Yes Bank: The Wadhawan brothers’ CBI custody is extended to May 8

Mumbai: A special court here on Friday is extended to the May 8 CBI custody of the business people brothers Kapil and Dheeraj Wadhawan of DHFL group associated with Yes Bank scam. The duo was arrested last Sunday from a quarantine facility in Mahabaleshwar in Satara district, nearly 50 days after being booked in case of bribery against former Yes Bank CEO Rana Kapoor.

the Wadhawans was produced before a special court here on Friday when their previous term of custody ended.

The central probe agency sought their further custody, saying it needed to investigate the “deeper conspiracy” between the Wadhawans and Kapoor.

The agency claimed that there are more than 150 shell companies controlled by Wadhawans that they wish to investigate.

In addition, several companies have been relocated by Rana Kapoor and his family, and it was necessary to check whether they (Wadhawans) had any transactions with these companies, the agency said.

Defense attorney Subodh Desai was against the CBI’s plea that their custody was not required as everything was on record.

However, the court extended custody until May 8.

the Wadhawan Brothers has been designated as charged in the CBI FIR regarding fraud of money by Kapoor and others, officials said.

The agency has alleged that Kapoor, 62, entered into a criminal conspiracy with Wadhawan to extend the financial assistance to DHFL through Yes Bank in return for significant unnecessary benefits to himself and his family members through businesses owned by them.

According to the CBI FIR, the scam started to take shape between April to June 2018 when Yes Bank invested Rs 3,700 crore in short-term bond scam Dewan Housing Finance Corporation Ltd (DHFL).

In return, Wadhawan allegedly paid “Rs 600 crore kickbacks” to Kapoor and family members in the form of loans to DoIT Urban Ventures (India) Pvt Ltd, owned by wife and daughters of Kapoor.

In addition to the CBI, the duo was also investigated by the Enforcement Directorate in connection with the Yes Bank scam.

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