CBI raids Wadhawans' RKW Developers after Yes Bank founder Rana Kapoor's interrogation

In a recent development, Central Bureau of Investigation (CBI) has conducted raids at RKW developers owned by DHFL promoters - Wadhawans. Wadhawans were arrested in January this year for ir firm's alleged involvement in money laundering over Rs 13,000 crores through 80 odd shell companies and for allegedly providing loans to Dawood Ibrahim's aide Iqbal Mirchi's enterprise

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raids at RKW Developers have come after Yes Bank founder and ex-MD-CEO Rana Kapoor's interrogation by CBI following Yes Bank being put under a moratorium. RKW Developers had received a loan of Rs 750 crore from Yes Bank apparently for a project in Bandra Reclamation; however investigation by central ncies revealed that t a single rupee was used for project raising a serious question over use of money.

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Kapil Wadhawan - a promoter of Dewan Housing Finance Limited (DHFL) - were arrested in January under Prevention of Money Laundering Act (PMLA) for ir firm's alleged involvement in providing loans to organized criminal enterprise of Dawood Ibrahim. It was n that RKW Developers link emerged in D-gang connection. Kapil Wadhawanwas released on bail later, with matter playing a big role in PMC bank scam.

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Yes Bank crisis

Yes Bank, which has been sizeably hit by NPA crisis, was put on a moratorium by RBI for a period of 30 days, capping customers' withdrawals at Rs 50,000. RBI has also anunced ‘Yes Bank Ltd. Reconstruction Scheme, 2020’ altering  authorised capital to Rs 5000 crores and 2400 equity shares standing at Rs 10 each. SBI has been granted a d to invest in bank, in a stake purchase that could rise to 49%, and will t fall below 26%.

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