The Enforcement Directorate (ED) has informed a local court that senior employees of , including its former co-founder and MD Rana Kapoor, are under the scanner for receiving alleged illegal gratification for authorising loan to Gautam Thapar‘s Avantha Group.
The federal agency has stated this in its chargesheet charging Rana Kapoor, Gautam Thapar and 19 other individuals and entities. A local court on Saturday took cognisance of ED’s chargesheet and summoned all the accused.
The chargesheet, reviewed by ET, says “Gautam Thapar and Rana Kapoor are instrumental in generating proceeds of crime as they knew since beginning that loan was being taken on sham agreements which were never meant to be executed. The duo also knew that the so generated proceeds of crime were to be routed from one group firm to another till it reaches the existing lenders i.e Edelweiss and Aditya Birla Group to repay the existing loans of APIL and AHL (firms of Avantha Group)”.
It adds “It also came during investigation under the Prevention of Money Laundering Act (PMLA) of other senior Yes Bank employees that hefty salaries and perks (proportionately very high compared at same positions in other banks) were paid to senior Yes Bank employees to swiftly evade the responsibilities that came with their delegation and authority and in return Rana Kapoor was gratifying them with huge salaries and perks using public money of the Yes Bank. The illegal gratification given to senior employees who approved the instant loan is a subject matter of further investigation”.
Spelling further trouble for Rana Kapoor, the agency’s chargesheet read “Additionally, there is no need and human probability to extend such illegal favours unless Rana Kapoor also got some illegal gratification in return and the same is still under investigation”.
The ED has alleged that the “exposure of Yes Bank in Avantha Group was huge and risky and Yes Bank was well aware of the fact that further exposure could lead to no recovery. Yet, loan was granted to OBPL (company linked to Thapar’s group) which was and had to remain a non-revenue generating company and thus incapable of servicing the loan”.