Yes bank properties worth Rs 2203 Crore regarding the scandal
The enforcement directorate attached the properties regarding Yes bank scandal. The properties account for Rs 2,203 crore which includes a bungalow of Rs 685 crore owned by the Yes Bank founder Rana Kapoor and family. The assets current market value is more than Rs 2800 crore which also includes immovable assets in India.
The official statement says that the assets belong to Rana Kapoor, Kapil Wadhawan & Dheeraj Wadhawan and to is controlled by them. It also added that the assets include 12 flats and individual houses in Mumbai and Pune excluding properties in New York, London and Australia. On July 7, the Hindustan Times reports says that the ED action was imminent in this case. It also reported that the London property of Rs 50 crore is also to be included in the report in the coming days.
Several expensive properties owned by Rana Kapoor and his family members were identified in and out of India. ED officials says that these properties may be acquired by Yes bank with proceeds for kickback for loans offered to ineligible companies. The CBI also filed two cases against Rana Kapoor. Following the cases registered by CBI Kapoor is currently under the custody regarding money laundering case.
The two cases by ED and CBI is already filed in May and June on Rana Kapoor and family members. It is also reported that the loans account for Rs 30,000 crore when Yes bank was headed by Rana Kapoor and out of these Rs 20,000 crore turned into non-performing assets. There are more such properties enquired and likely to be attached in the future report.
What do you think about Yes bank’s scandal as a consumer? How does it affect the Indian economy as well as business? Pour your thoughts and views in the comment section.
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