Yes Bank-DHFL scam: Radius Group MD Sanjay Chhabriaa remanded to CBI custody till May 6
India Today
A Mumbai court on Friday sent Radius group MD Sanjay Chhabriaa to CBI custody till May 6 in connection with the Yes Bank-DHFL scam.
A special court in Mumbai on Friday sent Radius group MD Sanjay Chhabriaa, involved in the alleged Yes Bank and Dewan Housing Finance Corporation Ltd (DHFL) scam, to CBI custody till May 6.
The Central Bureau of Investigation (CBI) had produced him before special judge S H Gwalani and had sought Chhabriaa's 14-day custody for further probe into the matter. The court, however, granted only eight days. The investigators also sought permission to take Chhabriaa out of the city of Mumbai for investigation purposes.The Mumbai-based realtor was arrested by the CBI on Thursday.
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The CBI in court said that the case involved grave economic offences, including huge loss of about Rs 4,600 crores of public funds. The investigative agency also said that the accused persons, in the garb of development projects, had used deceptive means to cause huge wrongful losses to Yes Bank/DHFL, with active involvement and connivance of the top management of Yes Bank as well as DHFL.
"Chhabriaa, as the Head of Radius Group, also actively participated in the conspiracy with public servants and others," stated the CBI.
Radius Group has been one of the biggest borrowers of both Yes Bank and DHFL. In February this year, the CBI conducted searches at six locations linked to Sanjay Chhabriaa and Radius Group in Mumbai and Pune.
During the investigation into the case, the criminal complicity of Chhabriaa emerged as an accused in the case. He had allegedly diverted loans worth Rs 3,094 crores that were sanctioned to his companies by Kapil Wadhwan of DHFL and Yes Bank, founded by Rana Kapoor, the CBI stated.The agency said that Chhabriaa, during his examination, had "remained uncooperative and is not coming out with true facts relevant to the case. He is concealing the relevant facts related to the case which are exclusively in his knowledge."The agency added that several documents are to be collected from various authorities and a number of witnesses from different strata of society are to be examined. "Chhabriaa is required for confrontation with the incriminating evidence emerging against him and also with the witnesses/suspects in the case. Therefore, his detailed custodial interrogation is essentially required in the case, which involves complex and voluminous financial transactions in a well-planned modus operandi adopted by the accused for siphoning off/ diverting public funds," said the agency.
