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 Transport

16 Sep 2025

Metro Line 2B Phase 1 to Boost Realty in Mumbai’s Eastern Suburbs

Mumbai’s real estate sector is set for a major boost as Phase 1 of Metro Line 2B, between Mandale and Diamond Garden, nears completion. The Mumbai Metropolitan Region Development Authority (MMRDA) has confirmed that mandatory rectifications are done, and inspections by the Commissioner of Metro Railway Safety (CMRS) have been carried out. The 5.39-km stretch with five stations forms part of the larger DN Nagar–Mandale corridor, designed to ease congestion and improve east–west connectivity. Passenger operations are expected by December 2025, with the full line slated for 2027. ..

WattPower wins Best Inverter award at Global Solar Expo 2025

WattPower, a leading renewable energy solutions provider, has won the award for “Best Inverter in the Utility Segment” at the Global Solar Expo 2025. The recognition underscores the company’s commitment to delivering reliable, high-performance and future-ready solar solutions for large-scale projects. At the forefront of utility-scale solar, WattPower manufactures advanced string inverters that directly feed power into the Indian grid. With robust technology, high-quality components and comprehensive product lifecycle support, its solutions stand among the most sophisticated in the ..

Awfis delivers 67,000 sq. ft. innovation hub for eBay in Bengaluru

Awfis Space Solutions, India’s largest flexible workspace provider and the first publicly listed workspace solutions platform, has partnered with eBay to establish a 67,000 sq. ft. innovation hub at Embassy Tech Village, Bengaluru. The mandate covers design, build and management of the new office, which will act as a strategic hub supporting diverse functions and accelerating eBay’s AI-first commerce strategy. The centre will focus on artificial intelligence, engineering, product development and applied research, strengthening eBay’s growth in India. Embassy Tech Village, North Beng..