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The Enforcement Directorate (ED) has alleged that Sure Financial institution NSE -1.41 % co-founder Rana Kapoor and Dewan Housing Finance Restricted (DHFL) promoters Kapil and Dheeraj Wadhawan siphoned off funds price Rs 5,050 crore by suspicious transactions.The ED mentioned this in its second supplementary (third total) cost sheet filed in particular court docket right here not too long ago in opposition to Rana Kapoor, his household, Wadhawans and others in a cash laundering case.
In the course of the investigation, it got here to mild {that a} large a part of the proceeds of crime (POC) generated on this case has been siphoned off abroad by Rana Kapoor and therefore they don’t seem to be accessible for attachment immediately beneath the provisions of Prevention of Cash Laundering Act (PMLA), it mentioned.
“Rana Kapoor, DHFL promoters Kapil Wadhawan, Dheeraj Wadhawan and others have been concerned in prison conspiracy with one another in unlawful diversion and siphoning off of funds by suspicious transaction of Rs 5,050 crore,” the central probe company claimed in its recent prosecution criticism (cost sheet) filed not too long ago.
The ED mentioned investigation has revealed that Sure Financial institution had purchased debentures price Rs 3,700 crore between April 2018 and June 2018 from DHFL. Subsequently, the quantity was transferred to DHFL. Subsequently, DHFL gave a mortgage of Rs 600 crore to DOIT City Ventures Pvt Ltd (an entity, beneficially owned by Rana Kapoor and his household).
The probe additionally revealed that Sure Financial institution had used public cash for the acquisition of the above-said short-term debentures of DHFL, which has not but been redeemed by DHFL.
Then again, DHFL obliged Rana Kapoor by giving the so referred to as mortgage of Rs 600 crore to his beneficially-owned firm, specifically DUVPL, with out sufficient collateral, the company mentioned.
It claimed that the loans given to the agency owned by Kapoor’s household have been to camouflage the whole act.
The investigation has revealed {that a} mortgage of Rs 600 crore was given in opposition to substandard properties having a meager worth of Rs 39.68 crore and by contemplating additional conversion from agriculture land to residential land and an inflated worth of Rs 735 crore was proven, it added.
It has additionally come to mild that simply earlier than the sanction of those loans, Sure Financial institution had invested in DHFL. This means a prison conspiracy between Rana Kapoor and Kapil and Dheeraj Wadhawan to get mortgage by pledging extremely overvalued belongings, the charge-sheet mentioned, including there was no lively or working enterprise in DUVPL on the time of proposal of mortgage.
Since DUVPL has no enterprise exercise and as such not producing any income as of right this moment and it could not be capable of repay the mortgage contemplating its current enterprise exercise and income. This clearly signifies a case of quid professional quo ..
Apart from, Sure Financial institution had additionally sanctioned a mortgage of Rs 750 crore to 1 M/s Perception Realtors Personal Restricted (beneficially owned by Wadhawans) for improvement of its Bandra Reclamation Challenge in Mumbai. Investigation has revealed that the whole quantity was siphoned off by the Wadhawans with out spending a single penny for the declared goal, the ED added.
All the quantity of mortgage disbursed to M/s Perception Realtors was siphoned off by the Wadhawans by means of layering by their shell comanies and it was by no means used for the declared goal, the cost sheet mentioned.
“There isn’t a doubt about the truth that Rana Kapoor has misused his official place to achieve undue monetary profit for him and his relations,” it mentioned.
Investigation has revealed that the POC generated on this case has been layered in several kinds in properties in addition to in liquid kind. It has additionally been revealed in the course of the investigation {that a} large a part of the POC generated on this case has been siphoned off abroad by Rana Kapoor.The proceeds of crime are thus, not accessible for attachment immediately, the ED mentioned.
The ED had began its investigation after recording of ECIR on March 3, 2020 and after the probe started, Rana Kapoor aggressively tried to get rid of his abroad properties to avoid wasting them from being connected by the ED beneath PMLA, the cost sheet mentioned.
The POC concerned on this case is Rs 5,050 crore.Whereas Rana Kapoor is the founding father of the mentioned firm specifically DUVPL, his three daughters are 100 per cent shareholders therein.
Rana Kapoor is at the moment in judicial custody following his arrest within the case in March 2020. Wadhwans too are in jail custody after their arrest in one other case.
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