Yes Bank: CBI files case against realty firm, directors in over ₹466 cr fraud

The Central Bureau of Investigation (CBI) on Wednesday registered a case against two Delhi-based private companies including its directors or promoters for causing alleged loss of around ₹466.51 crore to Yes Bank.

The CBI has also booked Raghubir Kumar Sharma, Rajendra Kumar Mangal, Tapsi Mahajan, their companies Oyster Buildwell Pvt Ltd and Avantha Realty Pvt Ltd, and officials of Jhabua Power Ltd for allegedly cheating Yes Bank of over ₹466 crore in 2017-19.

The CBI has alleged that the accused have indulged in a criminal conspiracy, criminal breach of trust, cheating and forgery for diversion of public money to the tune of ₹466.15 crore.

The investigating agency carried out searches at 14 locations including Delhi-NCR, Secunderabad and Kolkata after registering an FIR against Gautam Thapar, Avantha Realty and others for alleged diversion of over ₹466 crore in Yes Bank.

Last year, the CBI had booked Yes Bank founder Rana Kapoor, his wife Madhu Kapoor and others in connection for allegedly obtaining ₹307 crore bribe in the purchase of a Lutyen's zone bungalow and more credit facilities to the Avantha Group companies.

The agency alleged that a loan of ₹400 crore was sanctioned to Avantha Realty in March 2016 for 10 years despite its poor financial condition.

Besides, the bank had allowed credit facilities of about ₹2,500 crore to several group entities and the funds were used to clear the dues of the ICICI bank and the Development Credit Bank for loans to Avantha Holding, the CBI said.

(With agencies input)