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Former Housing Development and Infrastructure Limited (HDIL) chairman Rakesh Wadhawan has approached the Mumbai Police’s Economic Offences Wing seeking an investigation into the alleged unauthorised transfer of an INR 600 crore loan account. Wadhawan has alleged that Yes Bank assigned the loan, linked to another company promoted by him, to Suraksha Asset Reconstruction Company in 2017 even though the account had not been classified as a non-performing asset. The complaint also raises questions over the valuation and regulatory compliance involved in the transfer. The matter comes amid wider scrutiny of transactions involving Suraksha ARC and former Yes Bank officials.
Former Housing Development and Infrastructure Limited (HDIL) chairman Rakesh Wadhawan has approached the Mumbai Police’s Economic Offences Wing seeking an investigation into the alleged unauthorised transfer of an INR 600 crore loan account.
According to his complaint, Yes Bank assigned the loan account of another company promoted by Wadhawan to Suraksha Asset Reconstruction Company in 2017. He has alleged that the transfer was improper as the loan had not been classified as a non-performing asset at the time.
Wadhawan has also raised questions over the manner in which the loan was assigned, including whether an independent valuation was carried out and whether applicable Reserve Bank of India requirements were followed.
The complaint comes as transactions involving Suraksha ARC and former Yes Bank officials remain under scrutiny. The Enforcement Directorate is also investigating alleged irregularities involving the entities and individuals connected to such transactions.
The INR 600 crore loan was held by a company associated with Wadhawan, who has sought a probe to establish whether the assignment was carried out in accordance with banking and regulatory requirements.
The allegations are part of the wider financial issues surrounding the Wadhawan-promoted HDIL group. HDIL had faced severe financial stress before entering insolvency proceedings, with its affairs subsequently coming under investigation by various agencies.
The Economic Offences Wing will examine the allegations and the circumstances surrounding the loan transfer. The complaint represents Wadhawan’s allegations, and any findings will depend on the outcome of the investigation.
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