Dozen shell firms, 44 costly paintings and Rs 2k cr investments of Rana Kapoor under ED scanner

Investments worth over Rs 2,000 crore, 44 expensive paintings and a dozen alleged shell firms are at heart of ED's investigations against Yes Bank founder Rana Kapoor who was arrested by ncy on Sunday on money laundering charges, officials said.

ncy, official sources said, has also recovered documents that show some assets of Kapoor family in London and source of funds for ir acquisition is w being investigated.

central probe ncy that began action against banker by raiding his upscale residence in south Mumbai on Friday is primarily investigating Kapoor, his wife and three daughters over a Rs 600 crore fund received by a firm allegedly "controlled" by m from an entity linked to scam-hit Dewan Housing Finance Limited (DHFL).

Kapoor's linked firm, DoIT Urban Ventures (India) Pvt Ltd, is alleged to have received funds when Yes Bank h a exposure of more than Rs 3,000 crore loans to DHFL, alrey being probed for purported financial irregularities and diversion of funds.

bank, y said, allegedly did t initiate action to recover NPA-turned loans from DHFL and ncy suspects that Rs 600 crore funds were part of alleged kick backs received as quid pro quo in firm controlled by Kapoor family.

ED, officials said, is looking at finding proceeds of crime during raids conducted at Kapoor's residence and those of his wife Bindu and three daughters. It has stumbled upon investments worth over Rs 2,000 crore by family and active presence of about a dozen shell or dummy firms used to rotate alleged kick backs, y said.

It has also stumbled upon 44 expensive paintings purchased by family, some of which were allegedly purchased from politicians.

Kapoor, 62, was arrested at ED office in Ballard Estate in Mumbai under Prevention of Money Laundering Act (PMLA) after over 20 hours of questioning and he will be produced before a holiday court on Sunday to obtain his furr custody.

ED, meanwhile, is also recording statement of Kapoor's wife and daughters.

arrest of Kapoor, former MD and CEO of private bank, comes after charges of alleged financial irregularities and mismanment in its operations surfaced and RBI and Union government initiated action to control its affairs.