sanjay chhabria: Yes Bank scam: CBI arrests Radius Group MD, Sanjay Chhabria | #phishing | #scams

The Central Bureau of Investigation (CBI) probing the Yes Bank scam Thursday arrested builder Sanjay Chhabria of the Radius group, sources said.

Radius Group was one of the biggest borrowers on the erstwhile DHFL with an outstanding loan with interest of around Rs 3,000 crores for a residential project in suburban Mumbai. The project is a joint venture between Radius and Sumer Group.

Radius group spokesperson wasn’t immediately available for a comment.

The promoters of erstwhile DHFL, Kapil and Dhiraj Wadhawan are currently in jail in connection with the cases registered by CBI and the Enforcement Directorate for the alleged fraud caused to Yes Bank in connivance with the bank’s cofounder Rana Kapoor who is also lodged at Taloja jail on the outskirts of Mumbai.

In September, Piramal Capital and Housing Finance’s (PCHF) had completed the acquisition of DHFL for Rs 34,250 crore which includes a cash component and non-convertible debentures.

As per the CBI, Rana Kapoor, a cofounder of Yes Bank, and his family members had allegedly received kickbacks of around Rs 600 crore for an investment of Rs 3,700 crore made by the bank in housing finance company DHFL’s debentures.

CBI in its two chargesheets filed against Kapoor, his family members and four former junior employees of the bank in connection with the corruption case, which pertains to the loans given to the now bankrupt financial firm DHFL. The accused were summoned and the hearing in the matter was scheduled for Saturday.

According to the CBI’s first chargesheet filed last year, in June 2018, Kapoor, then the head of Yes Bank’s management credit committee, sanctioned a loan of Rs 750 crore on an application by DHFL promoters, Dheeraj Wadhawan and his brother Kapil Wadhawan, in the name of Belief Realtors Pvt Ltd for development of a Bandra Reclamation Project. This amount was advanced to RKW Developers, a company controlled by Dheeraj Wadhawan although the bank’s risk management team had pointed out multiple and serious issues in the proposal.

The agency’s probe revealed that the loan of Rs 750 crore was not utilised for the stated purpose.

Simultaneously, Kapil Wadhawan is said to have paid a kickback of Rs 600 crore to Kapoor and his family members in the garb of a builder loan from DHFL to DOIT Urban Ventures (India) Private Ltd (DUVPL). Roshini Kapoor, the youngest daughter of Rana Kapoor, is one of the directors of DUVPL.

After deducting a processing fee, an amount of Rs 632 crore was transferred to RKW Developers. This amount was then routed to other entities controlled by the Wadhawans—KYTAAdvisors and RIP Developers—to settle a loan obtained from DHFL for the same Bandra Reclamation Project in November 2015.

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