Yes Bank case: CBI takes Kapil and Dheeraj Wadhawan into custody

Ghughuti Bulletin

https://www.thehindu.com/news/national/yes-bank-case-cbi-takes-kapil-and-dheeraj-wadhawan-into-custody/article31437652.ece

The CBI on Sunday took custody of Kapil and Dheeraj Wadhawan in connection with the Yes Bank case. The two were earlier kept in quarantine after they were tracked down to Satara in Maharashtra.

Also read: Yes Bank yet to use RBI’s credit lifeline

“Non-bailable warrants were pending against the Wadhawans in the case registered in March. The warrants have been executed by taking them into custody,” said a CBI official.

 

On April 9, the agency received information that the accused persons were located in Satara and had been lodged at a government institutional quarantine centre in Panchgani. Through an email, the district Magistrate and the SP were immediately asked not to release them without a no-objection from the CBI or court order.

Both the accused were absconding since the beginning of the investigation, the CBI said. They had also not joined the money-laundering probe being conducted by the Enforcement Directorate.

Also read: Explained: Why did Yes Bank have to be bailed out?

The CBI had registered the case on March 7 against the Wadhawans, former Yes Bank Managing Director and CEO Rana Kapoor and others. It pertains to ₹3,700 crore loans extended to the DHFL allegedly against the investment of ₹600 crore in a company linked to Mr. Kapoor’s family members.

In the FIR, Mr. Kapil Wadhawan was named as promoter director of the DHFL and Mr. Dheeraj Wadhawan as director of the RKW Developers Private Limited.

Also read: Yes Bank crisis | Rana Kapoor: The rise and quick downfall of a maverick banker

The CBI carried out searches two days after registering the case. Both the accused were not found. Therefore, to secure their presence for investigation, the agency served notices on them. But they did not turn up, as alleged.

Subsequently, on the CBI’s plea, a Mumbai special court issued non-bailable warrants against them on March 17. However, they again did not appear before the CBI or the court.

On the night of April 8, the Wadhawans travelled to Mahabaleshwar along with over 20 relatives and associates in five cars, allegedly violating the lockdown measures.

Also read: Yes Bank: prime properties in Delhi, Mumbai under ED scanner

They were carrying passes purportedly issued by a Special Principal Secretary in the Maharashtra government’s Home department, who was later sent on compulsory leave pending inquiry.

The Wadhawans, their family members and associates, were sent to the quarantine facility for 14 days, while the Satara police registered a case for alleged violation of the lockdown orders.

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