In the biggest-ever loan fraud case in India, the CBI has booked former promoters of DHFL (Dewan Housing Finance Corporation Ltd), Dheeraj Wadhawan, and Kapil Wadhawan, among 13 accused of defrauding a consortium of 17 banks of more than Rs 34,000 crore. To date, 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 scams.
The CBI case has been registered on a complaint from UBI (Union Bank of India). According to the UBI complaint, since 2010, the DHFL has extended credit facilities of more than Rs 42,000 crore by the consortium of which Rs 34,615 crore remains outstanding.
According to the KPMG report, most of the transactions of individuals or entities were in the nature of investments in property or land.
Apart from Wadhawans, the CBI has also booked Sudhakar Shetty of Suhana Group and 10 other real estate companies.
According to KPMG reports, as many as 66 entities, which were related to the Wadhawans, and the DhFl, were advanced loans to the nearly Rs 30,000 crore by flouting all norms.
Out of these 65 entities, Kapil Wadhawan alone controlled about 40 entities by way of appointing directors and auditors, handling income tax notices, and maintaining and managing overall control over the finances of these companies, the CBI FIR has alleged.
Wadhawans are facing multiple ED and CBI cases since the collapse of the company in the year 2019 and have also been earlier arrested in the Yes Bank case.