Bank loan

Radia and others asked to join the investigation in a 300 crore bank loan embezzlement case


The Delhi Police’s Economic Crimes Wing has given notice to Niira Radia and other promoters and directors of Nayati Healthcare and Research NCR Pvt Ltd, to join the investigation into the alleged misappropriation of over 300 crore of bank loan, police said on Tuesday.

A senior officer said the notice was served on Ms Radia and others to appear before police next week. Police said they arrested three people – Yateesh Wahaal, Satish Kumar Narula and Rahul Singh Yadav – for embezzling rupee crores.

According to police, a complaint has been filed by orthopedic surgeon Rajeev Kumar Sharma against M / s Naarayani Investment Pvt Ltd., the holding company of M / s Nayati Healthcare and Research NCR Pvt Ltd. and its promoters and directors Niira Radia, his sister Karuna Menon, Satish Narula and Yateesh Wahaal and others.

Dr Sharma alleged that Naarayani borrowed over 600 crore from various sources, including DHFL, and invested 311 crore to acquire a controlling stake in Nayati Healthcare NCR.

After taking over the management of the new entity, Naarayani and the four people got a loan of over 300 crore from Yes Bank for the development of a hospital in Gurgaon, but instead they hijacked and hijacked the loan amount using fictitious transactions, said Dr. Sharma alleged.

He further alleged that the accused also borrowed 60 crore from Yes Bank for another hospital project, but that he also embezzled this fund.

Dr Sharma also alleged that the five defendants wrongly reduced his stake in Nayati Healthcare NCR from 49% to 6.3% in less than a year and increased their own stake to 93.7%.

During the investigation, police said, it was discovered that Naarayani Investment Pvt Ltd held 93 percent of the shares and that Radia was the main promoter of the company. After receiving a loan amount of 312 crore from YES Bank by the alleged company, a sum of 208 crore was transferred to a bank account in the name of Ahluwalia Construction.

During the verification of the account, it was found that the account was opened by a certain Rahul Singh Yadav only for the purpose of embezzling or siphoning off the loan amount as it was a fictitious account, the bank said. police.

During the investigation, it was found that the transfer of 208 crore yen was authorized by Yateesh Wahaal and SK Narula, as the manager and authorized signatory of the alleged company’s loan account, they said.

Additional Police Commissioner (EOW) RK Singh said the three defendants were apprehended and arrested after questioning on Thursday.

Other directors and promoters are being examined to determine their role and involvement in the overall incident. It is further found that the money transferred to Ahluwalia Construction’s account was also transferred to several other beneficiaries, which is being verified during the investigation, Mr Singh said.