The Central Bureau of Investigation (CBI) has recovered incriminating documents from the premises of three top realtors -- Shahid Balwa, Avinash Bhonsle and Vinod Goenka -- in Mumbai and Pune during raids in connection with Yes Bank-DHFL scam.
The federal probe agency had arrested Sanjay Chabaria of Radius Developers, three days back and raids were conducted following his interrogation.
Radius Developers had taken a loan of Rs 3,000 crore from Dewan Housing Finance Limited (DHFL) on the pretext of financing a project in Mumbai.
"Bhonsle, Goenka and Balwa allegedly used their firms to channel money of the loan. Hence their premises were also raided," the source had said.
The source said that they have recovered a few incriminating documents, digital and documentary evidence in the raids conducted on Saturday.
A few persons were also quizzed by the CBI. The sources said that more arrests in the case is likely.
In March 2020, a case of loan fraud of Rs 3,600 crore was lodged by the CBI against Rana Kapoor, the promoter Director and CEO of Yes Bank for entering into a criminal conspiracy with Kapir Wadhawan, promoter Director of DHFL and others.
They extended financial assistance to DHFL by Yes Bank Limited in lieu of substantial undue benefit to himself and his family members through the companies held by them.
Between April and June 2018, Yes Bank Limited invested Rs 3,700 crore in the short term debentures of DHFL. Simultaneously, Wadhawan paid a kickback of Rs 600 crore to Kapoor and his family members in the garb of builder loan of Rs 600 crore given by DHFL to DOIT Urban Ventures (lndia) Private l-imited, a wholly owned subsidiary of RAB Enterprises (lndia) Private limited in which Bindu Kapoor, wife of Kapoor is a director and 100 per cent shareholder.
Daughters of Kapoor Roshini Kapoor, Radha Kapoor Khanna and Raakhe Kapoor Tandon are 100 per cent shareholders of DOIT Urban Ventures (lndia) Private limited through Morgan Credits Private Limited.
It was learned that a loan of Rs 600 crore was sanctioned by DHFL to DOIT Urban Ventures (lndia) Private Limited on the basis of a mortgage of a sub-standard property having very meager value and by considering its future conversion from agricultural land to the residential land.
Also, the DHFL had not redeemed the amount of Rs 3700 crore invested by Yes Bank in its debentures till date. In addition to the above, Yes Bank also sanctioned a loan of Rs 750 crore to RKW Developers Private Limited which is a DHFL group company for their Bandra Reclamation Project.
And the whole amount was siphoned off by Wadhawan since the entire amount was transferred by RKW Developers Private Limited to DHFL without making an investment in Bandra Reclamation Project for which the loan was sanctioned. Thus, Kapoor, obtained undue pecuniary advantage from DHFL through the companies held by his wife and daughters. It was also learnt that Kapoor had obtained illegal kickbacks directly or indirectly through entities controlled by him or his family members.