DHFL directors sent to 3 days custodial remand in Rs 36,615 cr bank loan fraud

New Delhi, July 27 DHFL Directors Kapil and Dheeraj Wadhawan who were arrested in connection with the Rs 36,615 crore loan fraud case were on Wednesday remanded to three days Central Bureau of Investigation (CBI) remand.

They were produced before the Rouse Avenue court here. The CBI sought their custodial remand. The court after hearing the agency's contention, granted three days custody of the accused.

The CBI will record their statements and will confront them with a number of documents.

A CBI source said that one Vipin Kumar Shukla, DGM and branch head of Union Bank of India, Nariman Point, Mumbai, lodged an FIR in this connection.

It was alleged in the complaint that Dewan Housing Finance Corporation Ltd (DHFL), Kapil Wadhawan it's former CMD, Dheeraj Wadhawan, Sudhakar Shetty and other accused entered into a criminal conspiracy to cheat the consortium of 17 banks led by Union Bank of India.

"Wadhawan and others induced the consortium banks to sanction huge loans aggregating to Rs 42,871.42 crores and siphoned off and misappropriated a significant portion of the said funds by falsifying the books of the DHFL and dishonestly defaulted on repayment of the legitimate dues of the said consortium banks. That caused a wrongful loss of Rs 34,615.00 crores to the consortium lenders," said the CBI.

The CBI after conducting an inquiry lodged the case under sections 120-B read with 409, 420, 477-A of the IPC and Section 13(2) read with sections 13(1)(d) of the Prevention of Corruption Act.

The FIR was lodged against DHFL, its former CMD Wadhawan, MD Dheeraj Wadhawan, present Director Sudhakar Shetty, Amaryllis Realtors LLP (ARLLP), Gulmarg Realtors LLP (GRLLP), Skylark Buildcon Pvt. Ltd, Darshan Developers Pvt. Ltd, Sigtia Constructions Pvt. Ltd, Creator Builders Pvt. Ltd, Township Developers Pvt. Ltd, Shishir Reality Pvt. Ltd, Sunblink Real Estate PM. Ltd and other unknown persons including public servants.

The official said that it was found that the promoters had allegedly diverted the 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.

Earlier, searches were conducted on June 22 at 12 locations in Mumbai at the premises of the accused which led to the recovery of incriminating documents.

Further investigation in the matter is on.

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