MUMBAI: The Central Bureau of Investigation (CBI) arrested Sanjay Chabria of Radius group on Thursday in a cheating case related to Yes Bank and Dewan Housing Finance Corporation Ltd (DHFL) scam. The CBI is likely to produce him before a court on Friday.
Earlier, CBI had searched his house and business premises in the case.
CBI learned that few years ago, substantial part of the Rs 3,700 crore that DHFL received from Rana Kapoor-led Yes Bank as investment, had diverted to Radius group. Later, DHFL defaulted on the Yes Bank loan. Yes Bank
additionally sanctioned a Rs750-crore loan to DHFL group company for a slum rehabilitation project at Bandra Reclamation but the money was siphoned off and not used for the project.
Radius and Sumer groups were developing a joint venture project at Santacruz for which they had taken a Rs 750-crore loan from Yes Bank and were finding difficult to repay. From the Rs 750 crore loan that DHFL received from Yes
Bank, it diverted R$ 450 crore to the Radius- Sumer group, which used the money to pay their existing dues to Yes Bank.
It was alleged that in lieu of Yes Bank’s fraudulent investment-loan, Rana Kapoor received Rs 600 crore as kickback from DHFL group in the garb of a loan to his daughters’ company, DOIT Urban Ventures. CBI had also conducted an initial investigation related to the suspicious transactions with Radius Group. The CBI examined business dealings between DHFL and Radius Group.
Earlier, CBI had searched his house and business premises in the case.
CBI learned that few years ago, substantial part of the Rs 3,700 crore that DHFL received from Rana Kapoor-led Yes Bank as investment, had diverted to Radius group. Later, DHFL defaulted on the Yes Bank loan. Yes Bank
additionally sanctioned a Rs750-crore loan to DHFL group company for a slum rehabilitation project at Bandra Reclamation but the money was siphoned off and not used for the project.
Radius and Sumer groups were developing a joint venture project at Santacruz for which they had taken a Rs 750-crore loan from Yes Bank and were finding difficult to repay. From the Rs 750 crore loan that DHFL received from Yes
Bank, it diverted R$ 450 crore to the Radius- Sumer group, which used the money to pay their existing dues to Yes Bank.
It was alleged that in lieu of Yes Bank’s fraudulent investment-loan, Rana Kapoor received Rs 600 crore as kickback from DHFL group in the garb of a loan to his daughters’ company, DOIT Urban Ventures. CBI had also conducted an initial investigation related to the suspicious transactions with Radius Group. The CBI examined business dealings between DHFL and Radius Group.
,