DHFL bank fraud case: CBI recovers paintings, sculptures worth Rs 40 crore in fresh raids
New Delhi, July 8
The CBI today said it has conducted searches at multiple places in Mumbai and Mahabaleshwar as part of its ongoing investigation into a case related to alleged loss of Rs 34,615 crore to a consortium of 17 banks led by Union Bank of India.
Officials said the searches were conducted at premises of Rebecca Dewan and Ajay Ramesh Nawandar, which led to recovery of large number of paintings and sculptures, some cash and other incriminating documents. The value of these artworks is estimated to be around Rs 40 crore, as per initial estimates, they added.
The CBI had booked the Dewan Housing Finance Corporation Ltd (DHFL), Kapil Wadhawan, the then CMD, Dheeraj Wadhawan, the then director and six other realtors for allegedly being part of criminal conspiracy to cheat the consortium of 17 banks to the tune of Rs 34,615 crore. The officials had termed this as India’s biggest bank fraud case, surpassing the fraud amount of Rs 23,000 crore by ABG Shipyard of Gujarat.
“During investigation, it was found that the promoters had allegedly diverted funds and made investments in various entities. It was also alleged that the promoters had acquired expensive paintings and sculptures worth about Rs 55 crore using the diverted funds,” the CBI said in an official statement.
“A case was registered on complaint from Union Bank of India, Industrial Finance Branch, Mumbai, against private (Borrower) company based at Mumbai, its then CMD, then Director and others including a private person, private companies, unknown public servant(s) and private persons on the allegations that the accused cheated a consortium of 17 banks led by Union Bank of India to the tune of over Rs 34,615 crore (approx.) by siphoning off loans availed from the said banks and falsifying the books of said private (Borrower) company and creating shell companies/false entities, which had come to be known as ‘Bandra Book Entities,” it said.
Earlier, on June 22, 2022, the CBI had conducted searches at 12 locations in Mumbai at the premises of the accused which led to recovery of incriminating documents, it said, while claiming that further investigation in the case is continuing.
