Two top builders' assets frozen

The Enforcement Directorate (ED) on Wednesday attached assets totalling Rs 415 crore in Yes Bank-DHFL Fraud case.

The agency attached the assets worth Rs 251 crore of Sanjay Chhabria and the assets worth Rs 164 crore of Avinash Bhosale.

The attached assets of Sanjay Chhabria are in the form of a land parcel located in Santacruz, Mumbai worth Rs 116.5 crore; 25 per cent Equity Shares of Chhabria's company held in land parcel located at Bengaluru worth Rs 115 crore; a flat located in Santacruz, Mumbai worth Rs 3 crore; profit receivable from a hotel belonging to Chhabria located at Delhi Airport worth Rs 13.67 crore and three high End luxury cars of Sanjay Chhabria worth Rs 3.10 crore.

Attached assets of Avinash Bhosale are in the form of duplex flat belonging to Bhosale, located in Mumbai worth Rs 102.8 crore, one land parcel located at Pune worth Rs 14.65 crore, one more land parcel located at Pune worth Rs 29.24 crore, a land parcel located at Nagpur worth Rs 15.52 crore and another portion of land located at Nagpur to the extent of Rs 1.45 crore.

The ED has initiated an investigation against Rana Kapoor of Yes Bank and Kapil Wadhawan and Dheeraj Wadhawan Promoters of DHFL on the basis of an FIR registered under sections 120B read with 420 of IPC and Section 7, 12 & 13(2) r/w13 and 10(d) of PC Act, by the CBI.

It was alleged that Rana Kapoor had entered into a criminal conspiracy with Kapil Wadhawan, Promoter Director of DHFL and others for extending financial assistance to DHFL by Yes Bank Ltd. in lieu of substantial undue benefit to himself and his family members through the companies held by them.

Rana Kapoor through Yes Bank Ltd. invested Rs 3,700 crore in the short term non-convertible debentures of DHFL and Rs 283 crore in Masala Bonds of DHFL.

Simultaneous to this investment made by Yes Bank in DHFL, Kapil Wadhawan through DHFL paid a kickback of Rs 600 crore, in the garb of loan, to one of Rana Kapoor's beneficially owned companies namely DOIT Urban Ventures (India) Pvt. Ltd.

"Investigation further reveals that immediately after the said transfer of funds to the tune of Rs 3,983 crore by Yes Bank to DHFL, appraised and sanctioned loans to Radius Group of Sanjay Chhabria received funds to the tune of Rs 2,317 crore as loan from DHFL in the name of development of his project 'Avenue 54' at Santacruz, Mumbai and then Sanjay Chhabria diverted the same without using it for the declared purpose," the ED said.

The agency also learnt that Sanjay Chhabria further connived with Avinash Bhosale and diverted funds to his various beneficially owned companies.

Apart from this, Bhosale had connived with Wadhawan and received Rs 71.82 crore from DHFL in the garb of providing certain services to DHFL and other entities.

"However, the so-called services have never been provided and the same was utilised by Bhosale for his beneficial use," the official said.

Earlier, the ED had attached properties worth Rs 1,412 crore, seized 5 High End Vehicles of Wadhawans having value of Rs 12.59 crore and also attached properties worth Rs 600 crore of Rana Kapoor.

Kapil Wadhawana and Dheeraj Wadhawan were arrested on May 14, and Rana Kapoor was arrested on March 8, Sanjay Chhabria was held on June 7, 2022 and Bhosale was arrested on June 28 in this case. All are in judicial custody currently.

With this action, the total attachment is now Rs 1,827 crore in this case.

Further investigation is under progress.