YES Bank Loan Diverted to Builders

08 Nov 2024 CW Team

The Central Bureau of Investigation (CBI) has revealed that a ?4,733 crore loan from YES Bank to DHFL (Dewan Housing Finance Corporation Ltd.) was diverted to real estate developers in Mumbai. The investigation highlights that the funds were intended for housing finance but instead found their way into the hands of builders, raising concerns over misuse of financial resources and potential violations of banking norms.

The CBI’s probe indicates that the diverted loan was funneled into a series of unapproved transactions, benefitting specific builders in Mumbai, in exchange for favors. This revelation has raised alarm over the integrity of the financial and real estate sectors, where such misuse of funds could be indicative of systemic corruption and illegal financial practices.

The involvement of high-profile figures and companies in this scandal has prompted a wider examination of financial oversight in India's banking and real estate markets. The investigation is ongoing, with the CBI examining possible links to other entities involved in the case, aiming to hold those responsible accountable.

The loan diversion case is part of broader efforts by authorities to uncover and address financial irregularities in India’s real estate and banking sectors, where concerns over misallocation of funds, non-performing assets (NPAs), and lending fraud continue to grow.

Infrastructure Urban

06 Apr 2026

InsideFPV Delivers ₹10 Crore Kamikaze Drone Order Under MoD’s EPR Route

InsideFPV, a Surat-based drone technology manufacturer, has successfully executed a ₹10 crore defence contract to supply indigenous kamikaze drones under the Ministry of Defence’s Emergency Procurement Route (EPR). The company completed the delivery of hundreds of FPV kamikaze drone platforms within a rapid two-month timeframe, highlighting its ability to meet urgent military procurement timelines.The supply orders were fulfilled under the emergency procurement mechanism, which is aimed at fast-tracking acquisitions for immediate operational needs. InsideFPV’s quick execution reflects it..

Vedanta Resources Secures Fitch Upgrade to ‘BB-’, Best Rating Since 2015

Vedanta Resources Limited (VRL), a global player in metals, oil & gas, critical minerals, power and technology, has received a credit rating upgrade from Fitch Ratings, marking its strongest bond rating in over a decade.Fitch has raised Vedanta Resources’ Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘BB-’ from ‘B+’, while maintaining a Stable Outlook. The agency also upgraded VRL’s senior unsecured rating, along with the ratings of US dollar-denominated bonds issued by Vedanta Resources Finance II Plc and guaranteed by VRL, to ‘BB-’.The upgrade represents Vedan..

NAREDCO NextGen NCR Chapter Launched

The NAREDCO NextGen NCR Chapter was recently launched at Excelerate 2026 in Mumbai, marking a key step towards integrating emerging real estate leaders from the National Capital Region with the national platform. The initiative aims to promote sustainable and responsible urban development through collaboration and knowledge exchange.The event brought together young developers, entrepreneurs, and professionals from across NCR, including Noida, Gurugram, Ghaziabad, Faridabad, Bhiwadi, and Meerut. Discussions focused on urban development, finance, sustainability, innovation, and policy, emphasisi..