The Enforcement Directorate on Friday questioned former MD, CEO and co-founder of Yes Bank, Rana Kapoor, in connection with a loan granted by the bank to Dewan Housing Finance Limited (DHFL). Searches were also conducted at his Worli residence till late on Friday.
According to ED sources, Yes Bank’s name came up while the agency was investigating a multi-crore rupee scam in the provident fund amount of employees of the Uttar Pradesh Electricity Board that came to light in November last year. According to the ED, a sum of ₹2,361.20 crore, which was the employees’ contribution towards their PF, was deposited in an FD scheme of the DHFL in 2018. A large part of this amount was lost when DHFL ran into trouble, after which the Central Bureau of Investigation and the ED started a probe.
“While going through DHFL’s financial records, we found that a large amount was advanced as a loan by Yes Bank to DHFL, which was later declared a non- performing asset. Mr. Kapoor is being questioned to gain some more specifics of this loan. Searches are also being conducted at his residence,” an ED officer said.
