The CBI sleuths seized two expensive paintings by celebrity artists Tyeb Mehta and Manjit Bawa along with 25 luxury brand watches during the raids in the multi-million rupees DHFL fraud case probe. The raids led to the recovery of a large number of paintings and sculptures, some cash and other incriminating documents also.
The CBI searched the premises of Rebecca Dewan and Dewan Villa at Mahabaleshwar in connection with the ongoing case involving DHFL’s Wadhawan brothers, who are accused of siphoning off ₹34,000 crores from a consortium of 17 banks.
Along with the raids above, CBI has raided the residence of Ajay Ramesh Nawandkar in Mumbai also. He is alleged to be an associate of fugitive underworld don Dawood Ibrahim. CBI is believed to be in possession of information regarding possession of alleged proceeds of the biggest ever bank fraud. Nawandkar is believed to be a conduit for adjusting the proceeds of crimes Kapil and Neeraj Wadhawan committed.
Tyeb Mehta’s painting is worth ₹27 crores. and Manjit Bawa’s sketch is valued at ₹7.5 crores. CBI has seized five paintings and a sculpture from the raids at the two premises. 25 expensive watches with brands like Rolex, Omega, Cartier, Hublot, Rado, Hermes, Versace, and Dior are also seized. The total seizure was worth more than Rs. 40 Crores.
The fraud case against DHFL is registered on a complaint from the Union Bank of India (UBI), the lead bank in the 17 bank consortium. DHFL, since 2010, was given credit facilities of over Rs 42,000 crore by the consortium of which Rs 34,615 crore remain still outstanding. The loan was declared NPA in 2019 and declared fraud in 2020.
KPMG carried out the foresnsic audit of DHFL loan accounts in 2020-21 and made a very serious charge by observing that “large amounts were disbursed as loans & advances by the borrower company to a number of inter-connected entities and individuals with commonalities to DHFL Promoter Entities, which were used for purchase of shares/debentures” .
KPMG report also ponted at the divesion of funds in the nature of investments in land/properties. The report also mentions that “significant financial irregularities, diversion of funds through related parties, fabrication of books to show fraudulent nonexistent retail loans, round tripping of funds and utilisation of diverted amounts for creation of assets by Kapil Wadhawan, Dheeraj Rajesh Kumar Wadhawan and their associates”.
The DHFL is charged with falsifying the books company and creating shell companies and false entities. 66 entities related to DHFL and the Wadhawans were advanced loans to the tune of nearly Rs 30,000 crore by flouting all norms out of which 44 were controlled by Kapil Wadhawan alone by way of appointing directors and auditors and managing overall control over finances of these companies,
The CBI had booked 13 persons, including Wadhawans for the biggest-ever loan fraud in the country surpassing the Nirav Modi-led PNB loan fraud (13,000 crore) and ABG Shipyard loan fraud (Rs 20,000 crore). Kapil Wadhawan, chairman of DHFL, was arrested in January 2020 by the ED in a case of money laundering that linked Dawood Ibrahim’s aide Iqbal Mirchi. The CBI has booked Sudhakar Shetty of Suhana Group and 10 other real estate companies also.