On Wednesday, CBI The Central Bureau of Investigation raided twelve places located in Mumbai after making groups of more than 50 officers per group.
CBI is investigating Kapil wadhawan and Dheeraj wadhawan for allegedly defrauding a group of 17 banks including Union Bank of India.
Kapil wadhawan is currently chairman and managing director of Dewan Housing and Finance Limited (DHFL). The amount of fraud is Rs 34,615 in India which is the biggest amount of fraud ever done.
On Monday, the first information report (FIR) was registered against the wadhawan brothers after which CBI also raided their offices and their house. The filed FIR claims that the wadhawan brothers who are promoters of DHFL were allegedly plotting against the public servants and others.
They persuade the banks for allowing and letting them the loans worth ₹42,871 crores between 2010 and 2018. Sudhakar Shetty, Amaryllis Realtors and eight other builders also came in limelight through this incident.
Last year DHFL was taken over by the Piramal Group through the corporate insolvency resolution process.
In a report, It is found that 66 organizations are having interrelationships with Kapil and Dheeraj wadhawan was paid out Rs 29,100.33 crore of which Rs 29,849 crore are still remaining.
Union Bank of India’s complaint to the CBI Which is reported as an FIR claims that when DHFL started delaying and missing the payment dates a special review was carried out to look at the situation but back then they assured them by claiming about the financial condition by saying that the bank has enough liquidity.
The complaint was further transferred to forensic audit and the investigation started, the outcome report says that “there are financial irregularities, entertaining of funds through related parties, making the books to swindling the non-existent retail loans, (lazy susans) round-tripping of funds, and using the diverted amount as an asset by the wadhawan brothers and their associates.”
According to banks, “Mostly transactions of different organisations or individuals are done as properties or land investments.”
CBI confirmed that they have confirmed 66 organizations which are used for entertaining bank funds which sum up to ₹ 29,100 crores by the wadhawan brothers. Out of 66, 40 institutions were under the control of Kapil Wadhawan.
Advocate named Rohan Dakshini is representing Kapil and Dheeraj wadhawan announced that the case is already moved into the hands of the Supreme Court and the National Company Law Appellate Tribunal.
In January The appellate tribunal asked the lenders to rethink the avoidance of DHFL’s transactions. Now, the CBI is in charge of the case. The projects have a value which are linked to the loans but which is getting ignored but authorities.
CBI investigated cases other than DHFL
The FIR says that the State Bank of India (SBI) has been cheated of the highest amount ever which is worth (₹9898 crores), followed by Bank of India (₹4,044 crores), followed by Canara Bank ( ₹4,022 crores), Union Bank of India (₹3,813 crores), Punjab National Bank (₹3,802 crores) and the Bank of Baroda (₹ 2,036 crores).
Other consortium banks who all are allegedly got cheated between ₹71 crore to ₹1,499 crores are the Bank of Maharashtra, the Federal Bank, Central Bank of India, Punjab and Sind Bank, South Indian Bank UCO Bank, IDBI Bank, Indian Bank, Indian Overseas Bank, and Karnataka Bank.
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The CBI confirmed this case is their biggest-ever bank fraud case after the case of ABG Shipyard Limited.
In February, the CBI filed an investigation against ABG with its chairman Rishi Kumar Aggarwal for cheating the ICICI Bank-led consortium of 28 banks worth ₹22,842 crores.
Wadhawan brothers are under investigation in cases including the Yes Bank fraud case which involves Rana Kapoor and on the other hand related to the alleged creation of 2.60 lakh fake home loan accounts under the government policy Pradhan Mantri Aawas Yojana (₹14,046 crores). DHFL promoters are accused of paying a kickback of ₹600 crores to Rana Kapoor founder of Yes Bank.
