The Enforcement Directorate (ED) has identified assets and properties valued at thousands of crores belonging to YES Bank Co-Founder Rana Kapoor and his family enterprises in India and abroad. It is assessing these assets and is likely to seek provisional attachment in coming weeks.
The properties overseas include two luxury hotels — one in New York (worth over $20 million) and one in London (£30 million) — two residential apartments in London valued at £15 million each, and a yacht stationed in the UK, said a senior ED official.
In India, Kapoor’s six bungalows in Delhi’s upscale localities, including Jor Bagh, Hauz Khas, and Kautilya Marg, were also identified. One of these properties was bought from fugitive offender Vijay Mallya, said an official in the know. Six flats and land in Mumbai and suburban areas have also been identified.
According to sources, the federal agency suspects these properties were purchased from kickbacks that Kapoor and his family allegedly received from corporates whose loans were being disbursed by the bank on Kapoor’s instructions. So far, the agency has seized close to 50 artworks and paintings from his residence at Samudra Mahal in Mumbai during searches. The agency had searched the premises of Kapoor on Saturday and Sunday.
Before seizing the assets, the federal agency will issue a provisional attachment order of proceeds of crime under the Prevention of Money Laundering Act, which will be valid for 18 days until the sessions court confirms it and allows the enforcement agency to make a final confiscation on the ground that the said assets were created out of the process of money laundering.
Kapoor and his family (wife and three daughters) are facing money laundering charges for allegedly creating shell firms and using them to divert loans sanctioned to various corporates and receiving kickbacks during his tenure as managing director and chief executive officer of YES Bank. The ED and the Central Bureau of Investigation had filed the case against them on March 7.