Cops File Second Chargesheet Against Radius Estates’ Promoter
MUMBAI: Authorities have filed a chargesheet against Sanjay Chhabria, the promoter of Radius Estates and Developers Pvt Ltd, for allegedly defrauding Yes Bank of ₹30.39 crore by misappropriating funds designated for a redevelopment initiative. In 2018, Chhabria secured a ₹50-crore overdraft for the Mhada redevelopment project “X BKC.” However, ₹30.39 crore of that amount was improperly redirected to related enterprises, such as Radius Enterprises and Sea Fuss Realty, rather than being utilized for the project’s intended purpose. According to the approval letter from April 2018, these funds were meant to address the project’s working capital needs and cash-flow discrepancies. Investigators…
