Court extends CBI remand of Wadhawans in Yes Bank scam

Mumbai, May 8 (PTI) A special court here on Friday extended till May 10 the CBI remand ofDHFL promoter Kapil Wadhawan and RKW Developers promoter Dheeraj Wadhawan, arrested in connection with the Yes Bank scam.

The duo was arrested last monthfrom a Mahabaleshwar- based quarantine facility, nearly 50 days after the CBI booked them in a case of alleged bribery also involving former Yes Bank CEO Rana Kapoor.

The Wadhawans were produced before the special court here on Friday at the end of their previous remand.

The centralprobe agency sought an extension of their custody, saying they need to interrogate the duo further.

The Wadhawan brothers have been named accused in the CBI FIR pertaining to alleged swindling of money by Kapoor and others, officials said.

The agency has alleged that Kapoor, 62, entered into a criminal conspiracy with the Wadhawans for extending financial assistance to DHFL through Yes Bank in return for 'substantial undue benefits' to himself and his family members through companies held by them.

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

In return, the Wadhawans allegedly 'paid kickback of Rs 600 crore' to Kapoor and family members in the form of loans to DoIT Urban Ventures (India) Pvt Ltd held by the wife and daughters of Kapoor.

Besides the CBI, the duo was also being probed separately by the Enforcement Directorate in connection with the Yes Bank scam. PTI AVI RSY RSY