CBI Probes 9 Real Estate Firms in ₹14,000 Crore DHFL Fund Diversion Case
The Central Bureau of Investigation (CBI) is investigating nine real estate firms for allegedly diverting ₹14,683 crore from Dewan Housing Finance Corporation Limited (DHFL). The funds were reportedly misused under the direction of former DHFL chairman Kapil Wadhawan, director Dheeraj Wadhawan, and businessman Sudhakar Shetty, who had financial interests in these companies.
According to the Union Bank of India, which has filed a complaint with the CBI, five companies from Shetty’s Sahana Group—Amaryllis Realtors, Gulmarg Realtors, Skylark Buildcon, Darshan Developers, and Sigtia Constructions—owe a total of ₹4,068 crore to DHFL. Among these, Darshan Developers and Sigtia Constructions were allegedly controlled by the Wadhawans.
Additionally, other companies under scrutiny include Creatoz Builders (₹1,192 crore), Township Developers (₹6,002 crore), Shishir Realty (₹1,233 crore), and Sunlink Real Estate Private Limited (₹2,185 crore). Officials suspect that a portion of the misappropriated funds was funneled into firms controlled by the Wadhawans and the Sahana Group.
The case is part of a larger ₹34,615 crore financial fraud involving DHFL, in which public funds—raised through bank loans and non-convertible debentures totaling ₹42,871 crore—were allegedly siphoned off through fraudulent transactions. Investigators claim that loans were disbursed without proper due diligence, with falsified records and inadequate securities.
CBI officials will also examine the role of DHFL’s auditors and those of its associated companies to determine how large-scale loans were concealed under “Bandra Books” and categorized as small loans to evade scrutiny. The probe aims to uncover lapses in auditing and accountability that allowed the alleged fraud to continue unchecked.
News Source : Information for this article was gathered from a variety of reliable news outlets.
