On Monday night in Mumbai, Dheeraj Wadhawan arrest and taken before a special court in the area. The court then decided to remand him to judicial custody on Tuesday.
On Tuesday, Dheeraj Wadhawan, the ex-director of Dewan Housing Finance Limited (DHFL), was taken into judicial custody after his appearance before a special court in Delhi. The Central Bureau of Investigation (CBI) arrested him in connection with a Rs 34,000 crore bank fraud case.
On Monday night in Mumbai, Wadhawan was arrested and brought before a special court in the area. The official stated that he was remanded to judicial custody on Tuesday. Back in July 19, 2022, both Dheeraj and Kapil Wadhawan were apprehended in relation to the case.
Dheeraj Wadhawan Arrest What is the Rs 34,000 DHFL scam?
According to the central investigative agency’s findings, Dheeraj Wadhawan and his brother Kapil are accused of deceiving a group of 17 banks, leading to a whopping Rs 34,000 crore in losses. This marks the largest banking loan fraud in the country’s history.
Also Read – Canara Bank Share Price Big Update: Canara Bank Closes at ₹119, Up 5.08% from Yesterday’s ₹113.25!
Kapil and Dheeraj Wadhawan, along with several others, are alleged to have been involved in a criminal conspiracy, misleading and hiding information, breaching trust, and misappropriating public funds, according to the charge sheet.
Reportedly, this led to a massive fraud of Rs 34,615 crore as they failed to repay loans starting from May 2019. The CBI has raised concerns about the company’s involvement in financial misconduct, including diverting funds, falsifying records, and participating in circular transactions to create assets for Kapil and Dheeraj Wadhawan, using public funds.
Officials have reported that loan accounts from DHFL were marked as non-performing assets by different lender banks at different times. Following media reports on allegations of fund diversion in January 2019, DHFL came under investigation.
On February 1, 2019, the banks lending to DHFL gathered for a meeting. They decided to bring in KPMG to carry out a “special review audit” of DHFL’s operations from April 1, 2015, to December 31, 2018.
The audit discovered that funds were redirected under the guise of loans and advances to associated parties and individuals linked to DHFL and its directors.
Upon reviewing the account records, it was found that 66 entities linked to DHFL promoters received a total of Rs 29,100 crore, with an outstanding amount of Rs 29,849 crore, as claimed by the CBI. According to the allegations, the majority of these transactions involved investments in land and properties
