CBI books DHFL in 'biggest' banking fraud of Rs 34,615 crore; 17 banks hit

The audit of DHFL account books showed that the company allegedly committed financial irregularities, diverted funds, round tripped funds to 'create assets for Kapil and Dheeraj Wadhawan'

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The CBI has booked Dewan Housing Finance Ltd, its former CMD Kapil Wadhawan, director Dheeraj Wadhawan and others for bank fraud of Rs 34,615 crore, making it the biggest such case probed by the agency, officials said Wednesday.

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50 officials from the agency on Wednesday carried out coordinated searches on 12 premises in Mumbai belonging to FIR-listed accused which also include Sudhakar Shetty of Amaryllis Realtors and eight other builders.

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The bank has alleged that Kapil and Dheeraj Wadhawan in criminal conspiracy with others misrepresented and concealed facts, committed criminal breach of trust and abused public funds to cheat the consortium to the tune of Rs 34,614 crore by defaulting on loan repayments from May 2019 onwards.

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he banks also issued a Look Out Cirular against Kapil and Dheeraj Wadhawan on October 18, 2019 to prevent them from leaving the country, they said. The UBI has alleged that KPMG, in its audit, red-flagged diversion of funds in the garb of loans and advances to related and interconnected entities and individuals of DHFL and its directors.

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another major outstanding in DHFL accounts was Rs 11,909 crore arising out of loans and advances worth Rs 24,595 crore given to 65 entities between April 1, 2015 and December 31, 2018.

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Kapil Wadhawan continued to maintain that DHFL has six months of cash liquidity and would remain cash surplus even after considering all repayment obligations, the bank alleged.

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After having "falsely assured" lenders, the DHFL delayed interest payment obligations to terms loans in May 2019 which continued thereafter with account declared a non-performing assets, they said.

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After having "falsely assured" lenders, the DHFL delayed interest payment obligations to terms loans in May 2019 which continued thereafter with account declared a non-performing assets, they said.

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CBI books DHFL, its former CMD and director in Rs 34,615-crore bank fraud case

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