CBI Raids Former DHFL Promoters Over ₹34,615 Crore Bank Fraud
Mumbai witnessed high-profile raids on Wednesday as the Central Bureau of Investigation (CBI) conducted searches at multiple locations linked to Kapil Wadhawan, his brother Dheeraj Wadhawan, and builder Sudhakar Shetty of the Sahana Group. The raids followed the registration of a massive ₹34,615 crore bank fraud case against them.
According to the CBI, DHFL (Dewan Housing Finance Corporation Limited) had secured credit facilities worth ₹42,871 crore from a Union Bank of India-led consortium of 17 banks. However, a significant portion of these funds was allegedly diverted to companies associated with the Wadhawan brothers and Shetty. When DHFL defaulted on loan repayments, it caused a substantial loss to the banks.
Investigators claim that the Wadhawan brothers funneled large sums through 66 associated entities, siphoning off ₹24,595 crore, of which ₹11,909 crore remains unpaid. Additionally, DHFL allegedly issued fraudulent loans amounting to ₹14,000 crore under fictitious names—1,81,664 non-existent individuals—maintaining these records under a scheme referred to as ‘Bandra Books.’
Sudhakar Shetty, a former dance bar owner who transitioned into real estate, was also named in the case. Authorities suspect that companies controlled by Shetty played a key role in the alleged financial misconduct.
The CBI’s investigation uncovered that loans were sanctioned merely through email communications, with no proper documentation or loan files maintained. Shell companies and false entities were allegedly created to manipulate financial records, ultimately leading to the colossal bank fraud.
The Wadhawan brothers were previously arrested in connection with the Yes Bank loan fraud and dealings with underworld figure Iqbal Mirchi. They remain in judicial custody as investigations continue.
The case has once again highlighted concerns about financial mismanagement and regulatory loopholes within India’s banking sector. As authorities dig deeper, further details on the extent of the alleged fraud and those involved may emerge in the coming days.
News Source : Information for this article was gathered from a variety of reliable news outlets.
