Mumbai: The Enforcement Directorate (ED) issued two provisional attachment orders on Tuesday under the Prevention of Money Laundering Act (PMLA) and seized assets worth Rs251 crore of Sanjay Chhabria of the Radius group and Rs164 crore of businessman Avinash Bhosale in the Yes Bank-DHFL fraud case.
With this, the total value of properties attached in the case stands at Rs1,827 crore.
According to the ED, the attached assets of Chhabria are a land parcel in Santa Cruz, Mumbai, worth Rs116.5 crore, 25% share of his company in a land parcel in Bengaluru worth Rs115 crore, a flat in Santa Cruz worth Rs3 crore, profit receivable from a hotel belonging to Chhabria near Delhi airport worth Rs13.67 crore, and three high-end luxury cars together worth Rs3.10 crore.
Bhosale’s assets attached by the directorate include a duplex flat in Mumbai worth Rs102.8 crore, a land parcel in Pune worth Rs14.65 crore, another plot in Pune worth Rs29.24 crore, a land parcel at Nagpur worth Rs15.52 crore and another portion of land in Nagpur worth Rs1.45 crore.
The ED initiated investigation against Rana Kapoor, former managing director and CEO of Yes Bank, and Kapil Wadhawan and Dheeraj Wadhawan, promoters of DHFL, on the basis of an FIR registered by the Central Bureau of Investigation.
The FIR alleges that Kapoor entered into a criminal conspiracy with the Wadhawans and others to extend financial assistance to DHFL through Yes Bank in lieu of undue benefit to himself and family members through companies held by them.
Kapoor allegedly got Yes Bank to invest Rs3,700 crore in short-term non-convertible debentures of DHFL and Rs283 crore in masala bonds of the home loan company.
Simultaneously, Kapil Wadhawan, through DHFL, extended a loan of Rs600 crore to one of Kapoor’s beneficially owned companies, DOIT Urban Ventures (India) Pvt Ltd, the ED has said.
The probe so far has found that after the transfer of funds to the tune of Rs3,983 crore by Yes Bank to DHFL, the latter company sanctioned loans of Rs2,317 crore to the Radius group to develop a project named Avenue 54 at Santa Cruz. Chhabria is then alleged to have diverted the funds to various companies of Bhosale.
Apart from this, the ED’s statement said, Bhosale connived with Kapil Wadhawan and received Rs71.82 crore from DHFL in the guise of providing certain services to the finance company and other entities. However, the services were never provided, the agency said.
The ED has already attached properties worth Rs1,412 crore and seized five high-end vehicles of the Wadhawans having a cumulative value of Rs12.59 crore, and attached properties worth Rs600 crore of Rana Kapoor in the same case. Kapil and Dheeraj Wadhawan, Rana Kapoor, Chhabria and Bhosale are all in judicial custody.
