Central Bureau of Investigation (CBI) has registered a fresh case against Dewan Housing Finance Ltd (DHFL), its former CMD Kapil Wadhawan, director Dheeraj Wadhawan and others for bank fraud of 34,615 crore rupees. The agency has registered the case on a complaint from Union Bank of India.
It was alleged in the complaint that DHFL, former CMD Kapil Wadhawan, Director Dheeraj Wadhawan, Sudhakar Shetty and other accused entered into a criminal conspiracy to cheat the consortium of 17 banks led by Union Bank of India. The CBI sources stated that Wadhawan and others induced the consortium banks to sanction huge loans aggregating to 42,871.42 crore rupees.
They siphoned off and misappropriated a significant portion of the said funds by falsifying the books of DHFL and dishonestly defaulted on repayment of the legitimate dues of the said consortium banks. They caused a wrongful loss of 34,615 crore rupees to the consortium lenders. CBI is conducting raids at 15 locations in Mumbai in connection with the bank loan fraud case involving DHFL.