Yes Bank scam: Wadhawan brothers’ CBI custody extended till May 8

New Delhi: The CBI custody of DHFL promoter Kapil Wadhawan and his brother Dheeraj, accused in a corruption case in opposition to former Yes Bank CEO Rana Kapoor, was on Friday (May 1) extended till May 8.

The particular courtroom in Mumbai had earlier despatched the Wadhawan brother-duo to CBI custody till May 1 for questioning within the case.

The Wadhawan brothers had been arrested on April 26 from Mahabaleshwar, a hill station close to Mumbai, almost 50 days after they had been booked within the multi-crore-rupee rip-off additionally involving Kapoor, former Yes Bank CEO and its co-founder.

The company sought extension of their remand on the bottom that the duo was not cooperating and custodial interrogation is essential to discovering out particulars of sister corporations which may have been used for rolling of funds to profit Yes Bank founder Rana Kapoor and his relations. Convinced by the CBI’s argument, the courtroom granted the extension of custody. 

According to the CBI, Kapoor (62) entered right into a prison conspiracy with the Wadhawans for extending monetary help to DHFL by way of Yes Bank in return for substantial undue advantages to himself and his relations by way of fictitious corporations held by them.

As per the company, the rip-off befell between April and June 2018 when Yes Bank invested Rs 3,700 crore in short- time period debentures of the contaminated Dewan Housing Finance Corporation Ltd (DHFL).

In return, the Wadhawans allegedly paid kickbacks value Rs 600 crore to Kapoor and his relations in type of loans to DoIT Urban Ventures (India) Pvt Ltd, an organization owned by Kapoor’s spouse and kids, the CBI has stated.

Apart from the CBI case, the Enforcement Directorate (ED) had additionally initiated a probe in opposition to Kapil Wadhawan on prices of cash laundering after the rip-off got here to gentle.

Kapil Wadhawan was arrested by the ED in January 2020 and later launched on bail by a courtroom.

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