Yes Bank-DHFL case: CBI searches premises of top builders, bizman in Mumbai, Pune

The CBI officials did not immediately reveal whether any documents or digital devices had been taken into possession for investigation purposes during the searches

Somendra SharmaUpdated: Saturday, April 30, 2022, 11:13 PM IST
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CBI | Photo: Representative Image

Teams from the Central Bureau of Investigation (CBI) carried out searches at eight locations in Mumbai and Pune at the premises linked to builders Shahid Balwa, Vinod Goenka and Pune businessman Avinash Bhosale on Saturday, in connection with the Yes Bank and DHFL fraud case.

“Searches are being carried out at the premises of builders Shahid Balwa and Vinod Goenka and that of Avinash Bhosale. The searches are in connection with the Yes Bank and DHFL fraud case,” confirmed a top CBI officer.

However, CBI officers did not immediately reveal whether any documents or digital devices had been taken into possession for investigation purposes during the searches. “Some information had come to light during the investigation, after which searches were conducted,” the officer said.

The CBI had, on Thursday, arrested builder and Radius Group MD Sanjay Chhabria in connection with the said case. Chhabria was produced before the court on Saturday, which remanded him in police custody till May 6.

As per CBI officials, in June 2018, the DHFL appraised and sanctioned loans of Rs 1,100 crore and Rs 900 crore to M/s Radius Estate Projects Pvt Ltd (REPPL) and Sumer Radius Realty Pvt Ltd (SRRPL), respectively, two companies controlled by Chhabria. Kapil Wadhawan of the DHFL also disbursed loans amounting to Rs 416 crore to M/s Radius Estates and Developers Pvt Ltd (REDPL) and REPPL without any appraisal or risk assessment of the said Radius Group concerns.

The CBI said in its remand application that pursuant to the sanction of the loan of Rs 750 crore by Yes Bank to M/s Belief Realtors Pvt Ltd (BRPL), an amount of Rs 632 crore was diverted by BRPL to the accounts of DHFL and a major part of the said amount was thereafter transferred by DHFL to M/s Flag Industries India Pvt Ltd and other companies owned by Chhabria on September 29, 2018.

In its application, the CBI has alleged that the disbursement of the BRPL loan was also facilitated by Chhabria, by way of execution of a development management agreement dated August 10, 2018, with the said M/s BRPL through another company controlled by Radius Group (Raghuleela Builders Pvt Ltd; RBPL).

The execution of the said DM agreement was a prerequisite for the loan sanctioned by Yes Bank to M/s BRPL. The CBI said in its application, “Significant amounts from the aforesaid loans have been diverted and it is essential to interrogate the accused with regard to utilisation of the said funds and the whereabouts thereof. The custodial interrogation of Chhabria is necessary to ascertain the end use of aforesaid loans aggregating to Rs 3,094 crore, for the purpose of recovery of material evidence pertaining to the said transactions and the related issues.”

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