Sanjay Chhabria booked for cheating Yes Bank of ₹122 cr
Vijay Kumar Yadav
MUMBAI: Police have booked builder Sanjay Chhabria for allegedly duping Yes Bank of nearly ₹122 crore.
Chhabria, a director of Radius Estate and Developers Private Limited and Raghuleela Builders Private Limited, was arrested last month by the Central Bureau of Investigation in the Dewan Housing Finance Corporation Limited (DHFL)-YES Bank fraud case.
He is accused of taking a term loan and an overdraft facility from Yes Bank and defaulting on repayment. The bank’s internal inquiry revealed that he allegedly diverted funds and utilised them for purposes other than what they were availed of for.
On behalf of Yes Bank, its senior executive Ganesh Warang filed two complaints at Dadar police station and the FIRS were registered on May 18. The cases were later transferred to the Economic Offences Wing (EOW), which is already investigating multiple fraud cases on the complaints of the bank.
According to the police, the first case pertains to embezzlement of funds taken through an overdraft facility and causing a loss of ₹30.39 crore to Yes Bank. Besides Chhabria, three other directors of Radius Estate and Developers are named as accused in the case. EOW officials said the directors concealed the actual financial information of the real estate company and availed of the overdraft facility.
The second case is related to a term loan of ₹91.83 crore taken by Raghuleela Builders, again by keeping Yes Bank in the dark about the company’s real financial situation. The case is registered against Chhabria and his wife Ritu.
The alleged frauds took place between 2014 and 2020, EOW sources said.
The CBI has been probing Yes Bank founder Rana Kapoor and DHFL for allegedly causing a huge loss to the bank. As per the agency, Kapoor had received kickbacks of ₹650 crore in lieu of investments of ₹3,700 crore by the bank in DHFL. Besides, Yes Bank had given an additional loan of ₹750 crore to a firm also controlled by DHFL promoters Dheeraj Wadhawan and his brother Kapil Wadhwan.
THE BANK INQUIRY REVEALED THAT SANJAY CHHABRIA DIVERTED FUNDS AND UTILISED THEM FOR OTHER PURPOSES