Mumbai: Kapil Wadhawanformer developer of Dewan Housing Finance Corporation Ltd (DHFL), a non-banking financial institution, secured his company to disburse loans worth millions of rupees to a city-based builder Sanjay Chabria minutes after receiving related requests without any documentation through online transfers at various times in 2018, said the CBI indictment against them recently filed in court.
The CBI said DHFL disbursed Rs 416 crore (out of a total over Rs 2,778 crore) to Chhabria Radius Group through a similar modus operandi at different times over a four-month period, in some cases the loan was disbursed the day after the request. . It was further alleged that in all cases (on the Rs 416 crore loans), Radius Group retained the same 49 units from its ‘X BKC’ project at the mortgage. The 49 mortgaged units offered to DHFL were “not unencumbered units” and “these 49 units simply did not exist”, the CBI said.
It was further alleged that junior employees of DHFL also raised red flags against the Rs 2,700 crore loan to Radius Group’s Santacruz project, ‘Avenue 54′, as they discovered that the net cash flow (profits / surplus funds) of the project would be only Rs 1,945 crores. The CBI alleged that Radius Group already had outstanding loans of Rs 2,226 crore from Yes Bank, Indiabulls and others. But Kapil and Dheeraj ignored their firm’s executives’ warning and sanctioned the loans, the CBI’s roadmap said.
The CBI further said that Rs 416 crore was sanctioned to the Radius Group without any assessment, without any process note and without the matter being referred to the finance committee of DHFL.
CBI accused Chhabria of aiding Kapil Wadhawan and his brother Dheeraj Wadhawan alias Baba Dewan for siphoning off Rs 4,733 crore from DHFL in the form of loans, which he received from Yes Bank in the form of loans. CBI has named Chhabariaa, the Wadhawan brothers and former Yes Bank founder, Rana Kapoor, and her family members as defendants in the case.
The CBI said Rana Kapoor authorized loans to DHFL after breaching banking standards in return for bribes. DHLL defaulted on payment. DHFL then transferred the money to Chhabariaa Radius Group as a loan. Chhabria defaulted on the payment of the DHLL loan. In return, Chhabria returned some of the money to the Wadhawan brothers through fictitious transactions.
The indictment stated: “Evidence gathered during the investigation established that the accused Kapil Wadhawan had developed a practice at DHFL in which he used to allow the disbursement of loans or funds to several entities by granting approval on couriers, without any rating and credit process. In such cases, the disbursement approvals were forwarded by Kapil Wadhawan himself or from his office (CMD Office) and upon these approvals, the funds were disbursed or released to the concerned parties by the junior officers of the Finance Division projects. Some of these beneficiary concerns were concerns associated with DHCP. »
The CBI added that on January 18, 2018, Quaiser Parven, a representative of Radius Group, approached the head of DHFL’s project finance division, Rajendra Mirashie, asking for an urgent sanction of Rs 180 crore in the form of a mortgage against 49 units in the ‘X BKC’ in Bandra. after stating that Chhabria had already spoken to Kapil Wadhawan for the disbursement. It was appeased that Mirashie forwarded a related email request to Kapil Wadhawan for his approval for the disbursement of Rs 80 crore at around 12:24 p.m. on his official email id. The CBI said Kapil responded to the email after approving the request at 12:46 p.m. Within 22 minutes of the communication, the DHLL disbursed Rs 80 crore via RTGS from its Axis Bank account without further documentation to Radius Group. On the same day, Chhabria Radius Group embezzled Rs 20 crore to Pune-based businessman Avinash Bhosale’s company, Nibodh Realty, the CBI alleged. Recently, the CBI had arrested Bhosale in the case and will file a separate indictment against him.
Referring to another transaction, it was alleged that on January 25, Radius Group made another request for Rs 35 crore after mortgaging the same 49 units of ‘X BKC’ and within three minutes DHFL disbursed the loan. via his Axis Bank account. After two months, on March 29, Radius Group again requested an additional disbursement of Rs 70 crores and after Kapil Wadhawan’s approval, the amount disbursed within six minutes on the same day against the mortgage of the same 49 units of ‘X BKC’.