The internet is buzzing with the news of Housing Finance Limited (DHFL) director Dheeraj Wadhawan. Who has been taken into judicial custody? Read to know about the biggest fraud he is accused of.
Dheeraj Wadhawan the former director of Dewan Housing Finance Limited (DHFL), has landed in trouble. Recently, he was taken into custody by the police due to a major problem involving a huge sum of money. We are talking about the big scam of about 34,000 crore rupees which has recently taken the internet by storm as it is a massive amount. Let us tell you that his brother Kapil was also arrested in connection.
This mess started when the Central Bureau of Investigation (CBI) accused them of cheating banks out of a huge amount of money, around 34,000 crore rupees. The CBI which is responsible for figuring huge financial crimes caught Dheeraj in Mumbai and brought him to court, where he was sent to prison. This incident followed the arrest of Dheeraj and Kapil back in July 2022. Since then there’s this legal back-and-forth. On October 15, 2022, the agency filed a charge sheet against 75 entities, including Kapil and Dheeraj. However, they got bail on December 3, 2022. Because the court said the investigation wasn’t finished yet. However, the Supreme Court disagreed and said they shouldn’t have been given bail.
As per the reports Bombay High Court granted Dheeraj temporary bail due to his admission at Lilavati Hospital for treatment. After that, the court extended his bail for a week. But after that week the CBI arrested him again. Now, Dheeraj, his brother Kapil, and another person named Ajay Nawandar are all taken into custody. This whole thing came into action based on a complaint from the Union Bank of India, They said DHFL owed them and other banks a lot of money, nearly 43,000 crore rupees, which DHFL borrowed between 2010 and 2018.
Here’s what Dheeraj Wadhawan is accused of:
The CBI says Dheeraj, Kapil, and some others worked together to trick the banks. They allegedly lied, hid information, and misused money meant for the public. This led to the banks losing a huge amount of money, about 34,000 crore rupees, because DHFL stopped paying back loans in 2019. The CBI also says DHFL did some sneaky stuff with their money. They apparently moved it around, lied about it, and even pretended to make deals to make it look like they were doing business.
The entire issue started to unravel in 2019 when people started talking about DHFL possibly doing shady things with money. So, the banks got worried and hired a company called KPMG to check DHFL’s books from 2015 to 2018. The books weren’t as clean as they should’ve been. They found that DHFL was giving out loans to their people and companies, and a lot of that money was never paid back. Instead, it was used to buy land and properties.
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