CBI Books DHFL’s Wadhawans In ‘Biggest Bank Fraud’ Case

| Updated: 22 June, 2022 11:23 pm IST

NEW DELHI: The Central Bureau of Investigation (CBI) has registered one of the biggest bank fraud cases to the tune of Rs 34,615 crore against Dewan Housing Finance Ltd, its former CMD Kapil Wadhawan, director Dheeraj Wadhawan and others.

The agency had carried out searches at 12 locations in Mumbai, officials said Wednesday.

Wadhawans are already under CBI and ED scanners in Yes Bank and DHFL cases.

A CBI spokesperson here told The New Indian, “Multiple teams of CBI are carrying out searches in Mumbai at 12 locations belonging to accused named in the FIR.”

A CBI source said that the premises of Sudhakar Shetty of Amaryllis Realtors and eight other builders are also being searched.

According to the CBI FIR based on the complaint of Union Bank of India, it has alleged that the company had availed credit facility to the tune of Rs 42,871 crore between 2010 and 2018 from the consortium but started defaulting on commitments of repayment from May 2019 onwards.

It said that the accounts were declared non-performing assets at different points in time by lender banks.

“When DHFL was hit by investigation in January 2019 after media reports on allegations of fraud by diversion of funds, round-tripping and siphoning of funds surfaced, the lenders held a meeting on February 1, 2019. The members appointed KPMG to conduct a special review audit of DHFL from April 1, 2015, to December 31, 2018,” the FIR said.

The FIR also stated that the KPMG in its special audit red-flagged diversion of funds in the garb of loans and advances to related and interconnected entities and individuals.

The audit indicated significant financial irregularities, diversion of funds, fabrication of books, and round-tripping of funds to create assets for Kapil and Dheeraj Wadhawan.

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