Yes Bank-DHFL Fraud – ‘Proceeds of Crime’ traced by ED Rs 2,317 Crore

Yes Bank-DHFL fraud

The Enforcement Directorate (ED) probing the Yes bank-DHFL scam told a local court Tuesday that the agency has been able to trail Rs 2,317 crores as ‘proceeds of crime’ that the DHFL allegedly laundered in the guise of loan sanctioned to another Mumbai-based builder. This amount was the part of Rs 3,983 crore received by DHFL from the Yes Bank through NCDs.

The agency suspects that the entire amount received by Yes Bank to DHFL has been laundered by the accused brothers Kapil and Dheeraj Wadhawan. Along with the Wadhawan brother, the promoter of Yes Bank, Rana Kapoor has been arrested in the said case.

The agency made the disclosure while seeking custody of Pune- based builder and promoter of ABIL group, Avinash Bhosale. The builder, Sanjay Chhabria of the Radius group to whom DHFL sanctioned the Rs 2,317 loan has also been booked in the same case.

The agency’s probe has allegedly revealed that Bhosale and his beneficially owned entities by DHFL received funds during the same period when funds were fraudulently received into DHFL from Yes Bank against subscription of NCDs.

ED told the court that the Wadhawans conspired with Chhabria and the loan sanctioned to the latter’s firm was not used for the purpose it was declared. “…The fund of Rs 2317 crore is nothing but part of the proceeds of crime (POC) of Rs. 3983 crore received by DHFL from the Yes Bank,” the remand application reviewed by ET stated.

Of this, funds to the tune of Rs. 267 crore was diverted to Bhosale’s company namely Mis Nibodh Realty LLP. “It is pertinent to mention here that this diverted fund of Rs. 267 Crore are part of Rs. 2317 Crore received byChhabria from DHFL,” the ED said.

“It is learnt that DHFL had given these funds to Bhosale and to his beneficially owned entities in the name of fee/consultancy charges etc. for providing services by them related to loans given to various projects by DHFL. During the investigation conducted, it has been noticed that no such services have been provided either by Bhosale or by his entities. The payments made by DHFL to them are nothing but siphoning of the funds by DHFL,”it added .

Advocate Vijay Aggarwal along with Advocate Yash Agarwal briefed by Wadia Ghandy & Co appeared for Bhosale opposed the arrest and remand made by ED.

The court while remanding Bhosale to ED’s custody till July 5 allowed the application filed by advocate Aggarwal and ordered that the interrogation be conducted under CCTV surveillance. The court also allowed that advocate to be present during the interrogation at a visible but not audible distance. The court granted Bhosale permission to meet his lawyer for one hour every day to seek legal advice. Other than allowing food and medicine applications filed by Bhosale, the court has also ordered that an orthopedic bed be provided to Bhosale.

Source –

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