1 week ago
EOW Adds Fraud and Forgery Charges in Yes Bank Case
Mumbai Police are investigating a large financial case connected to Yes Bank and Suraksha ARC.
They have added charges related to cheating and forged documents.
The case involves loans and property connected to HDIL-linked companies.
One company borrowed ₹600 crore from Yes Bank in 2012.
Yes Bank later transferred that loan to a Suraksha ARC trust in 2017.
Investigators are checking whether the transfer followed the correct rules.
A former company director says some people worked together improperly and used false records.
These are allegations, and the investigation is still continuing.
Mumbai Police’s Economic Offences Wing added cheating, forgery and using forged documents charges against Suraksha ARC, promoter Sudhir Valia and others.
The charges followed the EOW’s examination of an Enforcement Directorate dossier and related evidence sent on July 29.
The investigation concerns roughly ₹1,000 crore in transactions involving Yes Bank, HDIL-linked entities and Suraksha Group affiliates.
A ₹600-crore PPIPL loan was assigned by Yes Bank to Suraksha ARC-11 Trust in 2017 for ₹155.3 crore, investigators are examining.
Complainant Lakhminder Dayal Singh alleges collusion, fabricated records, improper loan classification and a lack of competitive bidding.
- Who
- Mumbai Police’s Economic Offences Wing is investigating Suraksha Asset Reconstruction Company Ltd, promoter Sudhir Valia and associated parties following material from the Enforcement Directorate.
- What
- The EOW added charges of cheating, forgery and using forged documents in an alleged ₹1,000-crore financial fraud case linked to Yes Bank.
- Where
- The case is being investigated in Mumbai and was placed before the 47th Additional Chief Metropolitan Magistrate at Esplanade Court.
- When
- The ED sent its dossier on July 29, and the added charges were communicated to a Mumbai court on August 20, 2026.
- Why
- The charges were added after investigators examined alleged financial irregularities, suspected fund diversion, suspicious transactions, asset undervaluation and possible forged documents.
Key facts
- Estimated transactions under investigation
- Approximately ₹1,000 crore
- Original PPIPL loan
- ₹600 crore from Yes Bank in December 2012
- Loan assignment date
- March 31, 2017
- Assignment consideration
- ₹155.3 crore, including ₹23.3 crore in upfront cash and ₹131.98 crore in security receipts
- Loan outstanding at assignment
- Approximately ₹213.6 crore, with related facilities or claims of about ₹176.53 crore
- New IPC provisions
- Sections 420, 467 and 471, concerning cheating, forgery and use of forged documents
- Complainant
- Lakhminder Dayal Singh, a former and suspended director of Sapphire Land Development Pvt Ltd
Sources
Related news
PPIPL Insolvency Complaint Questions Suraksha ARC Voting Share
ED Attaches ₹150-Crore Assets in Deepak Cables Bank Fraud Case
Xrbia Promoters Booked in Alleged ₹1,558 Crore Fraud
ED Attaches ₹9.19 Crore Assets in Sayona Colors Case
ED files Rs 1,047-crore bank fraud chargesheet against Deepak Cable
Mumbai EOW Probes ₹218 Crore Fraud on Unimark Mortgaged Properties
Two More Arrested in Mumbai’s Alleged Z Gang Case
Mumbai Cop Criticised After Pushing Cyclist During VIP Convoy
Bombay High Court Directs CBI Probe Into Disha Salian Death
Bombay High Court Orders CBI FIR Probe Into Salian Death
Surat Senior Citizen Loses Rs 2.96 Crore in Digital Fraud
