Yes Bank fraud case: Niira Radia summoned by Delhi Police in cheating case

Lobbyist Niira Radia has been summoned by the Economic Offence Wing (EOW) of the Delhi Police along with her sister Karuna Menon in connection with a cheating case. A senior Police official said that they arrested three persons Satish Bahal, Yatish Kumar Narula and Rahul Singh Yadav in the cheating case. During the interrogation, they took the name of Niira after which she was summoned. 

What is the case?

The official said that Dr Rajeev Kumar Sharma filed a case against M/s Naarayani Investment Pvt Ltd, holding company of M/s Nayati Healthcare & Research NCR Pvt Ltd and its Promotors/Directors Niira Radia, her sister Karuna Menon, Yateesh Wahaal, Satish Kumar Narula and others. 

Rajeev said that he is the Vice-Chairman and Executive Director and 6.3% shareholder of Nayati Healthcare & Research NCR Private Ltd.(NHNCR). 

This company was earlier known as OSL Healthcare Pvt Ltd and was incorporated with a view to build and run a hospital in Gurugram, and the complainant had 49% shares whereas the remaining 51% shares were held by the other two directors of the company Chandan Mishra and Charchit Mishra. 

Also, an MOU was signed between VIMHANS and OSLHPL for operating and managing VIMHANS' IPD, OPD, Emergency and Diagnostic Services, and VIMHANS will provide state-of-the-art medical super speciality services for psychiatry and allied services to OSLHPL. 

"The complainant was also promised a remuneration of Rs 30 lakh per month as his fee for his services. The complainant alleged that during the construction of Gurgram Hospital, OSL. Healthcare Pvt Ltd. faced a certain financial problem and the majority shareholders/Directors sold their shares (51%) to M/s Naarayani Investment Pvt Ltd., the holding company of M/s Nayati Healthcare & Research NCR Pvt Ltd at the consideration of Rs 99 Crores. Once the alleged persons/company entered into the shoes of the majority shareholder, they took all the major decisions. The company took a loan of Rs 312 Crore from YES Bank for the development of Gurgaram Hospital, but the money was not used for the said purpose and misappropriated," said a senior police official quoting FIR. 

The complainant had alleged that they didn't even pay his professional fees worth Rs 15.28 Crores and brought down his shareholding deceitfully from 49% to 6.3%.

During the investigation, the police found that Naarayani Investment Pvt Ltd. is the holding company of M/S Nayati Healthcare & Research NCR Pvt Ltd. having 93% of the shareholding and Niira Radia is the main Promoter of the said company. 

"After receiving a loan amount of Rs 312 Crore from YES Bank by the alleged company namely M/S Nayati Healthcare & Research NCR Pvt Ltd., a sum of Rs 208 Crore was transferred to a bank account in the name of Ahluwalia Construction. On verification of the said account, it was found that the said account was opened by one Rahul Singh Yadav only with a view to siphon off the loan amount as it was a dummy account. It was also found that the said transfer of Rs 208 Crore was authorised by Yateesh Wahaal and S K Narula, being Director/ Authorised Signatory of the loan account of the alleged company," said a senior police official. 

The police arrested Satish Bahal, Yatish Kumar Narula and Rahul Singh Yadav. It is further found that money transferred to the account of Ahluwalia Construction (dummy firm) was further transferred to several other beneficiaries, which are being verified.

Image: PTI