DHFL bank fraud: CBI recovers paintings, sculptures worth Rs 40 crore

New Delhi, July 8

The anti-graft central probe agency CBI on Friday 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 the premises of Rebecca Dewan and Ajay Ramesh Nawandar, which led to recovery of a 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 said.

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 cheating the consortium of 17 banks to the tune of Rs 34,615 crore. The officials had termed this as India’s biggest bank fraud.