Image: IANS MUMBAI: Enforcement Directorate (ED) on Tuesday conducted searches at 17 locations across Delhi, Mumbai, and Khandala linked to Suraksha Asset Reconstruction Company Ltd (SARCL) promoter Sudhir Valia and other senior executives in connection with an alleged bank fraud case involving the company and Yes Bank’s former co-promoter Rana Kapoor.ED is probing a money laundering case involving alleged collusion between Asset Reconstruction Companies with Yes Bank by engaging in circular transactions to fraudulently take over stressed assets, undervaluation of auctioned properties, inflated and fraudulent claims.ED’s money laundering case is based on a Mumbai Police FIR on a complaint of a director of Sapphire Land Development Ltd, a sister concern of HDIL, against Kapoor, Walia and others. According to the police case, Yes Bank, then headed by Kapoor, allegedly transferred properties worth nearly Rs 1,000 crore to SARCL to recover an outstanding loan of about Rs 150 crore, without first classifying the loan account as a non-performing asset.Sources said when banks transfer bad loans to ARCs, along with mortgage properties, agreements are often entered into regarding sharing of recoveries generated from the sale of mortgaged assets. In the present case, investigators are examining allegations that SARCL sold certain mortgaged properties at undervalued rates to entities linked to its associates, thereby reducing the amount required to be shared with the bank. This story had continued from a page 1 story in the newspaper. For your reading convenience we have added it below.ED searches 17 premises linked to Suraksha LtdEnforcement Directorate (ED) conducted searches at 17 locations across Delhi, Mumbai and Khandala in connection with an alleged fraud case involving Yes Bank’s former co-promoter Rana Kapoor and Suraksha Asset Reconstruction Company Ltd. Get the latest India news and live updates. Download the TOI App.About the AuthorVijay V SinghVijay V Singh has worked for various print and online publications before joining The Times of Indiain 2008. He covers crime and takes a keen interest in criminology. His hobbies include travel (especially on bikes), reading and cricket.Read MoreEnd of ArticleFollow Us On Social MediaVideos’There Is Shortage of Trust’: PM Modi’s Sharp G7 Message Beside TrumpCelebi Claims India Erased $500 Million in Value After Security Clearance Revocation Post Op SindoorTop BJP Leaders Meet Amid Speculation Over National Team, Cabinet Reshuffle | Watch’Military-Grade Security’: Annamalai, BJP Clash Over NEET UG Re-ExamKalyan Banerjee Rejects Misconduct Allegations Amid Escalating TMC Split BattleOperation Tiger Nears Final Stage: Shinde Camp Says 7 Sena UBT MPs May Switch Before Session’Not Scared’: CJP founder Abhijeet Dipke Blames RSS Over Jaipur protest assaultAnti-Defection Law: Can Two-Thirds Of TMC MPs Override Their Party And Claim A Merger?Drills, Checks, Surveillance: J&K Sees Massive Security Boost Ahead Of Amarnath Yatra 2026LRLACM Tested: How India’s 1,500 km Cruise Missile Shifts the Balance With Pakistan and China123PhotostoriesFrom accepting the role of Champaklal, Jethalal’s father, at 35 to his bond with Dilip Joshi: When Taarak Mehta Ka Ooltah Chashmah fame Amit Bhatt spoke about his journey7 new real estate hubs in Navi Mumbai worth watchingWhy both vegetarian and non-vegetarian thali rose by 5% and 7% in the month of May5 warning signs of stress are hijacking your decision-making ability, according to a psychologistIn photos: The timeless of beauty of Ladakh in summer seasonAmeesha Patel’s ‘Gadar’ anniversary lehenga feels like a love letter to Bollywood’s golden eraVirat Kohli’s piggyback ride with daughter Akaay melts hearts: 7 lessons on mindful parenting from Virat and Anushka10 subtle signs you have high emotional intelligenceCan’t leave or stay? 4 warning signs you are in a trauma-bond relationshipLosing weight without trying? Your body could be sending an important health warning123Hot PicksMohammad MohebiForm 16Strait of HormuzGreen Card Newsilia TopuriaNEET UG RE ExamNoida airportStock Market LiveGold rate todayTop TrendingKerala HSCAP first allotment result 2026UPSC Result PDFTelegram banFIFA World Cup 2026FIFA World Cup StandingsNagpur RapeITR Form 16CBSE 10th Second Board Result 2026Iran FIFA World Cup CoachWWE Star Bayley
MUMBAI: Enforcement Directorate (ED) on Tuesday conducted searches at 17 locations across Delhi, Mumbai, and Khandala linked to Suraksha Asset Reconstruction Company Ltd (SARCL) promoter Sudhir Valia and other senior executives in connection with an alleged bank fraud case involving the company and Yes Bank’s former co-promoter Rana Kapoor.ED is probing a money laundering case involving alleged collusion between Asset Reconstruction Companies with Yes Bank by engaging in circular transactions to fraudulently take over stressed assets, undervaluation of auctioned properties, inflated and fraudulent claims.ED’s money laundering case is based on a Mumbai Police FIR on a complaint of a director of Sapphire Land Development Ltd, a sister concern of HDIL, against Kapoor, Walia and others. According to the police case, Yes Bank, then headed by Kapoor, allegedly transferred properties worth nearly Rs 1,000 crore to SARCL to recover an outstanding loan of about Rs 150 crore, without first classifying the loan account as a non-performing asset.Sources said when banks transfer bad loans to ARCs, along with mortgage properties, agreements are often entered into regarding sharing of recoveries generated from the sale of mortgaged assets. In the present case, investigators are examining allegations that SARCL sold certain mortgaged properties at undervalued rates to entities linked to its associates, thereby reducing the amount required to be shared with the bank. This story had continued from a page 1 story in the newspaper. For your reading convenience we have added it below.ED searches 17 premises linked to Suraksha LtdEnforcement Directorate (ED) conducted searches at 17 locations across Delhi, Mumbai and Khandala in connection with an alleged fraud case involving Yes Bank’s former co-promoter Rana Kapoor and Suraksha Asset Reconstruction Company Ltd.