Bank fraud bigger than Nirav Modi! CBI raids on the premises of Kapil and Dheeraj Wadhawan

After registering a case of bank fraud against Kapil and Dheeraj Wadhawan of Dewan Housing & Finance Ltd, CBI raided 12 locations of their in Mumbai.It is alleged that he has cheated Rs 34615 crore in 17 banks.CBI is investigating this biggest bank fraud.Wadhawan’s office and house are also included in the red places. 

The FIR registered against Wadhawan states that the then chief managing director of DHFL Kapil Wadhawan, the then director Dheeraj Wadhawan, businessman Sudhakar Shetty and some government employees had hatched a conspiracy to commit bank fraud.The CBI says that accused Kapil Wadhawan induced the consortium banks to give loans of Rs 42871 crore.This was followed by a loss of Rs 34,615 crore to the consortium lenders. 

According to the complaint of Union Bank of India, in May 2019, when DHFL started cheating the lenders, a special review was conducted.DHFL had given wrong information about the financial condition of the company at that time.The company had assured that it had sufficient liquidity and would repay the loan. 

Investigators said they found that 66 entities were used to divert funds worth Rs 29,100 crore.According to the FIR, SBI suffered the most, which is Rs 9898 crore.After this, Bank of India, Canada Bank, Union Bank of India, Punjab National Bank and Bank of Baroda have suffered losses. 

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