Mumbai: The Central Bureau of Investigation (CBI) on Wednesday registered fresh cases against Dewan Housing Finance Corporation Ltd (DHFL) erstwhile promoters Kapil Wadhawan and Dheeraj Wadhawan for defrauding a consortium of banks led by Union Bank of India for Rs 34,615 crore, the biggest banking fraud in the country.
CBI has filed an FIR. A senior CBI official informed that searches are underway in 15 locations in Mumbai involving DHFL. The FIR reads that as per the forensic report submitted by KPMG, the Emails obtained by them show that the aforesaid loans/ICDs were disbursed in favour of the promoter controlled/related/connected entities by DHFL under instructions of the promoters Kapil Wadhawan and Dheeraj Wadhawan.
A part of the money was diverted to companies controlled by the erstwhile promoters, Kapil Wadhawan and Dheeraj Wadhawan and Sahana Group, where they also have prima facie financial interest.
It further reads that Kapil Wadhawan, Dheeraj Wadhawan, the promoters of DHFL, in conspiracy with others, including public servants, induced the DHFL Consortium Banks to sanction and disburse the loans/ advances/subscription in NCDs aggregating to Rs 42,871.42 crore, dishonestly and fraudulently misappropriated such public funds raised by the said DHFL and diverted the same to the DHFL Group entities/Sahana Group Entities/other parties named above through sanction of fraudulent loans to such entities without due diligence, without obtaining adequate securities, through falsification of books of accounts and deliberately and wilfully defaulted on the loans/advances availed from the DHFL Consortium Banks, thereby causing a wrongful loss of Rs 34,814.88 crore to the DHFL Consortium Banks.
The role of auditors of DHFL and DHFL Promoter Groups companies/Sahana Group companies may be looked into during the course of investigation to ascertain as to how large value loans, given as other large project loans (OLPL) but reflected as small retain loans in Bandra Books entities etc were not reported by the Statutory Auditors/Internal Auditors of DHFL during their audits, it reads.