ED books Yes Bank Promoter Rana Kapoor in fresh money laundering case

TIL Desk/Business/New Delhi/ The ED has filed a fresh money laundering case against Yes Bank promoter Rana Kapoor and his wife for allegedly obtaining Rs 307 crore bribe from a realty firm routed through the purchase of a bungalow in Lutyens’ Delhi at half the market price, officials said on Tuesday.

The agency alleged that the bribe was paid to the Kapoors for facilitating around Rs 1,900 crore loans from Yes Bank to the realty firm and delaying recovery. An Enforcement Case Information Report (ECIR), which is equivalent of a police FIR, has been filed under the Prevention of Money Laundering Act (PMLA) on the basis of an FIR filed by the CBI on the matter recently, they said.

Kapoor is already facing an ED criminal case for receiving alleged kickbacks, through companies purportedly controlled by his family, for going slow on bad loans extended by his bank to some big corporate. This will be the second complaint against him under the Prevention of Money Laundering Act (PMLA).