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CBI FILES A CHARGESHEET AGAINST THEN MD & CEO OF YES BANK, OTHERS ON CHEATING

October 08, 2021 09:17 PM

 

The Central Bureau of Investigation has filed a chargesheet against then MD & CEO of Yes Bank Ltd. and others including his wife; Promoter of a private company & others including private companies in the Court of Special Judge for CBI Cases, Mumbai.

 

CBI had registered a case on 12.03.2020. It was alleged that then MD & CEO of Yes Bank had abused his official position & acquired a Delhi Lutyens property at a very less price than the actual market value. It was further alleged that the property was mortgaged to Yes Bank Ltd. against a loan of Rs. 400 crore (approx.) given to a group company (private) promoted by the said Promoter, chargesheeted in this case. It was also alleged that the actual value of the property was Rs. 550 crore (approx.) which was acquired by then MD & CEO of Yes Bank at a value of Rs. 378 crore (approx.) and the proceeds of the sale was not used fully to liquidate the existing loan, later declared NPA by the Bank. The property was allegedly purchased in the name of a company where wife of said then MD & CEO of Yes Bank, was the Director & authorized signatory.

 

It was further alleged that against this favour, then MD & CEO of Yes Bank Ltd. extended additional loan of Rs. 1360 crore (approx.) to other companies of said Promoter/Director during & after the acquisition of the said property. It was also alleged that these loans were never utilized for the purpose for which they were given and the borrowers were allowed to divert the funds for evergreening of the existing loans of the group companies.

 

After investigation, CBI filed a chargesheet.

 
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