The arrest of Yes Bank’s founder-chairman Rana Kapoor by the Enforcement Directorate on Sunday has brought to light how he had allegedly indulged in money laundering through floating shell companies and siphoning of deposits.
Kapoor is accused of receiving kickbacks from various corporate entities on disbursal of loans.
The ED authorities are said to be probing into all kinds of previous agreements with various governments and institutions, besides various transactions done with individuals by Yes Bank during Kapoor’s tenure.
During these investigations, it was reportedly revealed that the Yes Bank had entered into some dealings with Andhra Pradesh government during Telugu Desam Party regime headed by N Chandrababu Naidu.
Kapoor and his team had made a few visits to AP during Naidu’s regime to sign a couple of agreements.
For example, the state tourism department entered into partnership with Yes Bank to prepare Tourism Mission Document, aimed at promoting Andhra Pradesh as India’s most preferred tourist destination and positioning Andhra Pradesh Tourism as a global tourism brand.
In September 2015, Naidu had signed this agreement with Yes Bank and even paid consultation fee in lakhs to the bank representatives to prepare the document. God only knows what had happened to this document later.
Similarly, the Naidu government had also reportedly engaged Yes Bank to have a tie-up with Andhra Pradesh Non-Resident Telugu (APNRT) Society under its Global Indian Banking programme.
The ban offered comprehensive financial solutions to Telugu-speaking NRIs across the world, ranging from savings account, international debit card, state-of-the-art digital banking solutions, remittance, foreign currency fixed deposits, Mediclaim insurance, insurance and a plethora of other products.
Now, the ED authorities are said to be probing whether the Yes Bank had any underhand dealings with the TDP leaders through shell companies and other such activities.
Watch out for more developments on this front in the coming days!