Rs 600 Cr Yes Bank Loan Case: Rakesh Wadhawan Moves Mumbai Police’s EOW Against Sudhir Valia, Rana Kapoor
Former HDIL promoter Rakesh Wadhawan sought an EOW probe, alleging RBI norm violations and irregularities in Yes Bank's Rs 600-crore loan transfer to Suraksha ARC. Mumbai: Former Housing Development and Infrastructure Ltd (HDIL) promoter and suspended director of Privilege Power and Infrastructure Pvt Ltd (PPIPL), Rakesh Wadhawan, has approached the Mumbai Police’s Economic Offences Wing (EOW), alleging serious irregularities in the assignment of his company’s Rs 600-crore loan account by Yes Bank to Suraksha ARC-11 Trust and seeking a criminal investigation against former Yes Bank Managing Director Rana Kapoor, Suraksha Asset Reconstruction Pvt Ltd promoter Sudhir Valia and others. In a 16-page complaint submitted to the EOW, Wadhawan alleged that the loan account was assigned to the asset reconstruction company despite never being classified as a non-performing asset (NPA), in violation of Reserve Bank of India (RBI) guidelines governing the sale of stressed assets. The complaint...