Yes Bank Scam: ED’s big action in money laundering case, raids at 17 locations including Mumbai and Delhi

Yes Bank ARC Scam ED Raid In Mumbai And Delhi: The Enforcement Directorate (ED) raided 17 locations in Mumbai, Khandala and Delhi in the alleged money laundering and fake loan transfer case related to Yes Bank. The focus of the investigation is on alleged deals involving acquisition of distressed assets at throwaway prices, profiteering through fake claims and suspicious financial transactions.

ED’s Mumbai Zonal Office-1 has launched a massive search operation in a major money laundering case. This action was taken simultaneously in Mumbai, Khandala and Delhi. The investigating agency tried to collect important documents and digital evidence. The case pertains to alleged collusion between Yes Bank and some Asset Reconstruction Companies (ARCs).

Many promoters including Suraksha Realty are under investigation

The entities and individuals whose premises were raided by the ED include Suraksha Asset Reconstruction Company Limited (SARCL), Suraksha Realty Limited, Khyati Realtors Private Limited and their promoters, directors and employees. Apart from this, a former employee of Yes Bank has also been taken under investigation. The agency suspects that these entities and individuals may have played a role in suspicious financial transactions.

The problem started with Macstar Marketing Loan Account.

The main basis of investigation is related to a big loan account of Yes Bank. According to the ED, there were alleged irregularities in the assignment of loans and other similar loan accounts of M/s Macstar Marketing Private Limited during the financial years 2016-17 and 2017-18. It is alleged that these loan accounts were transferred in such a manner that undue benefits could be provided to some parties. Now the agency is investigating this entire financial structure in depth.

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Allegations of circular transactions and auction manipulation

ED suspects that some circular transactions were carried out under alleged collusion between ARC and Yes Bank. Through these transactions, an attempt was made to fraudulently gain control over the distressed assets. The investigating agency is also looking into whether the value of the properties was deliberately undervalued during the auction. Along with this, fake or exaggerated claims are also being investigated.

The Enforcement Directorate (ED) investigation has reached aspects related to the corporate insolvency resolution process of NCLT. The agency is trying to find out whether the voting rights of creditors were misused and whether transparency in the entire process was affected. The search operation is aimed at gathering concrete evidence related to money laundering and alleged financial fraud. More revelations are expected in this matter in the coming days.