02 , May , 2022
Sanjay Chhabriaa has been sent to CBI custody till 6th May. This remand comes in connection with a case of alleged corruption against Yes Bank founder Rana Kapoor and Dewan Housing Finance Corporation Ltd (DHFL).
Chhabriaa was produced before special judge S H Gwalani by the central agency. For further probe into the matter, the agency has taken his 14-day custody.
The CBI said his custody was required as the offence was serious and the investigation was at a critical stage. During investigation into the case, the criminal complicity of Chhabriaa emerged as an accused in the case.
It is alleged that loans worth Rs. 3094 crore that were sanctioned to his companies by Kapil Wadhwan of DHFL and Yes Bank, founded by Rana Kapoor, were diverted by him.
Both Kapoor and Wadhawan are accused in the case. The duo is currently in judicial custody.
The CBI claimed that significant amounts from the aforesaid loans have been diverted and it is essential to interrogate the accused about the utilisation of the funds.
"The custodial interrogation of Chhabriaa is necessary to ascertain the end use of aforesaid loans aggregating to Rs 3,094 crore, for the purpose of recovery of material evidence pertaining to the said transactions and related issues," it said.
It added that Chhabria, during his examination by the CBI has been "uncooperative" and was not coming out with true facts relevant to the case.
He is concealing relevant facts related to the case, the agency alleged.
However, advocate Vaibhav Krishna, who appeared for Chhabriaa, contended that that his client always cooperated with the investigation.
The case against Chhabriaa pertains to loans from a financial institution, which is permissible in the eye of law.
Two of the loans were assigned by DHFL and due diligence was done before disbursal of loan, he said, adding that all utilisation happened by cheques and not by cash.
The lawyer added that when probe into the DHFL case began in 2019, he (Chhabriaa) was called as a witness by the investigating agency and he has given hard copies of all details and documents and pen drive as well as bank statements.
(WITH INPUTS TAKEN FROM PTI)
