The CBI has arrested realtor Sanjay Chhabria of Radius Developers in connection with a case of alleged corruption against Yes Bank and Dewan Housing Finance Corporation Ltd (DHFL).
According to the CBI FIR, the scam started taking shape between April and June in 2018 when Yes Bank invested Rs 3,700 crore in short-term debentures of DHFL for which Wadhawan allegedly paid Rs 600 crore to Kapoor and his family members in the form of loan.
The agency has alleged that the loan was sanctioned by DHFL to DoIT Urban Ventures (India) Pvt Ltd on the basis of mortgage of sub-standard properties having a very negligible value and by considering its future conversion from agricultural land to residential land.
Additionally, Yes Bank also sanctioned a loan of Rs 750 crore to RKW Developers Pvt Ltd, a DHFL group company, whose Director is Dheeraj Wadhawan, for its Bandra reclamation project, which was transferred by it to DHFL without any investment in the project for which it was sanctioned.
The CBI had registered the case in 2020 against Yes Bank’s Founder Rana Kapoor and Kapil Wadhawan of DHFL, among others. It also alleged that Kapoor's daughters Roshini, Radha and Rakhee, are 100 percent shareholders of DoIT Urban Ventures through Mogran Credits Pvt Ltd.
