ED suspects loans worth Rs20 000 crore offered by Yes Bank to few NBFCs after bypassing guidelines of the RBI
Reportedly the total exposure of Yes bank could be over 2.25 lakh crore but of that, the non-performing assets (NPA) are reportedly around Rs 42,000 crore. As per officials of the Enforcement Directorate (ED), interrogating Yes bank founder rana Kapoor, of these Rs 42,000 crore loans that turned into NPAs, Rs 20,000 crore were allegedly offered to some corporate companies and Non-Banking Financial Companies (NBFCs) on Kapoor’s instructions.
Meanwhile the details reportedly emerged after the ED officials asked for files of the Cox and Kings Group, DHFL Group, Sahana Group, Radius Group among others. After studying the files, which were brought to the ED from the bank on monday night, officials suspect that these loans were offered after bypassing the standard procedures and guidelines of the rbi which eventually resulted in monetary loss. Some shell companies which were allegedly set up by Kapoor have also come under the scanner.
According to ED officials, the central agency is also probing the role of the Yes bank founder in connection with the disbursal of loans to some corporate entities and subsequently alleged kickbacks reportedly received in his wife's accounts and the case with ED and cbi is in connection with transactions of around 4,300 crore. According to ED officials, Yes bank bought debentures from DHFL (Diwan Housing Finance Ltd) worth Rs 3,700 crore while DHFL gave loan to a company owned by Kapoor's daughters worth Rs 600 crore. Perhaps the probe against Kapoor was initiated as ED began its investigation into alleged irregularities in the alleged Employees' Provident Fund (EPF) fraud in Uttar Pradesh Power Corporation Limited (UPPCL). The cbi recently took over the investigation into the Rs 2,267-crore EPF fraud in Uttar Pradesh, where savings of power sector employees were invested in DHFL. Kapoor was again produced in the special PMLA court on wednesday as his custody ends on march 11.