dhfl: Yes Bank-DHFL case: CBI raids 3 leading real estate agent sites in Maharashtra

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MUMBAI: The CBI team investigating the Yes Bank-DHFL loan fraud case on Saturday raided eight premises belonging to developers Vinod Goenka, Shahid Balwa and Avinash Bhosale, as well as Rajkumar Kandaswami and Satyan Tondon of Wizard Constructions in Mumbai and Pune . The raid continued until late Saturday evening, and documents and digital evidence were collected.
The central agency is investigating their financial link with Dewan Housing Finance Corporation Ltd (DHFL) and Radius Group. He had arrested Sanjay Chhabria of the Radius Group on Thursday.
The CBI is investigating a fraud case in which Yes Bank, then headed by Rana Kapoor, sanctioned loans to the DHFL Group in 2018. Former DHFL promoters Kapil Wadhawan and his brother Dheeraj allegedly siphoned off the loan money and defaulted on Yes Bank payments. Rana Kapoor allegedly helped the Wadhawan brothers with loans instead of bribes.
The CBI said that immediately after Yes Bank’s investment of Rs 2,700 crore in DHFL during the first week of June 2018, DHFL sanctioned loans of Rs 1,100 crore and Rs 900 crore to Radius Estate Projects and Sumer Radius Realty. Both companies were controlled by Chhabria.
Kapil Wadhawan also disbursed Rs 416 crore to Radius Estates and Developers without any assessment or risk assessment. Two other companies controlled by Chhabria, Flag Industries India and Raghuleela Builders, had been used to embezzle funds, the CBI alleged.
The CBI sources said they suspected that construction companies associated with the Goenka, Balwa, Bhosale and Wizard Constructions groups had been used to misappropriate the loan money. The CBI is investigating their financial dealings with the companies DHFL and Radius Group.
The CBI said Rana Kapoor entered into a criminal conspiracy with the Wadhawan brothers by providing financial assistance to their company, DHFL, instead of substantial improper benefits for himself and his family members.
Yes Bank had invested Rs 3,983 crore in short-term non-convertible debentures of DHFL between April and June 2018. Shortly after, Kapil Wadhawan through DHFL paid Rs 600 crore as bribes -wine to Rana Kapoor and her family members in the form of loans. Yes Bank has sanctioned another loan of Rs 750 crore to RKW Developers, a DHFL Group company, for their Bandra rehabilitation project. But the money was allegedly embezzled by the Wadhawan brothers.
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