30/06/2022
In the biggest-ever loan fraud case in India, CBI has registered a case against Kapil Wadhawan and Dheeraj Wadhawan of DHFL for allegedly cheating a consortium of 17 banks led by the Union Bank of India to the tune of Rs 34,615 crore, making it the biggest banking fraud probed by the agency, officials said.
The bank has alleged that Kapil and Dheeraj Wadhawan in a criminal scheme with others, distorted and disguised truth, committed a criminal breach of trust and manhandled public assets to swindle the consortium to the amount of Rs 34,614 crore by defaulting on credit reimbursements from May 2019 onwards.
The review of DHFL account books showed that the organisation purportedly dedicated monetary inconsistencies, redirected funds, fabricated books, and round-tripped assets to “create assets for Kapil and Dheeraj Wadhawan” using public money.
After having “falsely assured” lenders, the DHFL delayed interest payment obligations to terms loans in May 2019 which continued thereafter with account declared non-performing assets, they said.