Rakesh Wadhawan Files Complaint Against Ex-Yes Bank MD Rana Kapoor and Suraksha ARC Over ₹600 Crore Loan Transfer Fraud

A fresh financial controversy has erupted involving former Yes Bank MD Rana Kapoor and Suraksha Asset Reconstruction Company (ARC). Rakesh Wadhawan, associated with HDIL, has filed a formal complaint alleging fraud in the transfer of a ₹600 crore loan account to Suraksha ARC-11 Trust in violation of Reserve Bank of India (RBI) guidelines.

Key Highlights:
- Nature of Complaint: Wadhawan filed a 16-page written complaint with the Economic Offences Wing (EOW), demanding a thorough criminal investigation against Rana Kapoor, Suraksha ARC promoter Sudhir Valia, and other officials.
- Core Allegation: The complaint states that the ₹600 crore loan account—initially approved by Yes Bank for HDIL's 'Upvanwale Housing Project' in Virar, Maharashtra—was transferred to the ARC without ever being declared a Non-Performing Asset (NPA).
- Collateral and Terms: Wadhawan claimed that properties worth over ₹2,000 crore (including land, development rights, and receivables) were mortgaged against the loan, and interest payments were being made regularly during the 48-month moratorium period before the sudden transfer without prior notice.