ED raids 17 Delhi Mumbai Khandala locations in SARCL probe
The Enforcement Directorate (ED) just carried out raids at 17 spots across Delhi, Mumbai, and Khandala. This is all part of a big investigation into suspected bank fraud involving Yes Bank's former co-promoter Rana Kapoor and Suraksha Asset Reconstruction Company Ltd (SARCL).
SARCL's promoter Sudhir Valia and other senior officials are also under the scanner for possible money laundering.
Mumbai FIR alleges 1000 cr transfer
Investigators say there were shady deals to grab stressed assets and auctioned properties for less than their real value.
The whole thing kicked off after a Mumbai Police FIR based on a complaint by a Sapphire Land Development director filed an FIR, accusing Kapoor, Walia, and others of working together.
The FIR claims Yes Bank handed over properties worth nearly ₹1,000 crore to SARCL to recover an outstanding loan of about ₹150 crore, without even marking it as bad debt.
Now, the ED is digging into whether these properties were sold on the cheap to insiders, which would mean less money coming back to the bank.