MUMBAI: Arrested builder Sanjay Chhabriaa had availed of a Rs 678-crore loan from DHFL to construct a club house in his Santacruz project, but the money was diverted, said the Enforcement Directorate, seeking further custody in the Yes Bank-DHFL loan fraud case on Tuesday. The court extended Chhabriaa’s ED custody till Friday.
Chhabriaa’s lawyer Vibhav Krishna opposed extension, pointing out he had been in ED’s custody for seven days, cooperated with the investigations and provided all documents and answers. “There is nothing more since these are all document-related investigation, not based on personal knowledge…,” he submitted.
ED said Chhabriaa had taken the Rs 678 crore in the name of Flag Industries Pvt Ltd, which was not involved in the Santacruz project, Avenue 54. It was in addition to the Rs 2,100-crore loan he had taken for the project in the name of the two joint venture companies executing the project. The ED alleged that Chhabriaa had diverted the money and part of it had been used to repay the loan his group companies had taken for their “One BKC” project.
ED said Chhabriaa was unable to explain the reasons for fund diversions, which includes Rs 115 crore to Mentor Capital Ltd. Chhabria had also diverted Rs 25 crore to Abil Dairy LLP, a company allegedly controlled by Pune businessman Avinash Bhosale. Recently, the CBI arrested Bhosale in the Yes Bank-DHFL loan fraud case suspecting he had received Rs 365 crore as kickbacks for helping DHFL…
Chhabriaa’s lawyer Vibhav Krishna opposed extension, pointing out he had been in ED’s custody for seven days, cooperated with the investigations and provided all documents and answers. “There is nothing more since these are all document-related investigation, not based on personal knowledge…,” he submitted.
ED said Chhabriaa had taken the Rs 678 crore in the name of Flag Industries Pvt Ltd, which was not involved in the Santacruz project, Avenue 54. It was in addition to the Rs 2,100-crore loan he had taken for the project in the name of the two joint venture companies executing the project. The ED alleged that Chhabriaa had diverted the money and part of it had been used to repay the loan his group companies had taken for their “One BKC” project.
ED said Chhabriaa was unable to explain the reasons for fund diversions, which includes Rs 115 crore to Mentor Capital Ltd. Chhabria had also diverted Rs 25 crore to Abil Dairy LLP, a company allegedly controlled by Pune businessman Avinash Bhosale. Recently, the CBI arrested Bhosale in the Yes Bank-DHFL loan fraud case suspecting he had received Rs 365 crore as kickbacks for helping DHFL…
