Economic Offences Wing books builder Sanjay Chhabria, DHFL promoter Kapil Wadhwan for Rs 150 cr fraud
Jun 15, 2022
Mumbai (Maharashtra) [India], June 15 : The Economic Offences Wing (EOW) of Mumbai police on Tuesday registered a fresh case against builder Sanjay Chhabria and Dewan Housing Finance Corporation Limited (DHFL) promoter Kapil Wadhwan for allegedly cheating a real estate firm to the tune of Rs 150 crore.
Chhabria's firm Indo Global Soft Solutions Private Limited in connivance with Wadhwan's DHFL allegedly misused Rs 150 crore for wrong gains.
The money was meant to be utilized for a redevelopment project in Mahalaxmi, Mumbai but due to the alleged misappropriation of funds, the project is still incomplete, according to EOW.
Notably, this is the third case filed by EOW against Chhabria, who was arrested by the Central Bureau of Investigation (CBI) in the month of April in the Yes Bank case.
The Banking-2 unit of the EOW recently booked Chhabria, Wadhwan and two other accused 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.
Recently, a special court in Mumbai remanded ABIL group chairman Avinash Bhosale to CBI's custody till June 8 in the DHFL- Yes Bank case.
Avinash Bhonsle is the founder of Avinash Bhosale Infrastructure Limited (ABIL) Group in Pune.
He, meanwhile, termed his CBI arrest illegal.
In the investigation, the CBI found that a substantial part of the Rs 3,000 crore that DHFL received from the Rana Kapoor-led Yes Bank as an investment a few years ago, was diverted to the Radius group.
The CBI had arrested Bhosale on Thursday evening and on Friday he was produced in court for further remand.
The federal agency, last month, raided the premises of builders Avinash Bhosale, Vinod Goenka, and Shahid Balwa in Pune and Mumbai on Saturday in connection with a cheating case related to the Yes Bank and Dewan Housing Finance Limited (DHFL) scam case.
Vinod Goenka is the Chairman and Managing Director of DB Realty Ltd, and Shahid Balwa is the vice-chairman of the same group with its head office in Mumbai. The realty company had borrowed from DHFL to finance a residential project in suburban Mumbai.
