The ED claimed that this value was “highly inflated” as the acquisition cost of the properties was

only Rs 39.66 crore. It told the court that the valuation was done by DHFL on the assumption the
land would be converted from agricultural to residential and used for construction and an eco-
tourism project. But as of now, there was no change in the status of the land, the ED said.
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The ED told the court that while the principal amount on the loan was to be repaid in 2023, it
would probe how Rs 4,300 crore was allegedly laundered in various transactions with DHFL.
The ED also alleged other loans by Yes Bank were also under scanner. These included one of Rs
750 crore linked with Kapil Wadhawan and Dheeraj Wadhawan, also named as accused in the
Iqbal Mirchi case linked to DHFL. “It is also apprehended that Rana Kapoor has similarly
misused his official position in several other transactions and obtained illegal kickbacks directly
or indirectly through entities controlled by him or his family members,” the ED claimed.
In the court, Kapoor said: “My children’s company borrowed Rs 600 crore independently and Rs
130.5 crore interest has been paid on that. There is full security. Every iota of interest has been
paid over the last two-and-a-half years by my daughters. This is about women
entrepreneurship… there is no link I promise.”
He said that DHFL had an AAA rating at the time of its transactions with Yes Bank.
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ED sources, meanwhile, said that Lookout Circulars have been opened against all members of
Rana Kapoor’s family. They claimed members of the family were allegedly linked to a dozen
companies that received close to Rs 4,000 crore from firms that received loans from Yes Bank.
The companies allegedly linked to the family invested the money in properties in India and
abroad, they said.
Claiming a “quid pro quo modus operandi”, an ED official said: “We are questioning Kapoor’s
wife and daughter over the companies owned by them and their financial transactions. Rana
Kapoor will be questioned in custody on his role in the entire affair.”
Documents filed by DOIT Ventures with the Registrar of Companies (RoC) show that the
company has about 13 wholly owned subsidiaries. All of them have Kapoor’s family members as
directors but no employees.
“We are in the process of identifying properties purchased by the family’s companies in India.
Two properties in UK have also been identified. All of these will be ascertained as proceeds of
crime in due course and attached,” the official said.