Radius Group MD Chhabria arrested
The Central Bureau of Investigation (CBI) arrested on Thursday Mumbai-based realtor Sanjay Chhabria of the Radius Group in connection with a cheating case, agency officers said.
The Radius group was one of the biggest borrowers of DHFL. The group took loans for a residential project in Mumbai. The loan and the interest thereon was a staggering Rs 3,000 crores.
According to the CBI, Chhabria, 45, the managing director of Radius Developers, was arrested in connection with an FIR filed by the agency in March 2020.
As per the FIR, during 201819, the then promoter-director and CEO of M/s Yes Bank Limited, Rana Kapoor, had entered a criminal conspiracy with Kapil Wadhawan, promoter-director of M/s DHFL, and others, for extending financial assistance to M/s DHFL by M/s Yes Bank Limited in lieu of substantial undue benefit to himself and his family members through the companies held by them.
“During the month of April to June 2018, Yes Bank invested Rs 3,700 crore in the short-term debentures of M/s DHFL. Simultaneously, Kapil Wadhawan paid a kickback of Rs 600 crore to Rana Kapoor and his family members in the garb of builder loan of Rs 600 crore given by M/s DHFL to M/s DOIT Urban Ventures (lndia) Private Limited, a wholly owned subsidiary of M/s RAB Enterprises (lndia) Private Limited, in which Bindu Kapoor, wife of Rana Kapoor, is a director and 100% shareholder. Daughters of Rana Kapoor - Roshini Kapoor, Radha Kapoor Khanna and Raakhee Kapoor Tandon - are 100% shareholders of M/s DOIT Urban Ventures (lndia) Private
limited through M/s Morgan Credits Private Limited,” the FIR alleged.
“It had been further learnt that loan of Rs 600 crore was sanctioned by M/s DHFL to M/s DOIT Urban Ventures (lndia) Private Limited on the basis of a mortgage of a sub-standard property having very meagre value and by considering its future conversion from agricultural land to residential land. It has been learnt that M/s DHFL has not redeemed the amount of Rs 3,700 crore invested by M/s YES Bank in its debentures till date. It has been further learnt that in addition to the above, M/s Yes Bank Limited also sanctioned a loan of Rs 750 crore to M/s RKW Developers Private Limited (Director Dheeraj Rajesh Kumar Wadhawan), which is a DHFL group company, for their Bandra
Reclamation Project, Mumbai, and the whole amount was siphoned off by Kapil Wadhawan since the entire amount was transferred by M/s RKW Developers Private Limited to M/s DHFL without making investment in Bandra Reclamation Project for which the loan was sanctioned,” the FIR had alleged.
“Rana Kapoor obtained undue pecuniary advantage from M/s DHFL in the matter of investment in the debentures of M/s DHFL by M/s Yes Bank, through the companies held by his wife and daughters. It is also apprehended that Rana Kapoor has obtained illegal kickbacks directly or indirectly through entities controlled by him or his family members. In the said case, later the role of Chhabria had surfaced, after which he was arrested in Mumbai. He will be produced before the court on Friday,” said a CBI officer.