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CBI books HDIL promoters Wadhawans in Rs 200 crore loan fraud in YES Bank

CBI alleged that YES Bank had given loan to a company named Mack Star in which HDIL was a minority shareholder

twitter-logoPTI | October 9, 2020 | Updated 21:53 IST
CBI books HDIL promoters Wadhawans in Rs 200 crore loan fraud in YES Bank
CBI booked HDIL promoters Rakesh Wadhawan and Sarang Wadhawan in YES Bank fraud case

The Central Bureau of Investigation (CBI) has booked HDIL promoters Rakesh Wadhawan and Sarang Wadhawan, along with other directors and auditors in the firm, in an alleged Rs 200-crore loan fraud in YES Bank, officials said Friday.

After registering the case, the CBI searched the residence of Rakesh Wadhawan and his son Sarang in Mumbai, they said.

The agency also carried out searches at nine other premises in Mumbai, including two offices of HDIL, they said.

It is alleged that YES Bank had given loan to a company named Mack Star in which HDIL was a minority shareholder.

It is alleged the funds transferred to Mack Star by YES Bank as loan were transferred to accounts of HDIL group companies to repay its loan to the bank, they said.

Sarang Wadhawan had reportedly denied any wrongdoing in the transactions.

Also Read: ED arrests CFO, internal auditor of Cox and Kings in YES Bank loan case

Also Read: Yes Bank Scam: ED seizes Rana Kapoor's Rs 127 crore London flat

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