Yes Bank Scam: Mumbai enforcement directorate raids in yes bank money laundering case

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In the Yes Bank money laundering case, the Enforcement Directorate on Monday conducted raids at five campuses of global tourism and travel company Cox and Kings in Mumbai. According to the information received, these raids have been killed under the Prevention of Money Laundering Act (PMLA). Officials say that Cox and Kings was among the top borrowers of Yes Bank and the bank had given a loan of Rs 2260 crore to the company. The purpose of raiding the five campuses of this company is to collect as much evidence as possible.

It may be noted that the Yes Bank scam started between April and June 2018, when Yes Bank invested Rs 3,700 crore in the short term debentures of DHFL. The CBI said that since the case was registered on March 7, both the accused were absconding. The CBI named the Wadhawan brothers in the suit, alleging that they conspired with Rana Kapoor to benefit his company Dewan Housing Finance Corporation (DHFL) Ltd from Yes Bank.

On 26 April 2020, there is a new twist in the Yes Bank scam in which the Central Bureau of Investigation detained Kapil Wadhavan, promoter of DHFL and Dheeraj Wadhavan, promoter of RKW Developers, from Mahabaleshwar in the Yes Bank scam case.

Wadhawan brothers were hiding in a guest house in Khandala

The Wadhawan brothers were hiding from the CBI and ED since 8 March. They were on the hunt for questioning in the Yes Bank case. The Wadhawan brothers were hiding in a guest house in Khandala, but had to leave the guest house and go to Mahabaleshwar due to the lockdown. Both were afraid that they would be arrested if they went to Mumbai, so they left for Mahabaleshwar. In fact, the ED arrested Rana Kapoor on March 8, after which the Wadhawan brothers went towards Khandala to escape arrest and hid in a guest house.