DHFL-Yes Bank Scam: CBI Recovers Incriminating Documents in Raids
The central bureau of investigation (CBI) has recovered incriminating documents from the premises of three top realtors—Shahid Balwa, Avinash Bhonsle and Vinod Goenka—in Mumbai and Pune during raids in connection with Yes Bank-DHFL scam.
 
The federal probe agency had arrested Sanjay Chabaria of Radius Developers, three days back and raids were conducted following his interrogation.
 
Radius Developers had taken a loan of Rs3,000 crore from Dewan Housing Finance Limited (DHFL) on the pretext of financing a project in Mumbai.
 
"Bhonsle, Goenka and Balwa allegedly used their firms to channel money of the loan. Hence their premises were also raided," the source had said.
 
The source said that they have recovered a few incriminating documents, digital and documentary evidence in the raids conducted on Saturday.
 
A few persons were also quizzed by the CBI. The sources said that more arrests in the case is likely.
 
In March 2020, a case of loan fraud of Rs3,600 crore was lodged by the CBI against Rana Kapoor, the promoter director and CEO (chief executive officer) of Yes Bank for entering into a criminal conspiracy with Kapil Wadhawan, promoter director of DHFL and others.
 
They extended financial assistance to DHFL by Yes Bank Limited in lieu of substantial undue benefit to himself and his family members through the companies held by them.
 
Between April and June 2018, Yes Bank Limited invested Rs3,700 crore in the short-term debentures of DHFL. Simultaneously, Wadhawan paid a kickback of Rs600 crore to Kapoor and his family members in the garb of builder loan of Rs600 crore given by DHFL to DOIT Urban Ventures (lndia) Private Limited, a wholly owned subsidiary of RAB Enterprises (lndia) Private limited in which Bindu Kapoor, wife of Kapoor is a director and 100% shareholder.
 
Daughters of Kapoor Roshini Kapoor, Radha Kapoor Khanna and Raakhe Kapoor Tandon are 100% shareholders of DOIT Urban Ventures (lndia) Private Limited through Morgan Credits Private Limited.
 
It was learnt that loan of Rs600 crore was sanctioned by DHFL to DOIT Urban Ventures (lndia) Private Limited on the basis of a mortgage of a sub-standard property having very meager value and by considering its future conversion from agricultural land to the residential land.
 
Also, the DHFL had not redeemed the amount of Rs3,700 crore invested by Yes Bank in its debentures till date. In addition to the above-mentioned, Yes Bank also sanctioned a loan of Rs750 crore to RKW Developers Private Limited which is a DHFL group company for their Bandra Reclamation project.
 
And the whole amount was siphoned off by Mr Wadhawan since the entire amount was transferred by RKW Developers Private Limited to DHFL without making investment in Bandra Reclamation project for which the loan was sanctioned. Thus, Mr Kapoor, obtained undue pecuniary advantage from DHFL through the companies held by his wife and daughters. It was also learnt that Mr Kapoor had obtained illegal kickbacks directly or indirectly through entities controlled by him or his family members.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
Comments
r_ashok41
2 months ago
lots of underhand dealings have taken place in our financial setup with the backing of the finance ministry dept who also were hand in glove with such dealings and probably were getting a commission and there is no dearth to the siphoning out of the funds and these are just a tip of the icebert with so many money laundering schemes
Xiaomi Says Will Clarify All Misunderstandings after ED Seizes Rs5,551.27 Crore under FEMA
IANS 02 May 2022
Hours after the enforcement directorate (ED) seized Rs5,551.27 crore of Xiaomi Technology India Private Limited lying in the bank accounts under the provisions of Foreign Exchange Management Act (FEMA) in connection with the illegal...
Empowered group approves sale of Pawan Hans to Star 9 at Rs211 crore
IANS 02 May 2022
The Alternative Mechanism, committee empowered by the CCEA, has approved the highest bid of Star 9 Mobility Private Ltd for sale of entire government's 51 per cent of shareholding of Pawan Hans Limited (PHL) and transfer of...
Reliance, Viacom18 Ink Pact with James Murdoch. Uday Shankar's Bodhi Tree Systems To Form TV, Digital Streaming Platforms
IANS 28 April 2022
Reliance and Viacom18 on Wednesday announced a strategic partnership with Bodhi Tree Systems—a platform of James Murdoch's Lupa Systems and Uday Shankar—to form one of the largest TV and digital streaming companies in...
Ravi Parthasarathy, Former Chairman of the Controversial IL&FS Passes Away
Moneylife Digital Team 27 April 2022
Ravi Parthasarathy, the man who built Infrastructure Leasing & Financial Services (IL&FS) into a gigantic hydra-headed conglomerate passed away today after suffering from cancer for several years. 
 
He was one of the first...
Free Helpline
Legal Credit
Feedback