Shockwaves hit Mumbai as Subhash Chandra, Sameer Gehlaut, Naresh Goyal get ED summons

The information has come from investigative agencies confirming that top names of corporate India have been summoned by the ED in the context of India's biggest corporate and banking scandal - Yes Bank scandal.

Among those who have been summoned in connection with the scandal are Sameer Gehlaut, the high-flying socialite head of the controversial Indiabulls, who has been summoned according to sources on the 20th of March. 

Gehlaut, known to be close to Lutyens media bosses and Congress leaders, has been trying hard to avoid being named or referred to in the context of the Yes Bank scandal. 

Gehlaut and Indiabulls' Top Executive Gagan Banga have been threatening legal action against any media house that has made any reference to them, pointing out that they have no outstanding loans vis-a-vis Yes Bank. Sources in the agencies, however, say that there are multi-layered transactions of Rana Kapoor, Yes Bank, and his family entities and in this context, they need to speak to the IndiaBulls bosses.

Among others, who have been summoned, is the Chairman of the Essel Group and the former Chairman of the Zee Group Subhash Chandra, who has been selling his assets to pay back his outstanding loans, but who is believed to be still far from squaring of his books. 

Also summoned is the former Chairman of now-defunct Jet Airways Naresh Goyal, in whose time at the helm of Jet, Yes Bank cleared thousands of crores in loans to the now grounded carrier.

Lutyens based socialite industrialist Gautam Thapar, whose Avantha Group defaulted on loans to the Yes Bank, has also been summoned, reportedly on the 21st of March. Interestingly, Gautam Thapar had to sell his house in a questionable deal at a rock-bottom price to a company controlled by Yes Bank's boss Rana Kapoor's wife Bindu Kapoor. 

When Republic contacted Gagan Banga of Indiabulls, he denied receiving any summons and said that Sameer Gehlaut has also not received any summons claiming these are mere "rumours". 

Republic World is leading the investigation into the Yes Bank scandal and will update this news report on receiving fresh inputs.