DHFL Wadhawans skip ED summons, cite COVID-19 as reason

MUMBAI: Failing to appear despited being repeatedly summoned by the Enforcement Directorate (ED)in a money laundering case against Yes Bank cofounder Rana Kapoor, DHFL; Kapil Wadhawan, promoter of the beleaguered Mumbai-based NBFC has cited COVID 19 pandemic as the reason behind being unable to join the investigation.

In his two-page reply dated March 17,Wadhawan has said, “…I have been travelling due to health related issues, which I have mentioned in my earlier letters along with my doctor’s certificate, and of which you are also aware. Considering the COVID-19 pandemic, with my already compromised health and age I am at high risk, and consequently, for my own health and safety, it is difficult for me to travel back to Mumbai. Further, the current environment of the COVID-19 virus pandemic it is a government directive to curtail travel,” the reply reviewed by ET read.

The ED wants to question Kapil and his brother Dheeraj Wadhawan in connection with the Rs. 3,700 crore debentures bought by Yes Bank allegedly in lieu of the Rs. 600 crore loans given by DHFL to Kapoor linked companies

Wadhawans in their reply have said,”… the allegations with regard to the loans disbursed to DOIT Urban being a kic back to Mr. Rana Kapoor are incorrect. As far as I can recall, in respect of the loan of Rs. 600 crores, there were six immovable properties that were offered as security and over which mortgages were created. Out of these 6 properties the Agricultural land was valued on the basis of the development potential that the land eventually would have upon the NA permissions etc. being received. Recognizing the risk of enforcing such security, the personal guarantee of Ms. Radha Kapoor was taken, as she had a net worth of more than Rs. 1400 crores,” it adds.

On an another transaction under probe Dheeraj has defended himself claiming, “…The CBI FIR mentions a loan to RKW Developers Pvt. Ltd. by Yes bank of Rs. 750 crores. I am sure that your investigation would have revealed that the said allegation in the said FIR was false and there was no loan given by Yes bank to RKW Developers Pvt. Ltd,” his reply states.

Source Article