Besides Kapil Wadhawan and Dheeraj Wadhawan, the investigation agency has booked Sudhakar Shetty of Suhana Group and 10 other real estate companies.
New Delhi: Central Bureau of Investigation on Wednesday booked Kapil Wadhawan and Dheeraj Wadhawan, former promoters of Dewan Housing Finance Corporation Ltd (DHFL), along with 11 others accused in a biggest-ever loan fraud case in India. The investigation agency has accused them of defrauding a consortium of 17 banks of over Rs 34,000 crore. With revelation of the case, two other loan fraud cases- ABG Shipyard loan fraud (Rs 20,000 crore) and Nirav Modi-led PNB loan fraud (Rs 13,000 crore) were being considered as biggest loan fraud case in the country.
As per the initial reports, the CBI has been conducting raids at more than one dozen premises associated with the accused in Mumbai and all over the country. The probe agency had filed a case in this regard after receiving complaint from Union Bank of India, a lead bank in the consortium. The bank had reportedly extended credit facilities of more than Rs 42,000 crore by the consortium out of which Rs 34,615 crore remain due. It had declared NPA in 2019 and fraud in 2020.
Besides Kapil Wadhawan and Dheeraj Wadhawan, the investigation agency has booked Sudhakar Shetty of Suhana Group and 10 other real estate companies.
An audit report conducted by KPMG, it has indicated that financial irregularities, diversion of funds through related parties, fabrication of books to show fraudulent non-existent retail loans, round tripping of funds and utilization of diverted amounts for creation of assets have been practiced.
It may be noted that both the former promoters of DHFL have been faced arrest in connection with the Yes Bank case earlier. They have been facing action by Enforcement Directorate and Central Bureau of Investigation in cases since the collapse of the company in 2019.
