HomeBusiness Newsdhfl: Yes Bank-DHFL case: CBI raids 3 top realtors' sites in Maharashtra

dhfl: Yes Bank-DHFL case: CBI raids 3 top realtors’ sites in Maharashtra


MUMBAI: The CBI team probing the Yes Bank-DHFL loan fraud case raided on Saturday eight premises belonging to developers Vinod Goenka, Shahid Balwa and Avinash Bhosale, along with Rajkumar Kandaswami and Satyan Tondon of Wizard Constructions in Mumbai and Pune. The raid continued till late Saturday night, and documents and digital evidence were collected.
The central agency is investigating their financial connection with Dewan Housing Finance Corporation Ltd (DHFL) and Radius Group. It had arrested Sanjay Chhabria of the Radius Group on Thursday.
The CBI is investigating a fraud case where Yes Bank, then led by Rana Kapoor, had sanctioned loans to the DHFL group in 2018. DHFL’s erstwhile promoters Kapil Wadhawan and his brother Dheeraj allegedly siphoned off the loan money and defaulted on Yes Bank payments. Rana Kapoor allegedly helped Wadhawan brothers with the loans in lieu of kickbacks.
The CBI said immediately after the Yes Bank investment of Rs 2,700 crore in DHFL in the first week of June 2018, DHFL sanctioned loans of Rs 1,100 crore and Rs 900 crore to Radius Estate Projects and Sumer Radius Realty. Both the companies were controlled by Chhabria.
Kapil Wadhawan also disbursed Rs 416 crore to Radius Estates and Developers without any appraisal or risk assessment. Two other Chhabria-controlled companies, Flag Industries India and Raghuleela Builders, had been used for fund diversion, alleged the CBI.
The CBI sources said they suspect that construction companies associated with Goenka, Balwa, Bhosale and Wizard Constructions group had been used for siphoning off the loan money. The CBI is investigating their financial transactions with DHFL and Radius Group companies.
The CBI said Rana Kapoor entered into criminal conspiracy with the Wadhawan brothers by giving financial assistance to their company, DHFL, in lieu of substantial undue benefits to himself and his family members.
Yes Bank had invested Rs 3,983 crore in short term non-convertible debentures of DHFL between April-June 2018. Shortly after this, Kapil Wadhawan through DHFL paid Rs 600 crore as kickbacks to Rana Kapoor and his family members in the garb of loans. Yes Bank sanctioned another loan of Rs 750 crore to RKW Developers, a group company of DHFL, for their Bandra reclamation project. But the money was allegedly siphoned off by Wadhawan brothers.





Source link

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

Recent Comments