“CBI Takes DHFL’s Dheeraj Wadhawan Into Custody for ₹34,000-Crore Bank Fraud”
Former DHFL Director Dheeraj Wadhawan has been arrested by the Central Bureau of Investigation (CBI) in connection with a massive bank fraud case amounting to ₹34,000 crore involving a consortium of 17 lenders. The arrest follows a series of legal maneuvers involving bail and ongoing investigations into financial irregularities.
Former DHFL Director Dheeraj Wadhawan has been arrested by the Central Bureau of Investigation (CBI) in connection with a massive bank fraud case amounting to ₹34,000 crore involving a consortium of 17 lenders. The arrest follows a series of legal maneuvers involving bail and ongoing investigations into financial irregularities.
Wadhawan was apprehended in Mumbai on Monday night and presented before a special court, which remanded him to judicial custody on Tuesday. This development adds to the ongoing saga involving Wadhawan and his brother Kapil, who were initially arrested on July 19, 2022, regarding the same case.
The CBI had filed a chargesheet against 75 entities, including Kapil and Dheeraj Wadhawan, on October 15, 2022. However, they were granted “statutory” bail on December 3, 2022, due to incomplete investigations and piecemeal charges. This decision was later challenged by the CBI in higher courts, leading to the Supreme Court overturning the bail orders.
Interestingly, Dheeraj Wadhawan had secured interim bail on medical grounds in a separate case from the Bombay High Court, with the protection extended until May 2 this year. However, after the protection period lapsed, the CBI proceeded with his arrest.
Currently, Dheeraj Wadhawan, his brother Kapil Wadhawan, and Ajay Nawandar are in judicial custody. The case stems from a complaint by the Union Bank of India, the lead bank in the consortium that extended substantial credit facilities to DHFL between 2010 and 2018.
The CBI’s chargesheet alleges a criminal conspiracy involving the Wadhawans and others, where misrepresentations, concealment of facts, and breach of trust led to the defrauding of the consortium. Funds were allegedly diverted, books were fabricated, and public money was misused to benefit the accused.
The investigation revealed significant financial irregularities, with DHFL’s loan accounts declared non-performing assets due to defaults in loan repayments. Transactions involving entities related to DHFL promoters amounted to substantial sums, allegedly utilized for investments in land and properties.
Sources By Agencies
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