The economic offences wing (EOW) of Delhi police has arrested three persons for siphoning off Rs300 crore taken as loan from Yes Bank. Those arrested include Yateesh Wahal and Satish Kumar Narula, both directors of former corporate lobbyist Nirra Radia's Nayati Healthcare & Research NCR Pvt Ltd, and Rahul Singh Yadav, proprietor of Ahluwalia Construction, a dummy firm. Mr Narula is managing director, and Mr Wahal is executive director of Nayati Healthcare & Research Pvt Ltd, founded by Ms Radia and her sister Karuna Menon.
In his complaint, Delhi-based orthopaedic surgeon Dr Rajeev K Sharma has alleged Nayati Healthcare & Research NCR, floated by Ms Radia in May 2018, allegedly took a loan of Rs312 crore from Yes Bank to develop a hospital for Vidyasagar Institute of Mental Health, Neuro & Allied Sciences (VIMHANS) but misappropriated the money.
Last year in November, the EOW had registered a case against two firms, including Nayati Healthcare and Narayani Investment Pvt Ltd, the holding company of Nayati Healthcare & Research NCR. Nayati Healthcare and Narayani Investment are accused of siphoning, embezzlement and forgery of a bank loan of Rs312.50 crore in 2018-2020 in Primamed Hospital projects of Gurugram and Vimhans Hospital in Delhi. (Read: EOW files case against Niira Radia's Nayati Healthcare for Rs300 crore fraud
In a release, the Delhi police says, Dr Sharma owned 49% in OSL Healthcare Pvt Ltd, with Chandan Mishra and Charchit Mishra holding the balance. OSL Healthcare signed a memorandum of understanding (MoU) for operating and managing VIMHANS' internal patients' department (IPD), out-patients department (OPD), emergency and diagnostic services. Dr Sharma was promised a remuneration of Rs30 lakh per month as his professional fee for his services.
However, OSL Healthcare faced financial issues during the completion and sold its 51% to Narayani Investment for Rs99 crore. However, Dr Sharma alleged that his stake was reduced to mere 6.3% from 49% in a 'deceitful manner' after this deal, and his remuneration worth Rs15.28 crore was not paid.
During the investigation, Delhi Police says "…found that after receiving a loan, a sum of Rs208 crore was transferred to a bank account in the name of Ahluwalia Construction. On verification of the account, it was found that Rahul Singh Yadav opened it (the bank account) to divert or siphon off the loan amount as it was a dummy account. Ahluwalia Construction, a renowned builder, replied that it has worked at the site of the Gurugram project and had received only Rs10 crore from the company. The project is still incomplete."
"It was also found that the transfer of Rs208 crore was authorised by Yateesh Wahaal and Satish Narula, being the directors or authorised signatories of the loan account of the alleged company," the release says.
Promoted by Ms Radia, Nayati Healthcare & Research claims to be India's first multi super-speciality healthcare chain starting operations in tier-II and tier-III cities. The former corporate lobbyist's taped telephone conversations implicated her influence in the allocation of key ministries in the government of India in 2009. Discussion of the tapes resulted in the "Radia tapes controversy", which resulted in the resignation of A Raja, the then telecom minister and Ms Radia's departure from corporate lobbying.
The website of Nayati Healthcare is, however, not reachable. Even after trying to access it on different browsers and devices, we received an error message that says, "nayatihealthcare.com took too long to respond." Even Facebook
pages of Nayati Healthcare are not updated. The last message on the company's LinkedIn page was posted about nine months ago. Similarly, its Facebook page shows the last message posted in January 2021.
Earlier on 29 September 2019, Uttar Pradesh (UP) chief minister (CM) Yogi Adityanath inaugurated Arogya Mandir (mobile hospital) funded and run by Ms Radia's Nayati Healthcare in Varanasi.
Photos of the CM and Ms Radia during the inauguration ceremony were tweeted by the official handle of the CM office.
However, after publishing the CM's photo with Ms Radia during the inauguration, the Twitter handle of CM's office removed it, says a report from Aajtak.in
. Later, the Twitter handle published photos of Kashi Vishwanath Arogya Mandir, the healthcare facility inaugurated by the UP CM.