Mumbai (Maharashtra): Loans of over Rs 400 crore were sanctioned by Kapil Wadhwan of DHFL to companies owned by co-accused Sanjay Chhabriaa without following the norms, the CBI has said in its supplementary charge-sheet. The agency filed the additional charge sheet in the case of cheating against Yes Bank founder Rana Kapoor and Dewan Housing Finance Limited (DHFL) promoters Kapil and Dheeraj Wadhawan last month.
The charge-sheet, the third in the case, also named Chhabriaa as accused. The special CBI court here took cognizance of the charge sheet earlier this week. The charge sheet listed multiple loans sanctioned by Rana Kapoor when he was with Yes bank, and their multiple diversion to companies owned by the co-accused.
Loans of Rs 316 crore and 100 crore were disbursed to Radius Estate and Developers and Radius Estate Projects, both owned by Chhabriaa, between January and May 2018, the CBI said. Kapil Wadhawan had greenlighted these loans, the charge sheet said. He used to allow disbursement of loans by merely according approval on e-mails, without any appraisal and credit process notes, it said.
A significant amount of loans sanctioned by DHFL to the Radius group were diverted by Chhabriaa, the charge sheet said.
A loan of Rs 632 crore sanctioned by Yes Bank to Belief Realtor, owned by the Wadhwans, was not used for a Slum Rehabilitation Authority (SRA) project in suburban Bandra for which it was meant, the CBI said.
Kapil and Dheeraj Wadhawan, Rana Kapoor and Sanjay Rajkumar Chhabariaa thus conspired to cheat Yes Bank and DHFL, the charge sheet said.
The Wadhawans misappropriated Rs 4,733 crore provided as loan by Yes Bank to DHFL and Belief Realtors in 2018, and "dishonestly disbursed Rs 4,544 crore against receipt of the said Yes Bank funds to the companies of accused Sanjay Chhabariaa," the charge sheet said. The CBI registered the case in 2020 against Kapoor and Kapil Wadhawan of DHFL, among others, for alleged corruption.
The agency alleged that Kapoor entered into a criminal conspiracy with Wadhawan for extending financial assistance to DHFL through Yes Bank in return for "substantial undue benefits to himself and his family members through companies held by them."
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.
In return, Wadhawan allegedly "paid kickback of Rs 600 crore" to Kapoor and his family members in the form of loan to DoIT Urban Ventures (India) Pvt Ltd, it said. Chhabriaa, Kapoor and the Wadhawans are currently in judicial custody. (PTI)
