Updated: February 16, 2022 1:11:52 am
The Central Bureau of Investigation (CBI) on Tuesday searched six premises linked to Sanjay Chhabria-led Radius Developers in Mumbai and Pune. Radius is one of the biggest borrowers of the erstwhile Deewan Housing Finance Ltd (DHFL).
The CBI is probing Yes Bank Ltd’s former co-founder Rana Kapoor and DHFL for allegedly causing loss to the bank. According to the CBI, Kapoor had received kickbacks of Rs 650 crore in lieu of investments worth Rs 3,700 crore by the bank in DHFL.
DHFL had defaulted on repayment of Rs 91,000 crore to its lenders. In February, 2021, DHFL was acquired by Piramal Capital and Housing Finance for Rs 37,250 through the bankruptcy resolution process.
Radius Developers owes Rs 3,000 crore to DHFL. The realty company had borrowed from DHFL to finance a residential project in suburban Mumbai.
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Earlier, the Enforcement Directorate (ED), which is also probing DHFL and Kapoor, had recorded the statement of Chhabria in connection with the alleged Rs 750-crore loan from Yes Bank to Belief Realtors Private Ltd, a company owned by the promoters of DHFL.
The ED found that in 2018, Yes Bank gave Rs 750 crore to Belief Realtors for redevelopment of slums at Bandra reclamation in Mumbai along with Radius Developers. Of the total loan, Yes Bank charged Rs 118 crore as processing fees and the remaining Rs 632 crore was transferred to Belief Realtors. The ED has claimed this money was immediately diverted to Kyta Advisers, another entity connected to DHFL promoters.
The two promoters of DHFL– Kapil Wadhawan and Dheeraj Wadhawan as well as Rana Kapoor are currently in jail.
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