As the Central Bureau of Investigation (CBI) has registered a new case against the former DHFL Promoters Kapil Wadhawan and Dheeraj Wadhawan for defrauding a consortium of 17 banks led by Union Bank of India India At Rs 34,615 crore, this has become the biggest bank fraud case registered by the agency.
The agency has booked Dewan Housing Finance Corporation Limited (DHFL), Kapil Wadhawan, the then CMD, Dheeraj Wadhawan, director and six realtor companies for being part of a criminal conspiracy to allegedly defraud the Union Bank of India-led consortium. did. 34,615 crore, officials said. He said that the agency has acted on the complaint of the bank dated February 11, 2022. Here are the details of the issue:
What is fraud?
The 17-member lender’s consortium had extended credit facilities worth Rs 42,871 crore between 2010 and 2018. DHFL had come under the scanner in January 2019 after allegations of misappropriation of funds surfaced in the media.
The lenders held a meeting on February 1, 2019, and appointed KPMG to conduct a “Special Review Audit” of DHFL from April 1, 2015 to December 31, 2018. Banks also issued a look-out circular against Kapil and Dheeraj Wadhawan. To prevent him from leaving the country on 18 October 2019. Union Bank of India (UBI) has alleged that KPMG, in its audit, red-flagged funds in the guise of loans and advances to related and interconnected entities and individuals of DHFL and its directors.
Scrutiny of books revealed that Rs 29,100 crore was disbursed to 66 entities having parity with DHFL promoters, of which Rs 29,849 crore was outstanding.
Who are the Wadhawans and what is their involvement in the fraud?
Kapil Wadhawan is the former CMD of Dewan Housing Finance Corporation Limited (DHFL) and Dheeraj Wadhawan is the former director. Both were promoters of DHFL.
The promoters of the erstwhile DHFL, Kapil and Dheeraj Wadhawan, are currently in jail in connection with the cases registered by the CBI and the Enforcement Directorate in connivance of the bank’s cofounder Rana Kapoor for the alleged fraud of Yes Bank, who is also lodged in Taloja jail. On the outskirts of Mumbai.
The Enforcement Directorate (ED) in a prosecution complaint (chargesheet) has said, “Rana Kapoor, DHFL promoters Kapil Wadhawan, Dheeraj Wadhawan and others were involved in criminal conspiracy with each other and through illegal transactions were involved in misappropriation of funds. Rs 5,050 crore.”
The ED said that the probe revealed that Yes Bank had purchased debentures worth Rs 3,700 crore from DHFL between April 2018 and June 2018. Hence, the amount was transferred to DHFL. Subsequently, DHFL extended a loan of Rs 600 crore to DOIT Urban Ventures Pvt Ltd (an entity owned by Rana Kapoor and his family).
Yes Bank had also sanctioned a loan of Rs 750 crore to M/s Belief Realtors Pvt Ltd (owned by the Wadhawans) for the development of its Bandra Reclamation Project in Mumbai. The ED said the probe revealed that the Wadhawans had embezzled the entire amount without spending a single penny for the stated purpose.
The Wadhawan brothers are currently in judicial custody in connection with the cases filed by the Enforcement Directorate and the CBI in the Yes Bank fraud cases.
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