Realtor Sanjay Chhabriaa sent to CBI custody till May 6 in Yes Bank-DHFL case

A special court in Mumbai on Friday remanded citybased realtor Sanjay Chhabriaa in CBI custody till May 6 in connection with a case of alleged corruption against Yes Bank founder Rana Kapoor and Dewan Housing Finance Corporation Ltd DHFLChhabriaa of Radius Developers was arrested by the Central Bureau of Investigation CBI on Thursday The central probe agency produced him before special judge S H Gwalani and sought his 14day custody for further probe into the matterThe CBI said his custody was required as the offence was serious and the investigation was at a critical stageDuring investigation into the case the criminal complicity of Chhabriaa emerged as an accused in the case He had allegedly diverted loans worth Rs 3094 crore that were sanctioned to his companies by Kapil Wadhwan of DHFL and Yes Bank founded by Rana Kapoor it saidBoth Kapoor and Wadhawan are accused in the case The duo is currently in judicial custodyThe CBI claimed that significant amounts from the aforesaid loans have been diverted and it is essential to interrogate the accused with regard to the utilisation of the fundsThe custodial interrogation of Chhabriaa is necessary to ascertain the end use of aforesaid loans aggregating to Rs 3094 crore for the purpose of recovery of material evidence pertaining to the said transactions and related issues it saidIt added that Chhabria during his examination by the CBI has been uncooperative and was not coming out with true facts relevant to the case He is concealing relevant facts related to the case the agency allegedHowever advocate Vaibhav Krishna who appeared for Chhabriaa contended that that his client always cooperated with the investigationThe case against Chhabriaa pertains to loans from a financial institution which is permissible in the eye of lawTwo of the loans were assigned by DHFL and due diligence was done before disbursal of loan he said adding that all utilisation happened by cheques and not by cashThe lawyer added that when probe into the DHFL case began in 2019 he Chhabriaa was called as a witness by the probe agency and he has given hard copies of all details and documents and pen drive as well as bank statementsSimilarly when the accused was called for investigation by Serious Fraud Investigation Office SFIO he provided them about 10000 pages of documents Krishna submittedThe entire case against me is based on documents Nothing attributed to my personal knowledge the lawyer addedAfter hearing both the sides the court sent Chhabria to the custody of CBI till May 6The CBI had registered the case in 2020 against Kapoor and Wadhawan among others for alleged corruptionThe agency has alleged that Kapoor entered into a criminal conspiracy with Wadhawan for extending financial assistance to DHFL though Yes Bank in return for substantial undue benefits to himself and his family members through companies held by them they saidAccording to the CBI FIR the scam started taking shape between April and June in 2018 when Yes Bank invested Rs 3700 crore in shortterm debentures of DHFLIn return Wadhawan allegedly paid kickback of Rs 600 crore to Kapoor and his family members in the form of loan to DoIT Urban Ventures India Pvt Ltd they said Kapoors daughters Roshini Radha and Rakhee are 100 per cent shareholders of DoIT Urban Ventures through Mogran Credits Pvt Ltd it allegedThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever