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DHFL Scam: Dheeraj Wadhawan arrested by CBI in Rs 34,000 cr banking loan fraud case

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The Central Bureau of Investigation (CBI) arrested Dheeraj Wadhawan on Tuesday in relation to the Rs 34,000 crore Dewan Housing Finance Corporation Ltd (DHFL) bank fraud investigation.

This case pertains to the alleged swindling of a consortium of 17 banks and is being termed as the largest banking loan fraud in India.

Previously in 2022, the central agency had already charge-sheeted Wadhawan for his involvement in this case. Earlier, Wadhawan had been taken into custody by the CBI in the Yes Bank corruption probe and consequently released on bail.

In an effort to recover pending dues of Rs 22 lakh, the Securities Exchange Board of India (SEBI) had ordered the attachment of bank accounts, shares, and mutual fund holdings of former DHFL promoters, Dheeraj and Kapil Wadhawan, in February 2021.

The decision followed the Wadhawan brothers’ failure to settle the fine imposed on them in July last year for non-compliance with disclosure norms.

Each of the Wadhawans carries pending dues amounting to Rs 10.6 lakh, comprising the initial fine, interest, and recovery cost. In July 2023, SEBI issued a penalty of Rs 10 lakh each against the Wadhawan brothers, then DHFL promoters (now Piramal Finance). The fine was for undisclosed transgressions of disclosure regulations.

During his term with DHFL, Kapil Wadhawan served as the Chairman and Managing Director, while Dheeraj Wadhawan was a non-executive director. Both brothers were members of DHFL’s administrative board.

Meanwhile, last Saturday, the Delhi High Court issued a notice to the Central Bureau of Investigation (CBI) in response to Dheeraj Wadhawan’s bail application on medical grounds.

Wadhawan had appealed to the High Court following a trial court’s rejection of his bail plea due to medical reasons. Currently, Wadhawan is convalescing at his Mumbai residence following spinal surgery. Justice Jyoti Singh has ordered CBI to generate a response with a hearing scheduled for Friday, May 17.

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source by : BT

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