Mumbai, May 25: The Sessions Court on Monday refused interim protection from arrest to Suraksha ARC director Sudhir Valia, an accused in an alleged Rs 1,000-crore financial fraud case also involving former Yes Bank chief Rana Kapoor.
Court rejects plea for interim relief
Valia had approached the Sessions Court seeking anticipatory bail in the case registered at the Worli Police Station. His lawyer, Vibhav Krishna, sought interim relief from arrest.
Rejecting the plea, the court observed, “I have gone through allegations made in FIR. The allegations are serious. I have considered the say (of the prosecution).” The matter is now scheduled for hearing on June 1.
Allegations over transfer of mortgaged properties
Valia and Kapoor have been booked over the alleged transfer of mortgaged properties worth around Rs 1,000 crore. Seeking anticipatory bail, Valia claimed he was merely one of six directors of Suraksha ARC and had been falsely implicated in the case.
Complaint filed by Sapphire Land Development associate
The FIR was lodged on the complaint of Lakhminder Singh, associated with Sapphire Land Development Pvt Ltd, a firm linked to Housing Development and Infrastructure Limited (HDIL).
According to the complaint, Sapphire Land Development availed a Rs 150-crore credit facility from Yes Bank in September 2016 after HDIL faced financial stress.
Properties worth Rs 1,000 crore mortgaged
To secure the loan, properties worth nearly Rs 1,000 crore belonging to HDIL and its group companies were mortgaged. These included Dreams Mall in Bhandup, Harmony Mall in Goregaon, Annex Mall in Kandivali, Kulraj Broadway in Vasai, and development rights over land parcels in Virar and Nahur.
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Loan recovery rights under scrutiny
Singh alleged that within 10 months, Yes Bank transferred the loan recovery rights to Suraksha ARC without due process and arranged the mandatory Rs 22.50-crore margin money through accounts linked to Suraksha ARC entities.
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