Wadhwas were using a specially designed software that was generating dummy data, says CBI
The Central Bureau of Investigation (CBI) in its charge sheet lodged in the Rs.34,615 crore DHFL loan fraud case has said that the accused created 87 shell companies and 2,60,000 fake borrowers to launder money.
The federal probe agency has also said in its charge sheet that the accused set up a virtual branch to launder money. The CBI had on October 15 filed the charge sheet against 75 accused, including private companies before the Rouse Avenue court in Delhi.
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.
It was alleged in the complaint Dewan Housing Finance Corporation Ltd (DHFL), Kapil Wadhawan its former CMD, Dheeraj Wadhawan, the ex-Directors, Sudhakar Shetty and other accused entered into a criminal conspiracy to cheat the Consortium of 17 banks led by Union Bank of India.
The CBI has alleged that Wadhwas were using specially designed software that was generating dummy data. The software was also showing various fake entries of home loan takers. The accused also created a virtual branch in the name of the Bandra branch with code 001 whereas, in reality, this branch does not exist. From this virtual branch, loans were given to shell companies.
The charge sheet has been filed against Kapil Wadhawan, and Dheeraj Wadhawan, both the then CMD, DHFL; Harshil Mehta, its ex-CEO, Ajay Vazirani; Advocate, Jayesh Khona; the then Vice President (Accounting), DHFL, Dinesh Bansal; Director of D K Realty (India) Pvt. Ltd, Sunny Bathija; Director of Sunblink Real Estate Pvt. Ltd, Ajay Navandar; Jignesh Mehta, CA of Chaturvedi & Shah LLP, Amit Chaturvedi, Partner of Chaturvedi & Shah LLP and others.
In July the CBI seized a helicopter parked in a hangar at the premises of Avinash Bhosale, one of the accused, at Baner Road in Pune. “It came to light that RKW Developers Pvt. Ltd (a company owned by the Wadhawan family) allegedly has stakes in Varva Aviation (an Association of Persons) which owns an AW109SP Grand New Helicopter (AgustaWestland Helicopter) which was allegedly purchased in 2011. RKW Developers Pvt. Ltd joined the Association of Persons in 2017 contributing towards the cost price and maintenance of said helicopter.
“ABIL Infraprojects Ltd, a company owned by Avinash Bhosale allegedly has a stake in the said helicopter. As it was allegedly apprehended that the funds used for making a payment towards the stake in the Association of Persons were sourced from loan funds sanctioned by different banks, therefore, we have seized the helicopter which was parked in a hangar at the premises of Bhosale at Baner Road, Pune,” the CBI had said.
Earlier the federal probe agency had seized two paintings made by F N Souza (1964) and another by S H Raza (1956) worth Rs 5.50 crore; two watches of Jacob & Co & Frank Muller Geneve make worth Rs.5 crore and Jewellery including worth Rs.2 crore. The CBI had said that the promoters had acquired expensive items using the diverted funds.
DHFL directors Kapil and Dheeraj Wadhwan, who were arrested by the agency, were brought to Delhi from Lucknow.
“Wadhawan and others induced the consortium banks to sanction huge loans aggregating to Rs.42,871.42 crore 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 crore 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 IPC and Section 13(2) read with sections 13(1)(d) of the Prevention of Corruption Act.
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.
[With Inputs from IANS]
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Chartered accountant who certified accounts is beyond law
Courts stays all judgments for the rich are beyond law (Ex. Anil Ambani)
Courts have soft corner for Rich (Ex. NDTV Prannoy Roy)
Regulatory Bodies taking salaries & wake up when everything gets exposed to public. (Ex. SEBI & all govt bodies)
NO one is accountable
There is no corruption in India for there is no proof (thanks to Court judgments)