CBI Files Additional Costs Sheet in Alleged DHFL-Yes Bank Loan Fraud Case

The Central Bureau of Investigation (CBI) on Monday filed its additional indictment in connection with the Rs 3,700 crore Yes Bank-DHFL loan fraud case.

“An additional indictment was filed today against Avinash N. Bhosale, Satyan Gopaldas Tandon, Metropolis Hotels LLP, ABIL Infraprojects Pvt Ltd, ABIL Hospitality Pvt Ltd, Arindam Developers LLP, Avinash Bhosale Group and Flora Developments Ltd,” the CBI said.

The federal investigative agency had arrested Sanjay Chabaria of Radius Developers in May. Radius Developers has taken a loan of Rs 3,000 crore from Dewan Housing Finance Ltd (DHFL) under the guise of financing a project in Mumbai.

“Bhonsle, Goenka and Balwa allegedly used their businesses to channel the loan money. As a result, their premises were also raided,” the CBI had said.

In March 2020, a loan fraud case of Rs 3,600 crore was filed by the CBI against Rana Kapoor, the Promoter Director and CEO of Yes Bank for entering into a criminal conspiracy with Kapir wadhawan, the Promoter Director of DHFL and others.

Financial assistance was given to DHL by Yes Bank in lieu of substantial undue benefits to himself and his family members through the companies they owned.

Between April and June 2018, Yes Bank Ltd invested Rs 3,700 crore in short term debentures of DHFL. Simultaneously, Wadhawan paid a bribe of Rs 600 crore to Kapoor and his family members in the form of a builder loan of Rs 600 crore granted by DHFL to DOIT Urban Ventures (India) Pvt Ltd, a wholly owned subsidiary of RAB Enterprises (India) Pvt Ltd of which Bindu Kapoor, Kapoor’s wife, is a director and 100% shareholder.

Kapoor’s daughters – Roshini Kapoor, Radha Kapoor Khanna and Raakhe Kapoor Tandon were 100% shareholders of DOIT Urban Ventures (India) Pvt Ltd through Morgan Credits Pvt Ltd.

It has come to light that a loan of Rs 600 crore was sanctioned by DHFL to DOIT Urban Ventures on the basis of mortgaging a substandard property with very low value and contemplating its future conversion from farmland to land residential.

It has also been learned that DHFL has not repaid the amount of Rs 3,700 crore invested by Yes Bank in its debentures till date. In addition to the above, Yes Bank has also sanctioned a loan of Rs 750 crore to RKW Developers Pvt Ltd – a DHFL Group company – for its Bandra rehabilitation project.

The entire amount was siphoned off by Wadhawan since the entire amount was transferred by RKW Developers to DHFL without investing in the Bandra project for which the loan was sanctioned. Thus, Kapoor obtained an undue pecuniary advantage from DHFL through the companies owned by his wife and daughters. It was also learned that Kapoor obtained illegal bribes directly or indirectly through entities controlled by him or his family members.

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