The enforcement directorate (ED) on Wednesday attached assets totalling Rs415 crore in Yes Bank-DHFL Fraud case.
The agency attached the assets worth Rs251 crore of Sanjay Chhabria and the assets worth Rs164 crore of Avinash Bhosale.
The attached assets of Sanjay Chhabria are in the form of a land parcel located in Santa Cruz (Mumbai) worth Rs116.5 crore; 25% equity shares of Mr Chhabria's company held in land parcel located at Bengaluru worth Rs115 crore; a flat located in Santa Cruz (Mumbai) worth Rs3 crore; profit receivable from a hotel belonging to Mr Chhabria located at Delhi Airport worth Rs13.67 crore and three high-end luxury cars of Sanjay Chhabria worth Rs3.10 crore.
Attached assets of Avinash Bhosale are in the form of duplex flat belonging to Bhosale, located in Mumbai worth Rs102.8 crore, one land parcel located at Pune worth Rs14.65 crore, one more land parcel located at Pune worth Rs29.24 crore, a land parcel located at Nagpur worth Rs15.52 crore and another portion of land located at Nagpur to the extent of Rs1.45 crore.
The ED has initiated an investigation against Rana Kapoor of Yes Bank and Kapil Wadhawan and Dheeraj Wadhawan promoters of Dewan Housing Finance Ltd (DHFL) on the basis of an FIR (first information report) registered under Sections 120B read with 420 of IPC and Section 7, 12 & 13(2) r/w13 and 10(d) of PC Act, by the CBI.
It was alleged that Rana Kapoor had entered into a criminal conspiracy with Kapil Wadhawan, promoter director of DHFL and others for extending financial assistance to DHFL by Yes Bank Ltd. in lieu of substantial undue benefit to himself and his family members through the companies held by them.
Rana Kapoor through Yes Bank Ltd invested Rs3,700 crore in the short term non-convertible debentures of DHFL and Rs283 crore in Masala Bonds of DHFL.
Simultaneous to this investment made by Yes Bank in DHFL, Kapil Wadhawan through DHFL paid a kickback of Rs600 crore, in the garb of loan, to one of Rana Kapoor's beneficially-owned companies, namely, DOIT Urban Ventures (India) Pvt Ltd.
"Investigation further reveals that immediately after the said transfer of funds to the tune of Rs3,983 crore by Yes Bank to DHFL, appraised and sanctioned loans to Radius Group of Sanjay Chhabria received funds to the tune of Rs2,317 crore as loan from DHFL in the name of development of his project 'Avenue 54' at Santacruz, Mumbai and then Sanjay Chhabria diverted the same without using it for the declared purpose," the ED said.
The agency also learnt that Sanjay Chhabria further connived with Avinash Bhosale and diverted funds to his various beneficially-owned companies.
Apart from this, Mr Bhosale had connived with Mr Wadhawan and received Rs71.82 crore from DHFL in the garb of providing certain services to DHFL and other entities.
"However, the so-called services have never been provided and the same was utilised by Bhosale for his beneficial use," the official said.
Earlier, the ED had attached properties worth Rs1,412 crore, seized five high-end vehicles of Wadhawans having value of Rs12.59 crore and also attached properties worth Rs600 crore of Rana Kapoor.
Kapil Wadhawana and Dheeraj Wadhawan were arrested on 14th May and Rana Kapoor was arrested on 8th March, Sanjay Chhabria was held on 7 June 2022 and Bhosale was arrested on 28th June in this case. All are in judicial custody currently.
With this action, the total attachment is now Rs1,827 crore in this case.
Further investigation is under progress.
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