Niira Radia, sister to be questioned over role in ₹300-cr fraud

NEW DELHI: The Delhi Police on Tuesday said they have summoned corporate lobbyist Niira Radia and her sister Karuna Menon in connection with allegations that a dummy company was set up to siphon off ₹300 crore from a Yes Bank loan. The notices were sent by the economic offences wing (EOW) on October 18 (Monday), a day after the EOW announced the arrest of Yateesh Wahaal, Satish Kumar Narula, and Rahul Singh Yadav in the case.

Police said Wahaal and Narula are directors of Nayati Health Care and Research NCR Pvt Ltd, which Radia allegedly floated. Yadav is the proprietor of the dummy firm named Ahluwalia Construction that was used to siphon off the bank loan. The arrests were made following investigation into a case of criminal breach of trust, cheating, forgery and criminal conspiracy that was registered on November 4, 2020. The three accused have been booked for cheating, forgery and criminal conspiracy.

Police said they learnt that Radia allegedly floated the firm during the questioning of the three. “We learnt about her links with the company after the arrest. Apart from Radia, the link of her sister Karuna Menon with the company also emerged during the investigation. We issued summons to Radia and Menon on October 18, asking them to join the probe within three days. More beneficiaries of the money siphoned off are being identified, and will be asked to join the probe,” said additional commissioner of police (EOW) RK Singh.

He said they received a complaint from one Sharma against Narayani Investment Pvt Ltd, holding company of Nayati Health Care and Research NCR Pvt Ltd, and its promoters and directors namely Niira Radia, her sister Karuna Menon, Yateen Wahaal, Satish Kumar Narula and others.

Radia did not respond to requests for comment.