10 Things To Know About The FIR Against Niira Radia For Alleged Financial Fraud

Niira Radia, former corporate public relations officer and a central figure in the infamous 2008 Radia tapes controversy, has been charged by the Delhi Police for alleged funds embezzlement as per reports. The First Information Report (FIR) was filed following a complaint made by an employee at Nayati Healthcare of which Radia is the current chairperson. Three others, including Radia's sister, have been named in the case.

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Here are 10 things to know about the financial fraud case: 

1. A funds embezzlement case was registered by the Economic Offence Wing (EOW) of the Delhi Police following a complaint by Delhi-based surgeon Rajeev Kumar Sharma. The accused persons include Niira Radia, her sister Karuna Menon, and associates SK Narula, and Yateesh Wahal.

2. Dr Sharma, Vice-Chairman and Executive Director of Nayati Healthcare and Research NCR Private Limited (NHNCR), alleged that the loan for two hospitals - Primamed Hospital in Gurugram and Vimhans Hospital in Delhi – has been siphoned by the four accused, for personal use.

3. The fraud amount stands upward of Rs 300 crore. Calling it “brazen cheating,” he claimed they “embezzled Rs 312.50 crore by opening fictitious bank accounts in the name of various well-known contractors and directly transferred loan money into these accounts.”

4. Radia and the other accused hold top positions in the organisation, which is how they wrongfully siphoned funds reserved for the hospitals, he said. Sharma has stated that the condition of the Gurugram hospital is suffering and that the loan was to have been spent on construction. Instead, the money has been used to pay off the personal dues of the accused.

5. Dr Sharma has also claimed fraud on other counts, such as when Radia and others “deceitfully got the balance sheet” signed by him, and later made changes to the entries.

6. The FIR mentions other suspicious activities, claiming the accused “entered into various fictitious transactions with various vendors.” Narayani Investment Private Limited (NIPL), the firm where Radia and the others are office-bearers, has also been named.

7. YES Bank has also been named in the alleged conspiracy for providing huge loans without thorough checks.

8. NHNCR responded to Dr Sharma’s complaint through a press statement, denying the charges. Calling them baseless, it said that his claims were resultant of some “differences” between them in the past, regarding past management.

9. Claiming "misappropriation" on part of Dr Sharma, the company says it "remains committed to cooperating with investigations and reposes its full faith in the investigating agency."

10. Previously, Radia shot to fame when she got involved in the dialogue between Singapore Airlines and Tata Group for a partnership that didn’t eventually materialise. However, post that interaction, Radia began her association with Tata. Further on, she was the main lobbyist being talked about in the controversial Radia Tapes that led to revelations in the 2G scam exposing top-level corruption.