Yes Bank-DHFL Fraud Case: Big action by ED!!

The Enforcement Directorate (ED) has attached assets worth Rs 415 crore of two Maharashtra-based builders avinash Bhonsle and Sanjay Chhabria in connection with the bank loan fraud case related to Yes Bank- Dewan Housing Finance Limited (DHFL). The ED has attached assets worth Rs 164 crore of avinash Bhosle and Rs 251 crore of Sanjay Chhabria under the Prevention of Money Laundering Act.

The Enforcement Directorate (ED) has taken major action on wednesday in the Yes Bank-DHFL fraud case. ED has attached properties of two Maharashtra-based builders Sanjay Chhabria and avinash Bhosale in this case. The ED has attached assets worth Rs 251 crore of Sanjay Chhabria and Rs 164 crore of avinash Bhosale (total assets of Rs 415 crore). This action has been taken under the provision of Prevention of Money Laundering Act, 2002 (PMLA). The ED has taken this action under the Prevention of Money Laundering Act (PMLA).

Both the builders were taken into custody by the federal agency in june this year to probe the matter and both are in judicial custody now. The ED has started investigation against the promoters of Yes bank Rana Kapoor and DHFL's Kapil Wadhawan and Dheeraj Wadhawan based on the FIR registered by the CBI. It is alleged that Rana Kapoor in connivance with the Promoter director of M/s DHFL Kapil Wadhawan and others had hatched a criminal conspiracy to provide financial assistance to M/s DHFL by Yes bank Ltd. After this, he and his family members were benefited.

Let us inform that ED and cbi are probing this matter. Both the central agencies have registered separate cases against two builders (Sanjay Chhabria and avinash Bhosle), Yes bank co-founder Rana Kapoor and DHFL promoter-directors Kapil Wadhawan and Dheeraj Wadhawan. Kapil Wadhawan and Dheeraj Wadhawan were arrested by the ED in May in this case, while Rana Kapoor was taken into custody in March. Both of them are still in judicial custody.

The ED alleged that Rana Kapoor invested Rs 3,700 crore in short-term non-convertible 'debentures' of DHFL and Rs 283 crore in 'masala bonds' of DHFL through Yes bank Ltd. Recently, the cbi had seized AgustaWestland helicopter from the premises of builder avinash Bhosale in pune in connection with the Rs 34,615 crore bank fraud case related to DHFL. avinash Bhosle is alleged to have bought the W109AP helicopter in 2011 for Rs 36 crore by Varva Aviation. Verva Asian is owned by the Association of Persons.

The ED alleged that Rana Kapoor, through Yes bank Ltd, invested Rs 3,700 crore in short-term non-convertible 'debentures' of DHFL and Rs 283 crore in 'masala bonds' of DHFL. Recently, the cbi had seized AgustaWestland helicopter from the premises of builder avinash Bhosale in pune in connection with the Rs 34,615 crore bank fraud case related to DHFL. avinash Bhosle is alleged to have bought the helicopter in 2011 for Rs 36 crore by Varva Aviation. At the same time, the Association of Persons owns Verva Asian.