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DHFL’s Kapil and Dheeraj Wadhawan conducts books CBI Raids.

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DHFL's Kapil and Dheeraj Wadhawan conducts books CBI Raids.

Following the First Information Report (FIR) filing against them on Monday, the Wadhawans’ office and home were among the locations searched.

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After arresting Kapil and Dheeraj Wadhawan of Dewan Housing and Finance Limited (DHFL) for allegedly defrauding a group of 17 banks led by the Union Bank of India out of 34,615 crores, the Central Bureau of Investigation (CBI) conducted 12 raids in Mumbai on Wednesday. The agency’s current investigation into bank fraud is its largest to date.

Following the First Information Report (FIR) filed against them on Monday, the Wadhawans’ office and home were among the locations searched. In the FIR, the agency said that between 2010 and 2018, the promoters of DHFL conspired with others, including government employees, to persuade banks to approve and distribute loans totaling 42,871 crores. Ten organizations and one Sudhakar Shetty have also been mentioned.

Through the corporate insolvency resolution procedure, Piramal Group acquired control of DHFL last year.

According to the FIR, the Wadhawan brothers routed money to companies they controlled by approving loans without due diligence or by acquiring acceptable security via falsifying books of accounts, costing the consortium a loss of 34,614.88 crores.

When the DHFL began missing payments to the lenders in May 2019, a special review was conducted, per the Union Banks of India’s complaint to the CBI referenced in the FIR. They claim that DHFL misled them about the company’s financial situation by asserting it had adequate cash.

A forensic audit and review were mentioned in the complaint. According to the “Special Audit Review and Forensic Audit Report,” Kapil and Dheeraj Wadhawan and their associates engaged in significant financial irregularities, including the diversion of funds through related parties, the fabrication of books to show fraudulent, nonexistent retail loans, the round-tripping of funds, and the use of diverted funds to create assets. It claimed that most of these parties’ transactions were investments in real estate.

According to the investigators, 66 organizations were utilized by the Wadhawans to embezzle bank cash totaling 29,100 crores. They said that 40 of the entities were under Kapil Wadhawan’s supervision.

The Supreme Court and the National Company Law Appellate Tribunal are already involved in the case, according to attorney Rohan Dakshini, representing the Wadhawans. The appeals tribunal urged the lenders to reevaluate their choice on the value of DHFL’s avoidance transactions [in January]. The CBI has since opened a case. The basic truth that these loans are tied to valuable projects has been disregarded.

The State Bank of India (SBI) was allegedly defrauded of the largest sum (9898 crores), according to the FIR, followed by the Bank of India (4,000 crores), Canara Bank (4,000 crores), Union Bank of India (3,813 crores), Punjab National Bank (3,802 crores), and the Bank of Baroda (2,000 crores).

Bank of Maharashtra, the Federal Bank, Central Bank of India, IDBI Bank, Indian Bank, Indian Overseas Bank, Karnataka Bank, Punjab and Sind Bank, South Indian Bank, and UCO Bank are some of the other consortium banks that are claimed to have committed fraud ranging from 71 crores to 1,499 crores.

After the case involving ABG Shipyard Limited, officials said that this is the CBI’s largest-ever bank fraud case. The CBI accused ABG and its chairman Rishi Kumar Aggarwal of defrauding a consortium of 28 banks led by ICICI Bank of 22.842 crores in February.

The Yes Bank fraud case involving Rana Kapoor and the investigation into the suspected establishment of 2.60 lakh phony home loan accounts under the Pradhan Mantri Aawas Yojana (worth $14,046 crores) are two incidents involving DHFL promoters. The Wadhawans are suspected of giving Yes Bank founder Kapoor a 600 crore kickback.

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