Sebi orders attachment of Rana Kapoor’s financial institution, MF accounts, lockers

The Securities and Exchange Board of India (Sebi) on Wednesday ordered the attachment of all financial institution accounts, shares, mutual funds and lockers held by the previous managing director and chief government officer of Yes Bank Ltd, Rana Kapoor, with a purpose to get better a penalty of over Rs 1 crore.
“There is sufficient reason to believe that the defaulter (Kapoor) may dispose of the amounts/ proceeds in the banks accounts held with your bank and realisation of amount due under the certificate would in consequence be delayed or obstructed,” Sebi mentioned.
Sebi in a restoration continuing order mentioned the choice of attachment was taken after Kapoor did not pay the tremendous imposed on him on September 25, 2020. The regulator had imposed a tremendous of Rs 1 crore on Kapoor for not making disclosures relating to a transaction of Morgan Credit, which was an unlisted promoter entity of Yes Bank.
Sebi mentioned nondisclosure of the transaction to the board of Yes Bank created an opaque layer between him and stakeholders. This in line with Sebi is in violation of the itemizing norms.
Sebi in its restoration order has requested banks, depositories and mutual funds to not permit any debit from the accounts of Kapoor. However, credit have been permitted.

The regulator has additionally requested banks, depositories and mutual funds to supply particulars of all accounts held by Kapoor, together with copy of account statements for the previous one 12 months. It has additionally sought full data of all mortgage accounts and advances.
Kapoor is at the moment in jail in reference to a cash laundering case. Kapoor is dealing with allegations of accepting kickbacks from debtors in lieu of granting loans to them. The Enforcement Directorate (ED) has alleged that the whole proceeds of crime allegedly laundered by Kapoor is Rs 700 crore.