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

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

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

Beforehand in 2022, the central company had already charge-sheeted Wadhawan for his involvement on this case. Earlier, Wadhawan had been taken into custody by the CBI within the Sure Financial institution corruption probe and consequently launched on bail.

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

The choice adopted the Wadhawan brothers’ failure to settle the positive imposed on them in July final 12 months for non-compliance with disclosure norms.

Every of the Wadhawans carries pending dues amounting to Rs 10.6 lakh, comprising the preliminary positive, curiosity, and restoration value. In July 2023, SEBI issued a penalty of Rs 10 lakh every in opposition to the Wadhawan brothers, then DHFL promoters (now Piramal Finance). The positive was for undisclosed transgressions of disclosure laws.

Throughout his time period with DHFL, Kapil Wadhawan served because the Chairman and Managing Director, whereas Dheeraj Wadhawan was a non-executive director. Each brothers had been members of DHFL’s administrative board.

In the meantime, final Saturday, the Delhi Excessive Court docket issued a discover to the Central Bureau of Investigation (CBI) in response to Dheeraj Wadhawan’s bail software on medical grounds.

Wadhawan had appealed to the Excessive Court docket following a trial court docket’s rejection of his bail plea resulting from medical causes. Presently, Wadhawan is convalescing at his Mumbai residence following spinal surgical procedure. Justice Jyoti Singh has ordered CBI to generate a response with a listening to scheduled for Friday, Might 17.