DHFL Fraud News : CBI registers case against former chairman, director in the country’s biggest bank fraud case

The CBI has registered a fresh case against DHFL, former chairman Kapil Wadhawan and Dheeraj Wadhawan, among others, in the country’s biggest bank fraud case. The case has been registered in connection with the alleged fraud of Rs 34,615 crore with a consortium of 17 banks led by Union Bank of India. This is the biggest bank fraud ever that has come under the scanner of the agency.

After the registration of the case, a team of over 50 officials of the agency searched 12 locations of the accused in Mumbai, officials said. The FIR registered in this regard involves Sudhakar Shetty of Amaryllis Realtors and eight other builders. According to officials, the bank has alleged that the company had availed loan facilities of Rs 42,871 crore from a consortium of banks between 2010 and 2018 under various arrangements.

A meeting was convened by the committee of creditors in February 2019 after the investigation began in January 2019. Subsequently, the committee members appointed KPMG to conduct a special review audit of DHFL from April 1, 2015 to December 31, 2018. The audit report found that Rs 29,100.33 crore was disbursed to 66 entities having parity with DHFL promoters, of which Rs 29,849 crore is outstanding. The bank alleged that most of the transactions of such entities and individuals were in the nature of investment in land and properties.