Yes Bank – The Full Story Uncovered
Yes, Bank had invested Rs.3,700 crore in short term debentures of DHFL who in turn gave a kickback of worth Rs.600 crore as a loan to Rana Kapoor Family owned DOIT Urban Ventures and the collateral given by DOIT Urban Ventures to DHFL had a very merger value as compared to the loan it got from DHFL.
Not only that but Yes Bank had also further sanctioned a loan amounting Rs.750 crore to DHFL owned RKW Developers without even recovering money from its previous loans to DHFL. It is alleged that Wadhawans of DHFL and Kapoors of Yes Bank had together formed a criminal conspiracy to loot the money of Yes Bank Depositors.
In spite of IBC, Companies Act and RBI regulations why all this had happened to depositors? Is India’s Banking System really like a leaking roof which is only repaired when the maximum damage is done? And what should be done now to save Indian depositors from such bank scams in the future? Well, because that is really needed now to restore the trust of people in the Indian Banking System after the coming of such high profile bank scams in Public Light.