YES Bank-DHFL Scam: CBI Raids Premises Of Radius Developers In Mumbai, Pune

The board of YES Bank on Friday approved a proposal to seek investors’ approval for early redemption of bonds worth Rs 1,764 crore

The CBI and ED had already filed charge sheet against YES Bank’s former chief operating officer and managing director Rana Kapoor and other accused in connection with the scam in 2020. Image: Getty

New Delhi: The Central Bureau of Investigation (CBI) on Tuesday conducted raids on borrowers of erstwhile Dewan Housing Finance (DHFL) in connection with the YES Bank scam.

Quoting sources ANI in its report said, searches are underway at six locations, including those in Mumbai and Pune. Among those being searched include the premises of builder Sanjay Chhabria of the Radius group, sources said.

CBI conducts raids at the premises of Radius Developers in Mumbai and Pune in the Yes Bank case: Sources

— ANI (@ANI) February 15, 2022

The CBI and Enforcement Directorate (ED) had already filed charge sheet against YES Bank’s former chief operating officer and managing director Rana Kapoor and other accused in connection with the scam in 2020.

The two central agencies are investigating YES Bank scam and several borrowers in connection with the alleged fraud case where loans issued by the bank became non-performing assets (NPAs), which led to a crisis in the YES Bank.

Henceforth, the Reserve Bank of India (RBI) had imposed a moratorium on the bank.

Meanwhile, the board of YES Bank on Friday approved a proposal to seek investors’ approval for early redemption of bonds worth Rs 1,764 crore.

The decision was taken at a meeting of the Capital Raising Committee of the lender, YES Bank said in a regulatory filing.

The committee gave its nod to a proposal seeking approval from investors for early redemption of Basel II-compliant lower tier II and upper tier II bond instruments subject to necessary approvals, it said.

Total 8 bond issuances that were issued during June-December in 2012, are up for early redemption. These bond issuances are set to mature during 2022 and 2027.