Mumbai: CBI has filed a new case against Kapil and Dheeraj Wadhawan of DHFL in what is reportedly India’s largest bank fraud case for allegedly defrauding a group of 17 banks led by the Union Bank of India to the tune of Rs 34,615 crore, making it the largest banking fraud probed by the agency, according to officials.
The Central Bureau of India (CBI) is conducting searches at the premises of the accused implicated in the fraud case at 12 different places in Mumbai, the officials said.
The agency has booked the Dewan Housing Finance Corporation Ltd (DHFL), Kapil Wadhawan, the then CMD, Dheeraj Wadhawan, the director, and six realtor companies for allegedly being part of a criminal conspiracy to cheat the consortium led by the Union Bank of India to the tune of 34,615 crore, as per the officials.
The agency acted on a complaint from the bank on February 11, 2022, they said. The alleged bank fraud case has surpassed the fraud amount of 23,000 crore by ABG Shipyard.
The CBI is already looking into the Wadhawans in relation to allegations of wrongdoing involving Rana Kapoor, the founder of Yes Bank. The agency claimed that Kapoor and Wadhawan engaged in a criminal conspiracy to use Yes Bank to provide financial support to DHFL in exchange for significant unjustified benefits for themselves and their families through companies owned by them.
According to the CBI FIR, the scam started taking shape between April and June 2018, when Yes Bank invested 3,700 crore in short-term debentures of scam-hit DHFL. In return, Wadhawan allegedly “paid a kickback of 600 crore” to Kapoor and family members in the form of a loan to DoIT Urban Ventures (India) Pvt. Ltd.
According to an Enforcement Directorate (ED) charge-sheet, Rana Kapoor, Kapil, and Dheeraj Wadhawan allegedly conspired to obtain a loan through the use of substantially inflated assets and questionable financial transactions.
In September 2021, Piramal Capital and Housing Finance (PCHF), which included a cash component and non-convertible debentures, completed the acquisition of DHFL for 34,250 crore (NCDs).