CBI seizes expensive items worth Rs 12.50 cr in DHFL loan fraud case
   Date :29-Jul-2022

CBI seizes expensive items 
THE Central Bureau of Investigation (CBI) on Thursday said that they have seized two paintings worth Rs. 5.50 crore, two watches worth Rs. 5 crore and jewellery worth Rs. 2 crore, in connection with DHFL loan fraud case of Rs 34,615 crore.
The seized items included two paintings, one made by F.N. Souza (1964) and another by S.H. Raza (1956); two watches of Jacob & Co & Frank Muller Geneve make and jewellery.
The CBI said that the promoters had acquired expensive items using the diverted funds.
DHFL directors Kapil and Dheeraj Wadhawan who were arrested by the agency, were brought to Delhi from Lucknow. On Wednesday, they were produced before Delhi’s Rouse Avenue Court which sent them to three-day CBI custody.
Earlier on July 8, the CBI had recovered paintings and sculptures worth Rs 40 crore.
A case was registered on June 20 this year. Vipin Kumar Shukla, DGM and Branch head of Union Bank of India, Nariman Point, Mumbai lodged an FIR in this connection.
It was alleged in the complaint that Dewan Housing Finance Corporation Ltd (DHFL), its former CMD Kapil Wadhawan, Dheeraj Wadhawan, present director Sudhakar Shetty and other accused entered into a criminal conspiracy to cheat the consortium of 17 banks led by Union Bank of India.
“Wadhawan and others induced the consortium banks to sanction huge loans aggregating to Rs. 42,871.42 crore and siphoned off and misappropriated a significant portion of the said funds by falsifying the books of the DHFL and dishonestly defaulted on repayment of the legitimate dues of the said consortium banks. They caused a wrongful loss of Rs. 34,615.00 crore to the consortium lenders,” said the CBI.