Arrest of Kapil and Dheeraj Wadhawan
Former promoters of DHFL allegedly paid bribes to Rana Kapoor
The Central Bureau of Investigation (CBI) has arrested former promoters of Dewan Housing Finance Corporation (DHFL), Kapil and Dheeraj Wadhawan, in connection with a case of alleged bribery and fraud. The brothers are accused of paying bribes totaling Rs. 600 crore to former Yes Bank CEO Rana Kapoor.
Investigation and charges
The CBI had filed a case against the Wadhawans and Kapoor in July 2022. The investigation revealed that the Wadhawans had allegedly paid bribes to Kapoor to secure loans from Yes Bank. In return, Kapoor allegedly provided the Wadhawans with undue favors, such as approving loans without proper due diligence and ignoring red flags raised by bank officials.
The Wadhawans have been charged under various sections of the Indian Penal Code, including criminal conspiracy, cheating, forgery, and corruption. They have also been charged under the Prevention of Money Laundering Act.
Impact of the arrest
The arrest of the Wadhawans is a significant development in the Yes Bank bribery case. The investigation is still ongoing, and more arrests are expected.
The case has raised concerns about the role of banks in promoting fraud and corruption. The Reserve Bank of India has ordered an audit of Yes Bank to assess its internal controls and governance practices.
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