The Enforcement Directorate (ED) on Thursday filed a chargesheet running over 90 pages in connection with a case under the Prevention of Money Laundering Act (PMLA) pertaining to the Yes Bank-DHFL scam before a special PMLA court.
The ED had initiated a probe against Rana Kapoor, former CEO and MD of Yes Bank, and Kapil Wadhawan and Dheeraj Wadhawan, promoters of DHFL, on the basis of an FIR registered under the Indian Penal Code and Prevention of Corruption Act by the CBI.
It is alleged that Rana Kapoor had entered into a criminal conspiracy with Kapil Wadhawan and others for extending financial assistance to DHFL by Yes Bank in lieu of substantial undue benefits to himself and his family members through the companies held by them.
Kapoor through Yes Bank got Rs 3,700 crore invested in the short-term non-convertible debentures of DHFL and Rs 283 crore in Masala Bonds of DHFL.
Simultaneous to this investment made by Yes Bank in DHFL, Kapil Wadhawan through DHFL paid a kickback of Rs 600 crore, in the garb of a loan, to one of Rana Kapoor's beneficially owned companies, namely DOIT Urban Ventures (India) Pvt Ltd.
"The investigation further revealed that immediately after the said transfer of funds to the tune of Rs 3,983 crore by Yes Bank to DHFL, loans were sanctioned to Radius Group of Sanjay Chhabria and funds were sanctioned to the tune of Rs 2,317 crore as loan from DHFL in the name of development of his project 'Avenue 54' at Santacruz, Mumbai. Sanjay Chhabria then diverted the same without using it for the declared purpose," the ED said.
The agency also learned that Chhabria further connived with Avinash Bhosale and diverted the funds to his various beneficially owned companies.
Apart from this, Bhosale had connived with Wadhawan and received Rs 71.82 crore from DHFL in the garb of providing certain services to DHFL and other entities.
"However, the said so-called services have never been provided and the same was utilised by Bhosale for his beneficial use," the ED said.