HDIL Promoters Wadhawans Charged For Rs 200-Crore Yes Bank Fraud

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HDIL Promoters Wadhawans Charged For Rs 200-Crore Yes Bank Fraud

Sarang Wadhawan had reportedly denied any wrongdoing in the transactions.

New Delhi:

The CBI has charged HDIL promoters Rakesh Wadhawan and Sarang Wadhawan, along with other directors and auditors in the firm, in an alleged Rs 200-crore loan fraud in Yes Bank involving Mack Star, officials said Friday.

After registering the case, the CBI searched the residence of Rakesh Wadhawan and his son Sarang in Mumbai, they said.

The agency also carried out searches at nine other premises in Mumbai, including two offices of HDIL, they said.

It is alleged that Yes Bank had given loan to Mack Star in which HDIL was a minority shareholder.

It is alleged the funds transferred to Mack Star by Yes Bank as loan were transferred to accounts of HDIL group companies to repay its loan to the bank, they said.

Sarang Wadhawan had reportedly denied any wrongdoing in the transactions.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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