₹300-cr fraud case: Niira Radia and sister to be questioned

Police received a complaint from one Sharma against Narayani Investment Pvt Ltd, holding company of Nayati Health Care and Research NCR Pvt Ltd, and its promoters and directors namely Niira Radia, her sister Karuna Menon, Yateen Wahaal, Satish Kumar Narula and others

The Delhi Police on Tuesday said they have summoned corporate lobbyist Niira Radia and her sister Karuna Menon in connection with allegations that a dummy company was set up to siphon off a ₹300 crore from a Yes Bank loan. The notices were sent by the economic offences wing (EOW) on October 18 (Monday), a day after the EOW announced the arrest of Yateesh Wahaal, Satish Kumar Narula, and Rahul Singh Yadav in the case.

Former corporate lobbyist Niira Radia. (HT Archive)

Police said Wahaal and Narula are directors of Nayati Health Care and Research NCR Pvt Ltd, which Radia allegedly floated. Yadav is the proprietor of the dummy firm named Ahluwalia Construction that was used to siphon off the bank loan. The arrests were made following investigation into a case of criminal breach of trust, cheating, forgery and criminal conspiracy that was registered on November 4, 2020. The three accused have been booked for cheating, forgery and criminal conspiracy.

Police learnt Radia allegedly floated the firm during the questioning of the three. “We learnt about her (Radia’s) links with the company after the arrest. Apart from Radia, the link of her sister Karuna Menon with the company also emerged during the investigation. We issued summons to Radia and Menon on October 18, asking them to join the investigation within three days of receiving the notices. More beneficiaries of the siphoned off money are being identified. They will also be asked to join the probe,” said additional commissioner of police (EOW) RK Singh.

Singh said they received a complaint from one Sharma against Narayani Investment Pvt Ltd, holding company of Nayati Health Care and Research NCR Pvt Ltd, and its promoters and directors namely Niira Radia, her sister Karuna Menon, Yateen Wahaal, Satish Kumar Narula and others.

In his complaint, Sharma told police he was the company’s vice-chairperson and executive director. Singh said that the company was earlier known as OSL Healthcare Private Limited (OSLHPL) and was incorporated to build and run a hospital in Gurugram.

“Also, a MOU (memorandum of understanding) was signed between VIMHANS and OSLHPL for operating and managing VIMHANS’ IPD, OPD, Emergency and Diagnostic Services and VIMHANS was to provide its state-of-the-art medical super speciality services for psychiatry and allied services to OSLHPL,” said Singh.

He added Sharma was also promised of ₹30 lakh monthly as his fees for his services. “...during the completion of Gurugram Hospital, OSL Healthcare Pvt Ltd faced a certain financial problem and majority shareholders/Directors sold their shares (51%) to M/s Narayani Investment Pvt Ltd, the holding company of M/s Nayati Healthcare & Research NCR Pvt Ltd at the consideration of ₹99 Crores. Once the alleged persons/company entered into the shoes of the majority shareholder, they took all the major decisions. It is alleged that the company took a loan of ₹312 crore from YES Bank for the development of Gurugram Hospital, but the money was not used for the said purpose and misappropriated by the alleged company/persons.”

Police said the arrested persons did not pay Sharma his fee and on the basis of his complaint, the EOW filed a case in November 2020. Singh cited the investigation and added they found that after the loan, the arrested people transferred ₹208 to a bank account in the name of Yadav’s Ahluwalia construction.

“During the verification, we found that the account was opened by Rahul Singh Yadav with a view to divert or siphon off the loan amount as it was a dummy account. The investigation revealed that the said transfer of ₹208 crore was authorised by arrested persons Yateesh Wahal and SK Narula as directors and authorised signatories of the loan account of the alleged company,” said Singh. He added the dummy bank account was opened to deceive the bank.

HT has reached out to Radia for her response. The copy will be updated when she responds.