CBI books DHFL’s Wadhawans in biggest-ever loan fraud | India News,The Indian Express

The agency, sources said, is conducting searches at 11 locations across the country at premises associated with the accused.

In the biggest-ever loan fraud case in India, the CBI has booked former promoters of Dewan Housing Finance Corporation Ltd (DHFL), Kapil Wadhawan and Dheeraj Wadhawan, among 13 accused for defrauding a consortium of 17 banks of over Rs 34,000 crore. Until now, the Nirav Modi-led PNB loan fraud (Rs 13,000 crore) and ABG Shipyard loan fraud (Rs 20,000 crore) were considered to be the biggest.

The agency, sources said, is conducting searches at 11 locations across the country at premises associated with the accused.

The CBI case has been registered on a complaint from Union Bank of India (UBI), which is the lead bank in the consortium. According to the UBI complaint, since 2010, the DHFL has extended credit facilities of over Rs 42,000 crore by the consortium of which Rs 34,615 crore remain outstanding. The loan was declared NPA in 2019 and fraud in 2020.

A forensic audit conducted by the KPMG in 2020-21 of DHFL loan accounts observed that “large amounts were disbursed as loans & advances by the borrower company to a number of inter-connected entities and individuals with commonalities to DHFL Promoter Entities, which were used for purchase of shares/debentures.”

According to the KPMG report, most of the transactions of such entities/individuals were in the nature of investments in land/properties.

https://indianexpress.com/article/india/cbi-dhfl-wadhawans-loan-fraud-7985212/

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