Yes Bank crisis: Subhash Chandra appears before ED for questioning

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Subhash Chandra of the Essel Group, who was summoned by the Enforcement Directorate (ED) in connection with the ongoing probe in the Yes Bank case, appeared before the agency on Saturday.

The ED has been probing the circumstances under which loans were granted to the corporate since some of the debts are stressed.

The bank’s exposure is to most stressed companies operating in sectors such as travel, infrastructure, real estate and financial sector. Sources stated that these corporates have been called to join the investigation.

The companies belonging to Subhash Chandra’s Essel Group are among those that have bad loans with Yes Bank. He was summoned to appear on March 18 but sought exemption.

Widening its probe into the ongoing crisis at Yes Bank, the ED has summoned Kapil Wadhawan of Dewan Housing Finance Limited (DHFL); Naresh Goyal of Jet Airways; Subhash Chandra of Essel Group and Gautam Thapar of Avantha Realty in connection with the money laundering case against Yes Bank.

“I have been requested by the ED to make a statement on the information which is already available with them. I will be more than happy to be personally present at their office, honouring their request, in order to extend all the required co-operation,” Chandra had tweeted on March 20.

“The Essel Group has never made any transactions with Mr. Rana Kapoor or his family or for that matter any private entities controlled by them,” he added.

“Dr. Chandra will certainly be present to make the statement and will be more than happy to extend any support or co-operation requested by ED. The Group wishes to clarify that most of the credit facilities were availed for its infrastructure business and there is no debt on ZEEL, ZMCL, etc,” an earlier statement issued from Essel Group read, adding that all credit facilities it had availed were fully secured.

Sources stated that Chandra excused himself as a close relative was unwell.