls’ Gehlaut refuse to appear before ED


  • Indiabulls chairman Sameer Gehlaut and Dewan Housing Finance Corporation’s (DHFL) Dheeraj Wadhawan and Kapil Wadhawan have refused to appear before the ED citing Coronavirus.
  • They were being investigated for their connection with Yes Bank co-founder Rana Kapoor.
  • Wadhawan said that “in today’s circumstances, health is a priority”.
  • Meanwhile, Anil Ambani is likely to appear before ED today.
The spread of coronavirus has landed people across the globe in a mayhem. But, the adversity has turned out to be an advantage for some. For instance, those summoned in connection with the investigation into loans and kickbacks by Yes Bank are having a field day.

Indiabulls chairman Sameer Gehlaut and Dewan Housing Finance Corporation’s (DHFL) Dheeraj Wadhawan and Kapil Wadhawan — who are being investigated refused to appear before the ED citing coronavirus outbreak.

This is a part of an investigation into the bank’s founder Rana Kapoor, who is already in custody.
Advertisement



The law enforcement agency was probing if Gehlaut paid ₹685 crore to Kapoor as a trade off for Yes Bank loan. However, Gehlaut said that he had left for the UK even before the orders to appear before ED were given. Given the current situation — the health emergency due to the pandemic — he conveyed that he will not be able to be a part of it.

Wadhawan says that he is at high risk to get infected due to age and health

Wadhawans, on the other hand, too managed to escape ED’s radar. It is alleged that the Yes Bank invested ₹3,700 crore in DHFL. In return, Kapil Wadhavan of DHFL gave ₹600 crore fund as loan to DoIT Urban Ventures, a company held by Kapoor’s daughters.
Advertisement


Kapil Wadhawan has been untraceable since March 9, when CBI raided his place. And now says that he won’t appear for the investigation due to the pandemic. "In the current environment of the Coronavirus, it is a government directive to curtail travel,” he said.

“Considering the COVID-19 pandemic, and with my already-compromised health and age, I am at high risk, and consequently, for my own health and safety, it is difficult for me to travel to Mumbai. I would request you to appreciate that in today's circumstances in the country, health is a priority,” Dheeraj Wadhawan said.

This is despite the fact that they have been summoned thrice to appear before ED. Dheeraj and Kapil Wadhawan were first issued summons on March 10 by the ED to appear on March 13. But, they did not appear — after which the summons were issued again on March 16.
Advertisement


“They have been issued summons, but they are not cooperating and did not appear before the ED. Efforts are being made to locate them,” TOI reported citing sources.

Meanwhile, Anil Ambani is likely to appear before the ED official today. In all, the ED has issued 18 summons to corporate houses so far — including the key investors in Yes Bank.

See also:
Advertisement

Dolphins return to Italy, Venice canal shines, China’s air clears up – the impact of Coronavirus isolation says we need to rethink our ways

A timeline of troubles at YES Bank
{{}}