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The Enforcement Directorate (ED) will take builder Sanjay Chhabria into custody in the money laundering case. He was arrested by the central probe agency CBI on April 28. The arrest was made by the CBI in a fraud case involving DHFL promoter Kapil Wadhwa and his brother Dheeraj Wadhwa. This time the ED had sought permission from the CBI court for the custody of Chhabria, which it has got.
The CBI on Friday, April 28, arrested Mumbai-based realty entrepreneur Sanjay Chhabria in a corruption case against Yes Bank founder Rana Kapoor and Dewan Housing Finance Corporation Ltd (DHFL). In 2020, the CBI had registered a case against Rana Kapoor and Kapil Wadhawan by DHFL on corruption charges. The agency has alleged that Kapoor had carried out a criminal conspiracy with the Wadhawans to provide financial assistance to DHFL. Chhabria of Radius Developers was arrested for his involvement in this.
According to the CBI FIR, the scam began between April and June 2018 when Yes Bank invested Rs 3,700 crore in short-term debentures of DHFL. In return the Wadhawans paid Rs 600 crore as a loan to Kapoor and his family members to DoIT Urban Ventures (India) Pvt Ltd. Kapoor’s daughters Roshni, Radha and Rakhi are 100% shareholders of DOIT Urban Ventures through Mogran Credits Pvt Ltd.
The agency has alleged that a loan of Rs 600 crore was sanctioned by DHFL to DoIT Urban Ventures (India) Pvt Ltd by mortgage of substandard properties of very low value and considering its future gains from agricultural land to residential land. It was further observed that DHFL had not encashed the amount of Rs 3,700 crore invested by Yes Bank in its debentures till date. Apart from this, Yes Bank also sanctioned a loan of Rs 750 crore to RKW Developers Pvt Ltd, whose director is Dheeraj Wadhawan.