 "YES Bank")
The Central Bureau of Investigation (CBI) has registered a criminal case against Rakesh Wadhawan and Sarang Wadhawan, promoters of Housing Development and Infrastructure (HDIL), a realty firm, for allegedly misappropriating Rs 200 crore worth of loans from YES Bank.
These loans were disbursed to Mack Star Marketing, a joint venture in which HDIL entities hold a minority stake. This company owns a well-known commercial property in Mumbai in the Andheri East area.
The CBI alleged that the loans from YES Bank to the JV were not authorised by the majority shareholder. Ocean Deity Investment Holdings, an erstwhile firm of DE Shaw, holds
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