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CBI searches HDIL offices in Yes Bank ₹200-crore loan fraud case
The Central Bureau of Investigation on Friday conducted searches at 10 of directors of Housing Development and Infrastructure Ltd (HDIL) while investigating a fresh
The Central Bureau of Investigation on Friday conducted searches at 10 of directors of Housing Development and Infrastructure Ltd (HDIL) while investigating a fresh case registered by CBI alleging ₹200 crore loan fraud in Yes Bank.
The Central Bureau of Investigation (CBI) recently had registered a fresh case against Rakesh Wadhawan, his son Sarang, other directors, including Waryam Singh alleging ₹200 crore loan fraud.
Wadhawans and Singh are presently lodged in jail in connection with Punjab & Maharashtra Co-operative (PMC) Bank Fraud case.
The other accused who are named in the case are – Amanpreet Singh, Venkatavarthan N. Iyenger, Lakshminder Singh, M/s Ashok Jayesh & Associates (chartered accountant), Jayesh Sanghani and Ashok Kumar Gupta.
In the FIR registered on September 23, the CBI has claimed that group of directors of HDIL who were on board of M/s Mack star Marketing Pvt Ltd (Mack Star) in connivance with auditors and officials of Yes Bank fraudulently obtained loan worth ₹200 crores from Yes bank during the period of 2011 to 2016.
According to the FIR, Mack Star is a joint venture company of M/s Ocean Deity Investment Holding Pvt Ltd (ODIL- Mauritius based company) and companies which were owned and controlled by Wadhawans – promoters of HDIL.
In the said joint venture the board of directors were – Rakesh, Sarang, Waryam, Amanpreet, Venkatavarthan, other senior members of board of directors of HDIL and Lakshminder.
The agency claimed that the affairs were managed by all HDIL directors - Wadhawans from 2008 until January 2019. The complaint alleged that to overcome financial crises in HDIL, they took advantage of the controlling position and obtained six loans totalling to an amount of ₹200.3 crores from Yes Bank to pay their liabilities and loans which were outstanding with Yes Bank itself.
The complaint alleged that the loan was obtained without the consent of ODIL. Further, the agency claimed that in January 2016, the investors came to know about the loan obtained by Wadhawans. It was claimed that even after alerting the bank, the bank disbursed loan of amounting to ₹19.60 crores to Mack Star.
The CBI claimed that the bank officials granted a loan to HDIL without following due process of law. As per the terms, the contracting parties cannot take a loan on the name of the joint venture without the consent of the investors. The banks ignored the condition and sanctioned the loan without the consent letter of the investors.
