For the first time, the CBI has filed charges against Kapil Wadhawan and Dheeraj Wadhawan, who allegedly cheated 17 banks, led by the Union Bank of India (UBI), in a banking fraud investigation totaling more than Rs 34,615 crore.
DHFL Officials Are Investigated By CBI Due To Their Involvement In India’s Biggest Bank Fraudulent Case
Authorities have charged Dewan Housing Finance Corporation Ltd (DHFL), the former CEO Kapil Wadhawan, the director Dheeraj Wadhawan, and six real estate companies with involvement in a criminal conspiracy to defraud the Union Bank of India consortium, authorities told PTI.
The bank claims that between 2010 and 2018, the company used the consortium’s credit facility to the tune of Rs 42,871 crore, but officials claim that the company defaulted on repayment commitments starting in May of this year.
Banks claimed that the accounts were labeled non-performing assets at various points in time. The lenders attended a meeting on February 1, 2019, after media reports arose in January 2019 alleging fraud by diversion of cash, round-tripping, and siphoning of funds at DHFL.
From April 1, 2015, through December 31, 2018, DHFL was the subject of a special review audit by KPMG, which was commissioned by the board.
On February 11, 2022, the agency responded to a complaint from a bank, according to their statement. More than Rs 23,000 crore has been allegedly stolen from ABG Shipyard in an accused bank fraud case.
There is already a CBI investigation against the Wadhawan family in relation to the suspected wrongdoing of Yes Bank founder Rana Kapoor. Allegedly, Kapoor and Wadhawan formed a criminal conspiracy to provide DHFL with financial aid through Yes Bank in exchange for large unfair benefits to Kapoor and his family members through companies they own.
Between April and June of 2018, Yes Bank allegedly invested 3,700 crores in short-term debentures of scam-plagued DHFL, as per a CBI FIR. This was in exchange for a loan from DoIT Urban Ventures (India) Pvt Ltd, which Wadhawan is said to have given to Kapoor and his family in the amount of “600 crores.”
Rana Kapoor, Kapil, and Dheeraj Wadhawan were charged by the Enforcement Directorate (ED) with a criminal conspiracy to get a loan by pledging excessively overvalued assets through dubious transactions.
PCHF completed the acquisition of DHFL last September for a total of 34,250 crores, which included cash and non-convertible debentures (NCDs).
Union Bank of India’s consortium was duped out of Rs 34,615 crore by Dewan Housing Finance Corporation Ltd (DHFL), Kapil Wadhawan, the former CEO, Dheeraj Wadhawan, director, and six realtor companies, according to officials.
On February 11, 2022, the agency responded to a complaint from a bank, according to their statement.
The CBI is already looking into the Wadhawan family’s involvement in the suspected corruption of Yes Bank founder Rana Kapoor.