New Delhi: The Central Bureau of Investigation is conducting searches in Maharashtra at 12 locations at premises linked to DHFL, its promoters Kapil Wadhawan, Dheeraj Wadhawan, & businessman Sudhakar Shetty and others in connection with a Rs 34,614 crore bank fraud case.
It is said to be the biggest bank fraud in the country, with the amount involved being almost triple that of the Nirav Modi case.
According to the FIR, Dewan Housing Finance Corporation Limited (DHFL), its then Chief Managing Director Kapil Wadhawan, then Director Dheeraj Wadhawan, businessman Sudhakar Shetty and other accused entered into a criminal conspiracy to cheat the consortium of 17 banks led by the Union Bank of India.
“In pursuance of the criminal conspiracy, accused Kapil Wadhawan and others induced the consortium banks to sanction huge loans aggregating to Rs 42,871 crore and siphoned off & misappropriated a significant portion of the funds by falsifying the books of the DHFL and dishonestly defaulted on repayment of the legitimate dues of the consortium banks and thereby causing wrongful loss of Rs 34,615 crore to the consortium lenders,” reads the CBI FIR.
The CBI has named DHFL, Kapil Wadhawan, Dheeraj Wadhawan, Skylark Buildcon Pvt. Ltd, Darshan Developers Pvt. Ltd., Sigtia Constructions Builders Pvt. Ltd, Township Developers Pvt. Ltd., Shishir Reality Pvt. Ltd, Sunblink Real Estate Pvt. Ltd, Sudhakar Shetty and others as accused in the case.
All the accused have been booked on charges of cheating, fraud and under relevant sections of the Prevention of Corruption Act.
The banks started disbursing loans to the accused firms since 2010. The loans, to the tune of over Rs 34,615 crore, were declared non performing assets (NPA) in 2019
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