India Immediately has learnt that that is the most important financial institution fraud of nation, with the quantity concerned being virtually triple of that of the Nirav Modi case.
CBI books DHFL’s Kapil, Dheeraj Wadhawan, others in India’s greatest financial institution fraud of Rs 34,615 crore (File Picture)
The Central Bureau of Investigation is conducting searches in Maharashtra at 12 areas at premises linked to DHFL, its promoters Kapil Wadhawan, Dheeraj Wadhawan, businessman Sudhakar Shetty and others in reference to a Rs 34,614 crore financial institution fraud case. India Immediately has learnt that that is the most important financial institution fraud of nation, with the quantity concerned being virtually triple of that of the Nirav Modi case.
In response to the FIR, Dewan Housing Finance Company Restricted (DHFL), its then Chief Managing Director Kapil Wadhawan, then Director Dheeraj Wadhawan, businessman Sudhakar Shetty and different accused entered right into a felony conspiracy to cheat the consortium of 17 banks led by the Union Financial institution of India.
“In pursuance of the felony conspiracy, accused Kapil Wadhawan and others induced the consortium banks to sanction large loans aggregating to Rs 42,871 crore and siphoned off & misappropriated a good portion of the funds by falsifying the books of the DHFL and dishonestly defaulted on reimbursement of the legit dues of the consortium banks and thereby inflicting wrongful lack of Rs 34,615 crore to the consortium lenders,” reads the CBI FIR.
The CBI has named DHFL, Kapil Wadhawan, Dheeraj Wadhawan, Skylark Buildcon Pvt. Ltd, Darshan Builders Pvt. Ltd., Sigtia Constructions Builders Pvt. Ltd, Township Builders Pvt. Ltd., Shishir Actuality Pvt. Ltd, Sunblink Actual Property Pvt. Ltd, Sudhakar Shetty and others as accused within the case.
All of the accused have been booked on costs of dishonest, fraud and below related sections of the Prevention of Corruption Act.
The banks began disbursing loans to the accused corporations since 2010. The loans, to the tune of over Rs 34,615 crore, had been declared non performing property (NPA) in 2019.