CBI Raids Ex-DHFL Promoters and Builder in ₹34,615 Crore Bank Fraud Case
Mumbai: The Central Bureau of Investigation (CBI) conducted searches on Wednesday at 12 locations in Mumbai linked to the former promoters of DHFL—Kapil Wadhawan and his brother Dheeraj—along with builder Sudhakar Shetty of Sahana Group and associated companies. The raids followed the registration of a massive ₹34,615 crore bank fraud case against them.
According to the CBI, DHFL had availed credit facilities totaling ₹42,871 crore from a Union Bank of India-led consortium of 17 banks. However, instead of utilizing the funds as intended, the Wadhawan brothers allegedly diverted significant portions to companies controlled by their associates, including Sudhakar Shetty. When DHFL defaulted on loan repayments, the outstanding amount of ₹34,615 crore became a financial loss for the banking consortium, which subsequently filed the complaint leading to the investigation.
Sudhakar Shetty, now under the scanner, was once the owner of the well-known Deepa dance bar in Vile Parle West before entering the real estate business. His companies have also been named in the case alongside the Wadhawan brothers. This is not the first controversy surrounding the Wadhawans, as they were previously arrested in connection with the Yes Bank loan fraud and Iqbal Mirchi-linked money laundering case.
The CBI’s First Information Report (FIR) states that DHFL, under the instructions of the Wadhawan brothers, disbursed large loans to companies under their control. Shockingly, loans were approved and disbursed merely through email communications, with no proper loan files maintained. Further investigation revealed that ₹24,595 crore was allegedly funneled through 66 entities linked to the Wadhawans, out of which ₹11,909 crore remains unpaid.
In another staggering revelation, DHFL reportedly sanctioned ₹14,000 crore worth of fraudulent loans under the names of 1,81,664 non-existent borrowers, a scam internally referred to as ‘Bandra Books.’ The CBI noted that the accused systematically defrauded the banking consortium by siphoning funds, falsifying records, and creating shell companies.
The investigation continues as authorities dig deeper into one of the largest financial frauds in India’s banking history.
News Source : Information for this article was gathered from a variety of reliable news outlets.
