The Economic Offences Wing (EOW) of the Mumbai police has registered a fresh criminal case against builder Sanjay Chhabria of Radius Group for allegedly cheating Yes Bank to the tune of ₹52.12 crore.
This is the fourth FIR against Chhabria, who is currently in judicial custody after the Central Bureau of Investigation (CBI) arrested him in connection with a fraud at Dewan Housing Finance Corporation Limited (DHFL).
According to police, Chhabria’s firm Sumer Radius Realty Private Limited misused a term loan of ₹52.12 crore taken from Yes Bank by diverting the money to other companies.
The banking unit of the EOW has booked Sanjay Chhabria, his wife Ritu Chhabria, and others of Sumer Radius Realty under sections 420 (cheating), 406 (criminal breach of trust), 409 (criminal breach of trust by a public servant, or by banker, merchant or agent), and 120-B (criminal conspiracy) of Indian Penal Code.
Yes Bank in its complaint has said that in 2016 it had sanctioned a term loan of ₹111 crore to Sumer Radius Realty for constructing and developing a real estate project, Avenue 54, in Santacruz.
The company regularly repaid the loan instalments till December 2018 after which it defaulted. In March 2019, its account was declared a non-performing asset, an EOW officer said.
The bank appointed an auditor, BDO India LLP, to carry out an audit of the loan given to the company. In August 2021, the auditor submitted a report that highlighted gross irregularities.
“Yes Bank…
