The CBI has submitted a fourth supplementary chargesheet in connection with DHFL-Yes Bank deal and highlights the role of Sumer Buildcorp Pvt Ltd and its partners, who owe Yes Bank Rs 475 crore by the end of 2014.
The supplementary chargesheet was submitted in the last week of October and has added 12 more persons to the list of accused, taking the total to 41 persons. The new accused are Sanjay Dangi, Shahid Balwa, Vinod Goenka, Neelkamal Realtors Towers, Darshan Developers, Sumer Buildcorp, Mentor Capital, United Estate Builders and Developers, Rahul Shah, Ramesh Shah of Sumer Buildcorp, Indiabulls Housing Finance, and IVL Finance.
The chargesheet highlights how Sumer Buildcorp defaulted and the web loan was created for two projects, Harbour Heights in Mazgaon and Avenue 54 in Santacruz.
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CBI has claimed that Sumer Buildcorp launched Harbour Heights in 2005. In November 2009, it obtained Rs300 crore as loan on the personal guarantee of partner Ramesh Shah. However, the funds were allegedly used for Avenue 54 in Santacruz.
CBI claimed that Sumer Buildcorp obtained a fresh loan of Rs150 crore in November 2012 for the Mazgaon project purportedly citing increased FSI. In 2013, a short-term loan of Rs300 crore was sought but the bank raised an alarm. However, Rs250 crore loan was granted with MD Rana Kapoor’s nod. The CBI said this was never used for the project. Though the Rs300 crore loan was closed in 2014, fresh loans of Rs50 crore and Rs25 crore were obtained.
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Later, Sanjay Chhabria of Radius Group entered into a joint venture with Sumer Buildcorp for the projects and bought a part of Harbour Heights for Rs350 crore and “50% undivided land” of Avenue 54 for Rs1000 crore. CBI claimed that he was backed by Pune-based businessman Avinash Bhosale. The joint venture was named M/s Sumer Radius Realty Pvt Ltd.
In 2014-15, Yes Bank sanctioned a loan of Rs800 crore to Chhabria’s Vishwaroop Realtors for investment in Sumer Buildcorp on the recommendation of Bhosale. In 2016, despite the outstanding loan, Rs350 crore was sanctioned by Yes Bank to the joint venture.
When a red flag was raised in January 2017, Rana Kapoor asked Chhabria to close the loan of Rs800 crore by the joint venture. For this, Chhabria obtained a credit from Indiabulls in April 2017 but soon got another loan for his firm Raghuleela Builders.