Mumbai: CBI The team probing the Yes Bank-DHFL loan fraud case on Saturday raided eight premises of the developers Vinod Goenka, Shahid Balwa and Avinash Bhosale, with Rajkumar Kandaswamy and Satyan Tandon of Wizard Construction in Mumbai and Pune. The raids continued till late Saturday and documents and digital evidence were collected.
The central agency is probing his financial links with Dewan Housing Finance Corporation Ltd.DHFL) and radius group. It had arrested Sanjay Chhabria of Radius Group on Thursday.
The CBI is probing a fraud case where Yes Bank, then led by Rana Kapoor, sanctioned a loan to DHFL Group in 2018. Former DHFL promoters Kapil Wadhawan and his brother Dheeraj allegedly siphoned off loan money and defaulted on Yes Bank payments. Rana Kapoor allegedly helped the Wadhawan brothers with loans in lieu of bribes.
CBI said that soon after Yes Bank’s 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 Sumner Radius Realty. Chhabria had control over both the companies.
Kapil Wadhawan disbursed Rs 416 crore to Radius Estates and Developers without any valuation or risk assessment. The CBI alleged that two other companies under Chhabria’s control, Flag Industries India and Raghuleela Builders, were used for fund diversion.
CBI sources said they suspect that construction companies linked to Goenka, Balwa, Bhosale and Wizard Construction Group were used to launder loan money. The CBI is probing his financial transactions with DHFL and Radius Group companies.
The CBI said that Rana Kapoor along with the Wadhawan brothers entered into a criminal conspiracy by giving financial assistance to their company, DHFL, to give substantial undue advantage 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. Soon after, Kapil Wadhawan paid Rs 600 crore through DHFL to Rana Kapoor and his family members under the guise of loans. Yes Bank sanctioned another loan of Rs 750 crore to RKW Developers, a group company of DHFL for them. Bandra improvement project. But the Wadhawan brothers allegedly misappropriated the money.
The central agency is probing his financial links with Dewan Housing Finance Corporation Ltd.DHFL) and radius group. It had arrested Sanjay Chhabria of Radius Group on Thursday.
The CBI is probing a fraud case where Yes Bank, then led by Rana Kapoor, sanctioned a loan to DHFL Group in 2018. Former DHFL promoters Kapil Wadhawan and his brother Dheeraj allegedly siphoned off loan money and defaulted on Yes Bank payments. Rana Kapoor allegedly helped the Wadhawan brothers with loans in lieu of bribes.
CBI said that soon after Yes Bank’s 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 Sumner Radius Realty. Chhabria had control over both the companies.
Kapil Wadhawan disbursed Rs 416 crore to Radius Estates and Developers without any valuation or risk assessment. The CBI alleged that two other companies under Chhabria’s control, Flag Industries India and Raghuleela Builders, were used for fund diversion.
CBI sources said they suspect that construction companies linked to Goenka, Balwa, Bhosale and Wizard Construction Group were used to launder loan money. The CBI is probing his financial transactions with DHFL and Radius Group companies.
The CBI said that Rana Kapoor along with the Wadhawan brothers entered into a criminal conspiracy by giving financial assistance to their company, DHFL, to give substantial undue advantage 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. Soon after, Kapil Wadhawan paid Rs 600 crore through DHFL to Rana Kapoor and his family members under the guise of loans. Yes Bank sanctioned another loan of Rs 750 crore to RKW Developers, a group company of DHFL for them. Bandra improvement project. But the Wadhawan brothers allegedly misappropriated the money.