Publish Date: | Wed, 22 Jun 2022 07:13 PM (IST)
The Central Bureau of Investigation has registered a case of fraud of Rs 34,615 crore against former promoters of Dewan Housing Finance Limited Kapil Wadhawan and Dheeraj Wadhawan among others. This is the biggest bank fraud ever registered by the CBI. Kapil and Dheeraj have cheated a consortium of banks led by Union Bank of India. The agency conducted raids at 12 locations in Mumbai. The CBI has named Kapil Wadhawan, Dheeraj Wadhawan, Skylark Buildcon Ltd, Darshan Developers, Sigatia Construction, Township Developers, Shishir Reality, Sunblink Real, Sudhakar Shetty and others as accused in the case.
took loan since 2010
The accused firms started taking loans from a consortium of 17 banks led by Union Bank of India since 2010. This loan was declared as NPA. The investigation began after reports surfaced on allegations of fund diversion, round-tripping and misappropriation. Banks met on 1 February 2019.
Fund diversion detected in audit
KPMG has been appointed for the Special Review Audit of DHFL from 1st April 2015 to 31st December 2018. After this, the banks demanded the issuance of look out circulars against Kapil and Dheeraj Wadhawan. Fund diversion, round tripping and financial irregularities were revealed in the audit.
Posted By: Shailendra Kumar