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

PTI New Delhi | Updated on October 09, 2020 Published on October 09, 2020

Rakesh Wadhawan and his son Sarang Wadhawan

The 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 involving Mack Star, 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 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.

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

Published on October 09, 2020
  1. Comments will be moderated by The Hindu Business Line editorial team.
  2. Comments that are abusive, personal, incendiary or irrelevant cannot be published.
  3. Please write complete sentences. Do not type comments in all capital letters, or in all lower case letters, or using abbreviated text. (example: u cannot substitute for you, d is not 'the', n is not 'and').
  4. We may remove hyperlinks within comments.
  5. Please use a genuine email ID and provide your name, to avoid rejection.