Builder Satyan Tandon arrested in May by the Central Bureau of Investigation (CBI) in the Yes Bank - Dewan Housing Finance Corporation Ltd. (DHFL) fraud case, was on Saturday granted bail by a special CBI court. The CBI has alleged that Satyan Tandon’s firm Wizard Construction India Pvt. Ltd. received amounts from builder Sanjay Chhabria’s Radius Group concerns and that these were part of loans disbursed by Yes Bank to DHFL which were being diverted.
Tandon had recently volunteered to deposit Rs. 4 crores in the bank’s account, without admitting guilt. The court had permitted this. On Saturday the court was informed that the amount has been deposited. Tandon has been released on a provisional cash bail of Rs. 1 lakh by special CBI judge SU WAdgaonkar. He will have to furnish sureties within a month. He has also been asked to regularly attend the CBI’s office till the filing of charge sheet and also deposit his passport with the agency. The court has also directed that he not travel abroad without its permission.
