Yes Bank’s investments in DHFL ‘linked’ to Rs 3,094 cr loans given to Radius group: CBI

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The Central Bureau of Investigation (CBI) recently submitted a supplementary chargesheet before a special court in the DHFL-Yes Bank case, adding developer Sanjay Chhabria and his five firms as accused. The agency said that investigation revealed that investments made by Yes Bank in non-convertible debentures (NCDs) of Dewan Housing Finance Limited (DHFL) were “intricately linked” to loans sanctioned to Chhabria’s Radius Group.
On April 28 this year, the agency had arrested Chhabria of Radius Group of developers for his alleged role in the default of loan repayment to DHFL. Radius Group owes over Rs 3,000 crore to DHFL.
The supplementary chargesheet filed last month stated that loans of about Rs 3,094 crore were sanctioned by DHFL to Chhabria’s companies shortly after receipt of the funds invested by Yes Bank Ltd in DHFL.
Now there are 20 accused in the case, including Yes Bank founder Rana Kapoor, his family members and DHFL promoters Kapil and Dheeraj Wadhawan.
The agency also said that Kapil Wadhawan began disbursing loans to Chhabria without any appraisal or proper credit process notes and Rs 416 crore was disbursed during a period of four months in 2018 after Yes Bank invested in DHFL.
It said that of Rs 416 crore, Rs 80 crore was disbursed in one day with an approval by Wadhawan within 22 minutes after an email was received from his team regarding the same . In another instance, approval regarding Rs 70 crore was given in six minutes.
The CBI said 49 units in a Bandra Kurla Complex (BKC) project were offered by Radius Group firms to DHFL for the said loans as mortgages. The agency claimed that an employee of the Radius group had stated that concerned units were already mortgaged to other lenders and hence “simply did not exist”.
The CBI said that all the said loans were unsecured and were neither repaid nor any formal application for project finance was received. Subsequently, Chhabria refused to repay them when the DHFL office pursued it. Chhabria had said the Wadhawans owed him Rs 250 crore. Later, DHFL promoter Dheeraj Wadhawan provided mortgage for the said loans availed by Chhabria.
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