Yes Bank's Rs. Raids at 17 places in case of Rs 3 crore

(PTI) New delhi date. 9

During 2016-17, the CBI raided a total of 14 places in Delhi-NCR and three other cities in connection with the transfer of Rs 3 crore to Yes Bank. The raids came after the CBI registered an FIR against Oyster Buildwell Pvt Ltd, Avantha Group promoter Gautam Thapar and others.

According to CBI officials, Thapar is already under investigation in another fund transfer case at Yes Bank. Former head of the bank Rana Kapoor is also involved in the case.

In the current case, the CBI has also registered a case against Raghubir Kumar Sharma, Rajendra Kumar Mangal and Tapasi Mahajan, directors of Oyster Buildwell Pvt Ltd, and unidentified executives of Avantha Realty Pvt Ltd and Zabua Pvt Ltd.

According to the CBI, Oyster Buildwell Pvt Ltd (OBPAL) is a subsidiary of Avantha Group. Avastha Realty owns 3% of Oyster Buildwell Pvt Ltd and Thapar & Wani Agency owns the rest.

The case was registered on the basis of a complaint lodged by the bank's chief vigilance officer Ashish Vinod Joshi on May 8, 2021.

The CBI has alleged that the accused had diverted public money worth Rs 2.17 crore through criminal conspiracy, treason and fraud. After filing the case, the CBI raided the premises of 14 accused in Delhi and NCR and the accused's premises in Lucknow, Secunderabad and Kolkata.

According to the complaint filed by Yes Bank, Zabua Power Limited, which has an interest in OBPL, had entered into a ten-year operation and maintenance contract with its holding company Zabua Power Investment Limited for 10 years. OBPL was to pay an interest-free refundable security deposit of Rs 219 crore to JPIL. For this, Yes Bank had sanctioned a long-term loan for 10 years. The company could not repay the loan installment after giving the loan. The loan was declared NPA on October 30, 2016. The company has not paid the principal amount of Rs 2.15 crore to Yes Bank.