NEW DELHI: Moving ahead in its probe into the Rs 34,615 crore Dewan Housing Finance Limited (DHFL) case, the Central Bureau of Investigation (CBI) on Wednesday said that it has arrested underworld don Chhota Shakeel’s alleged close aide Ajay Ramesh Navandar.
Top CBI sources related to the probe told The New Indian, “We have arrested Nawandar in connection with the DHFL case.”
The source disclosed that Nawandar is considered close to DHFL’s Kapil and Dheeraj Wadhawan.
The action comes days after the agency’s sleuths carried out searches at the premises of Nawandar on July 9 in connection with the case.
On July 9, during the searches at the premises of Rebecca Dewan and Nawandar, the CBI recovered a large number of paintings and sculptures, some cash and other incriminating documents.
The artworks seized during the searches were estimated to be around Rs 40 crore, as per initial estimates.
The arrest came in connection with the ongoing investigation of a case related to bank fraud of Rs 34,615 crore to a consortium of 17 Banks led by Union Bank of India against Dewan Housing Finance Ltd (DHFL), its former CMD Kapil Wadhawan, director Dheeraj Wadhawan and others.
The official said that during the investigation, it was found that the promoters had allegedly diverted the funds and made investments in various entities.
According to CBI officials, the promoters had acquired expensive paintings and sculptures worth about Rs 55 crore using the diverted funds.
A case was registered on a complaint from Union Bank of India, alleging that the accused cheated a consortium of 17 banks to the tune of over Rs 34,615 crore by siphoning off loans availed from the said banks and falsifying the books of said borrower company and creating shell companies or false entities, which had come to be known as “Bandra Book Entities”.
In the complaint, it was also alleged that DHFL and its promoters had created several shell companies and fictitious entities and siphoned off huge funds by disbursing funds to such fictitious entities.
It was also alleged that separate audits conducted by other private audit accounting organisations had identified multiple instances of diversion of funds by the accused for personal benefits and falsification of books of accounts to camouflage and conceal dubious transactions.
On June 22 this year, the CBI carried out searches at 12 locations in Mumbai at the premises of the accused which led to the recovery of incriminating documents.