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3mo ago

ED Chargesheet Alleges Rs34,615 Crore DHFL Loan Diversion by Wadhawan Brothers

Summonses were issued following court cognisance of the ED’s chargesheet, with bail conditions restricting the Wadhawans to Maharashtra alongside monthly ED reporting

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Mumbai, India - April 27, 2020: DHFL Promoters Kapil and Dheeraj Wadhawan accused in Yes bank fraud cases, have been taken into CBI Custody and has been produced in session court from CBI Headquarter BKC Bandra in Mumbai, India, on Monday, April 27, 2020. (Photo by Vijayanand Gupta/Hindustan Times) (Vijayanand Gupta/HT Photo)
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Overview

  • The ED’s prosecution complaint accuses Kapil and Dheeraj Wadhawan of defrauding a consortium of 17 banks led by Union Bank of India of Rs34,615 crore through DHFL loan diversions
  • Investigators allege an internal “Bandra Book” system enabled the diversion of Rs11,549 crore into shell entities for personal acquisitions
  • Public funds were purportedly used to purchase 25 paintings, a sculpture worth over Rs63 crore, luxury jewellery, gemstones and a 20% stake in a helicopter
  • ED has seized assets valued at Rs70.39 crore, including high-value artwork, a helicopter and luxury watches, to recover proceeds of crime
  • Special PMLA court has summoned all 17 accused for a June 13 hearing after taking cognisance of the chargesheet