The Central Bureau of Investigation is conducting searches at seven locations in Mumbai today in connection with the Yes Bank scam pertaining to the Rs 600 crore alleged bribe to the family of its co-founder Rana Kapoor by Dewan Housing Finance Corporation Ltd, DHFL.

Speaking to Air Mumbai the Chief Information Officer of CBI said, the searches are in progress at seven locations in Mumbai including residence and official premises of the accused Rana Kapoor.

The agency has alleged that Kapoor entered into a criminal conspiracy with Kapil Wadhawan, DHFL promoter, for extending financial assistance to DHFL through Yes Bank in return for substantial undue benefits to himself and his family members through companies held by them.

According to the CBI FIR, the scam started taking shape between April and June, 2018 when Yes Bank invested Rs 3,700 crore in short-term debentures of the scam-hit Dewan Housing Finance Corporation Ltd (DHFL).

In return, Wadhawan allegedly “paid kickback of Rs 600 crore” to Kapoor and family members in the form of loan to DoIT Urban Ventures (India) Pvt Ltd.

Meanwhile, yesterday CBI registered a criminal case against Rana Kapoor, who is currently in Enforcement Directorate’s custody till March 11. The CBI also booked Dewan Housing Finance Limited promoter Kapil Wadhawan and Doit Urban Ventures (India) Limited. The CBI charged these people of criminal conspiracy, cheating and corruption under relevant sections of Indian Penal Code and Sections 7, 12 and 13 of the Prevention of Corruption Act.