In a country where it appears there’s hardly been a dearth of controversy, what more could one have expected other than another feisty bank fiasco? While globally, there’ve already been back-breaking cases of falling stock prices, falling crude oil prices, situations exacerbated by the rising concerns around Coronavirus, it could be said, India has more on its plate than it can chew.
Wondering how? Well, look no further than the Yes Bank case. To many, it is a fiasco that many are already finding hard to cope with. Think about hundreds of thousands who would’ve had an account with the once-prosperous private bank, one that currently finds itself in the doldrums.
The other brother from the revered and gigantically successful business empire called the Ambani family- has just been summoned by the Enforcement Directorate in connection with the Yes Bank case.
According to the news sources, it appears that the Reliance Group Chairman’s companies are one of the several big entities that had borrowed from the crisis-plagued bank.
While there was a time where the Yes Bank was indeed growing at a staggering rate, at this point in time, it’s anything but simmering in positivity. And the very fact that Anil Ambani’s loans went bad after having borrowed from Yes Bank means the Enforcement Directorate, who’ve already sent the summons to the 60-year-old want to get to the bottom of the tale.
Meanwhile, it is worthwhile to recount the other big development in the Yes Bank case: Rana Kapoor is himself in the ED’s custody at this point in time.
Here’s what Network 18 had to report on the developing story:
Ambani’s group companies are stated to have taken loans of about Rs 12,800 crore from the bank that turned NPA.
Finance Minister Nirmala Sitharaman had said in a March 6 press conference that the Anil Ambani Group, Essel, ILFS, DHFL and Vodafone were among the stressed corporates Yes Bank had exposure to.
Officials said promoters of all the big companies who had taken large loans from the beleaguered bank which later turned bad, are being summoned for questioning in the case to take the investigation forward.
Ambani’s statement will be recorded under the Prevention of Money Laundering Act (PMLA) upon deposition, they said.
And that being said, the charges leveled against Rana Kapoor and his family aren’t any less troublesome or damaging. The former CEO and Managing Director of the once-mighty bank has been charged with laundering proceeds of crime that are worth “4,300 crores”.
The said amount is believed to be kickbacks that he and his family received in lieu of sanctioning big loans through their bank that later, it was revealed, turned to be NPA (a Non Performing loan).
Now, what one has to see is how the interaction between Anil Ambani and the Enforcement Directorate transpires, which may possibly reveal further developments in the Yes Bank case.