Delhi Police’s Economic Offences Wing has served a notice to Niira Radia and other promoters and directors of Nayati Healthcare and Research NCR Pvt Ltd, to join investigation in connection with the alleged embezzlement of over ₹300 crore of bank loan, police said on Tuesday.
A senior police officer said the notice was served to Ms. Radia and others to appear before police next week.
Police said they have arrested three persons identified as Yateesh Wahaal, Satish Kumar Narula, and Rahul Singh Yadav, for misappropriation of crores of rupees.
According to police, a complaint was filed by orthopaedic surgeon Rajeev Kumar Sharma against M/s Naarayani Investment Pvt Ltd., holding company of M/s Nayati Healthcare and Research NCR Pvt Ltd. and its promotors and directors Niira Radia, her sister Karuna Menon, Satish Narula and Yateesh Wahaal and others.
Dr. Sharma alleged that Naarayani had borrowed more than ₹600 crore from various sources, including DHFL, and invested ₹311 crore for acquiring a majority stake in Nayati Healthcare NCR.
After taking over management of the new entity, Naarayani and the four individuals got a loan of over ₹300 crore from Yes Bank for the development of a Gurgaon hospital, but instead, they siphoned off and embezzled the loan amount using fictitious transactions, Dr Sharma alleged.
He further alleged that the accused also borrowed ₹60 crore from Yes Bank for another hospital project, but embezzled that fund as well.
Dr Sharma also alleged that the five accused wrongfully brought down his stake in Nayati Healthcare NCR from 49% to 6.3% in less than a year and increased their own stake to 93.7%.
During investigation, police said, it was found that Naarayani Investment Pvt Ltd having 93% of shareholding and Ms. Radia is the main promotor of the company. After receiving a loan amount of ₹312 crore from YES Bank by the alleged company, a sum of ₹208 crore was transferred to a bank account in the name of Ahluwalia Construction.
On verification of the account, it was found that the account was opened by one Rahul Singh Yadav only with a view to divert or siphon off the loan amount as it was a dummy account, police said.
During investigation, it was found that the transfer of ₹208 crore was authorised by Yateesh Wahaal and S.K. Narula, being director and authorised signatory of the loan account of the alleged company, they said.
Additional Commissioner of Police (EOW) R.K. Singh said the three accused were apprehended and arrested after interrogation on Thursday.
Other Directors and promoters are being examined to ascertain their role and involvement in the whole incident. It is further found that money transferred to the account of Ahluwalia Construction was further transferred to several other beneficiaries, which are being verified during investigation, Mr Singh said.
