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Time of India
2 days ago
- Business
- Time of India
ED says DHFL promoters used public money for extravagant hobbies, lavish purchases
MUMBAI: DHFL promoters Kapil and Dheeraj Wadhawan allegedly utilised "public money" for their "extravagant hobbies", purchasing 25 paintings and a sculpture worth over Rs 63 crore, claimed the Enforcement Directorate 's chargesheet in multi-crore bank loan scam case. Besides the paintings, the loan amount was used for the purchase of gemstones, properties as well as 20 per cent stake in a helicopter, the chargesheet said. The Wadhawan brothers are accused of defrauding a consortium of 17 banks led by Union Bank of India (UBI) to the tune of Rs 34,615 crore. The federal probe agency recently filed its chargesheet against 17 accused, including the Wadhawans and entities owned/controlled by them, before a special Prevention of Money Laundering Act (PMLA) court. The court took cognizance of the chargesheet earlier this month, ruling there is a clear, prima-facie case which demonstrates generation of proceeds of crime, its further placement, layering and integration, leading to an offence under provisions of PMLA. "All the accused persons appear to have been involved in this process of money laundering and ultimately tried to make tainted money untainted," it said. Finding sufficient grounds for further proceedings, the court has issued summons to all the accused, who have been directed to appear before the special judge on June 13. The ED's case stems from a Central Bureau of Investigation (CBI) FIR registered in 2022 based on a complaint made by Union Bank of India. Then CMD Kapil Wadhawan , then director Dheeraj Wadhwan and other accused persons allegedly entered into a criminal conspiracy to cheat a consortium of 17 banks led by UBI to avail loans aggregating to Rs 42,871.42 crore during July 2010 and December 2018 for DHFL for its business activities, the chargesheet said. The probe agency claimed the money was "dishonestly and fraudulently misappropriated and diverted" by Wadhawans in connivance with their associates to their group entities and other related parties. Giving an account of the money trail, the ED said the Wadhawans diverted Rs 11549 crore from DHFL to their beneficially entities without following any loan procedure. It also claimed the DHFL promoters utilized the public funds for fulfilling their extravagant hobbies. "They purchased 25 paintings and one sculpture from the year 2013 onwards and made payment of Rs. 63,44,55,638 for these paintings. Out of this total payment, an amount of Rs. 40,07,26,250 was diverted from the accounts of DHFL," the chargesheet said. The ED further said the Wadhwans paid Rs 11.83 crore and 14.82 crore to Surat-based firms Kushal Exports and Yogi Diam, Surat between 2009-15 in the name of purchase of cut and polished diamonds. However, these entities gave back an equivalent amount to Wadhawans in cash after deducting their commission of 1 per cent. Out of the total payments made by these firms, an amount of Rs 16.94 crore was diverted from the account of DHFL. Further the Wadhawans purchased expensive jewellery worth around Rs 42.10 crore from one Diamantina Fine Jewels LLP & Capart Crush, Bandra, from 2011-12 to 2018-19, the ED claimed. It added that out of the total payment made to Diamantina Fine Jewels, Rs 26.82 crore was diverted from DHFL. The Wadhawans through RKW Developers Pvt Ltd, acquired 20 per cent stake in Varva Aviation, Pune, which owned an Agusta Grand helicopter, by paying Rs 9 crore, the ED chargesheet said, adding Rs 7 crore was diverted from their firm. The ED chargesheet also accused them of converting a part of the said public funds to cash for their miscellaneous uses. The chargesheet claimed the other accused persons who acted as auditor, branch auditor, legal consultant, licensor, bookie as well as kin of the Wadhawans helped them in siphoning off the said diverted amount, causing loss of Rs 34,614.88 crore to the consortium banks. The amount itself is proceeds of crime generated by the accused persons by falsifying accounts, diverting funds and using it for purposes other than what it was sanctioned for, the ED chargesheet said.
News18
2 days ago
- Business
- News18
Rs 175.3 Crore On Jewellery, Rs 63 Crore On Paintings: How DHFL's Wadhawans Spent Public Money
Last Updated: ED chargesheet on Rs 34,615-crore DHFL scam: Wadhawans bought diamonds, stake in aviation; under treatment in judicial custody, Dheeraj tried to sell 2 paintings worth Rs 31 crore DHFL promoters Kapil and Dheeraj Wadhawan allegedly used 'public money" for their 'extravagant hobbies", the Enforcement Directorate (ED) stated in its chargesheet into the multi-crore bank loan scam case filed recently. The Wadhawan brothers are accused of defrauding a consortium of 17 banks led by Union Bank of India (UBI) to the tune of Rs 34,615 crore. The ED said the Wadhawans diverted Rs 11,549 crore from DHFL to their beneficiary entities without following any loan procedure. The chargesheet claimed the other accused persons who acted as auditor, branch auditor, legal consultant, licensor, bookie as well as kin of the Wadhawans helped them in siphoning off the said diverted amount, causing loss of Rs 34,614.88 crore to the consortium banks. STAKE IN AVIATION FIRM, DIAMONDS: THE EXTRAVAGANT PURCHASES 'They purchased 25 paintings and one sculpture from the year 2013 onwards and made payment of Rs. 63,44,55,638 for these paintings. Out of this total payment, an amount of Rs. 40,07,26,250 was diverted from the accounts of DHFL," the charge sheet said. The Wadhawan family, including Kapil, Dheeraj, their mother Aruna, Kapil's wife Vanita, Dheeraj's wife Pooja, and Rebecca Dewan, allegedly spent nearly Rs 175.3 crore on jewellery, watches, and other valuables in 2019-20, the Times Of India reported. The Wadhawans purchased expensive jewellery worth around Rs 42.10 crore from one Diamantina Fine Jewels LLP & Capart Crush, Bandra, from 2011-12 to 2018-19, the ED claimed. It added that out of the total payment made to Diamantina Fine Jewels, Rs 26.82 crore was diverted from DHFL. The ED further said the Wadhwans paid Rs 11.83 crore and 14.82 crore to Surat-based firms Kushal Exports and Yogi Diam, Surat between 2009-15 in the name of purchase of cut and polished diamonds. However, these entities gave back an equivalent amount to Wadhawans in cash after deducting their commission of 1 per cent. Out of the total payments made by these firms, an amount of Rs 16.94 crore was diverted from the account of DHFL. The Wadhawans through RKW Developers Pvt Ltd, acquired 20 per cent stake in Varva Aviation, Pune, which owned an Agusta Grand helicopter, by paying Rs 9 crore, the ED chargesheet said, adding Rs 7 crore was diverted from their firm. ATTEMPTED TO SELL TYEB MEHTA, MANJEET BAWA PAINTINGS The ED chargesheet also accused them of converting a part of the said public funds to cash for their miscellaneous uses. Receiving treatment under judicial custody, Dheeraj Wadhawan tried to sell two paintings worth Rs 31 crore — 'Falling Bull' by Tyeb Mehta and another by Manjeet Bawa — but the bid was foiled, said the ED, according to the TOI. CBI FILED FIR IN 2022 The ED's case stems from a Central Bureau of Investigation (CBI) FIR registered in 2022 based on a complaint made by Union Bank of India. Then CMD Kapil Wadhawan, then director Dheeraj Wadhwan and other accused persons allegedly entered into a criminal conspiracy to cheat a consortium of 17 banks led by UBI to avail loans aggregating to Rs 42,871.42 crore during July 2010 and December 2018 for DHFL for its business activities, the chargesheet said. The probe agency claimed the money was 'dishonestly and fraudulently misappropriated and diverted" by Wadhawans in connivance with their associates to their group entities and other related parties. CHARGESHEET AGAINST 17 ACCUSED The federal probe agency recently filed its chargesheet against 17 accused, including the Wadhawans and entities owned/controlled by them, before a special Prevention of Money Laundering Act (PMLA) court. The court took cognizance of the chargesheet earlier this month, ruling there is a clear, prima-facie case which demonstrates generation of proceeds of crime, its further placement, layering and integration, leading to an offence under provisions of PMLA. 'All the accused persons appear to have been involved in this process of money laundering and ultimately tried to make tainted money untainted," it said. Finding sufficient grounds for further proceedings, the court has issued summons to all the accused, who have been directed to appear before the special judge on June 13. With PTI Inputs First Published:
Time of India
2 days ago
- Business
- Time of India
‘Arrested & in hosp, DHFL loan fraud accused tried to sell 31cr paintings, foiled'
Mumbai: Dheeraj Wadhawan, the former DHFL promoter arrested in 2020 in a Rs 34,000-crore money laundering case, held multiple meetings with bookie Deepak Kapoor and controversial businessman Ajay Nawandar, while receiving treatment in a posh hospital under judicial custody, in a bid to sell two paintings worth Rs 31 crore — 'Falling Bull' by Tyeb Mehta and another by Manjeet Bawa — that were bought with money diverted from DHFL, said ED in its chargesheet. But Wadhawan, who spent months at the hospital where Nawandar was also admitted in 2021-22, was foiled as CBI raided Nawandar's house and seized the paintings. Dheeraj, brother Kapil and others face charges of funds diversion, creation of false loan records, and using diverted funds to acquire assets. Erstwhile DHFL promoters Kapil and Dheeraj Wadhawan and others face allegations of financial misconduct, including fund diversion through associated parties, creation of false retail loan records, circular fund movements, and using diverted funds to acquire assets, the Enforcement Directorate (ED) said in a recently submitted chargesheet in a Rs 34,000-crore money laundering case. The DHFL group obtained bank loans and defaulted Rs 34,000 crore loan payments. After brothers Kapil and Dheeraj were arrested in a money laundering case connected to Yes Bank, ED froze their bank accounts. However, the cash-strapped Wadhawans managed to liquidate high-value assets, including jewellery and luxury watches, gathering Rs 5 crore in cash. The mortgaged jewellery included two diamond bangles at Rs 75 lakh each, two loose diamonds at Rs 30 lakh, two necklaces at Rs 1.5 crore and Rs 60 lakh respectively, a diamond kada for Rs 20 lakh, and two luxury watches for Rs 90 lakh. Beyond art, the Wadhawan family, including Kapil, Dheeraj, their mother Aruna, Kapil's wife Vanita, Dheeraj's wife Pooja, and Rebecca Dewan, allegedly spent nearly Rs 175.3 crore on jewellery, watches, and other valuables in 2019-20. The ED chargesheet said, "Apart from spending the public money for their lavish lifestyle and hobbies, Wadhawans converted a part of the said public funds in cash for their miscellaneous uses. " ED stated that the Wadhawan family showed making Rs 26.9 crore payments to two Surat-based firms for purchasing polished diamonds, and the money came back to them in cash by deducting 1% commission. During 2017-18, Kapil Wadhawan acquired 13 valuable paintings and one sculpture from an auction house for Rs 63 crore, channelling funds through their beneficial companies. It is alleged that DHFL employees and the accused conspired to prepare inflated books of accounts, fabricating thousands of fake home loans to defraud a consortium of 29 banks (later reduced to 17). The funds disbursed through these alleged fraudulent loans were then diverted for various personal acquisitions, including paintings, sculptures, gemstones, a 20% stake in Varva Aviation, and properties. It is alleged that auditors, branch auditors, legal consultants, licensors, bookies, and relatives of the Wadhawans are implicated in assisting with the siphoning off of the Rs 34,600 crore, causing immense losses to the consortium banks. Special judge AC Daga recently took cognisance of the chargesheet, observing that there is a clear prima facie case which demonstrates the generation of proceeds of crime. The investigation specifically detailed lavish expenditures by the Wadhawans. The ED chargesheet also named Ajay Vazirani, a lawyer and former independent director in DHFL, as an accused in the money laundering case. Vazirani, who was also a director in several Wadhawan-owned companies, is alleged to have assisted in diverting thousands of crores from DHFL into RKW Group companies and in merging 30 "Bandra Book entities" that had illegally taken Rs 5475.44 crore from DHFL. Vazirani allegedly received approximately Rs 17.1 crore into his and his late father's bank accounts under the guise of selling a property to RKW Developers , is considered a "sham" transaction.
Time of India
3 days ago
- Entertainment
- Time of India
‘Theatre Craft – 2025' workshop in Surat from May 31
Surat: A week-long theatre workshop titled 'Theatre Craft – 2025' will be held from May 31 to June 7 at Jivan Bharti Rotary Hall, Surat. The sessions will take place every evening from 4 pm onwards. Jointly organized by the Surat Performing Artists Association, Gujarati Sahitya Parishad (Ahmedabad), and Jeevan Bharati Mandal, the workshop aims to provide comprehensive training in various facets of theatre — from acting and direction to playwriting, music, lighting, and backstage operations. The event will be inaugurated by Harshad Trivedi, president of Gujarati Sahitya Parishad. Participants will benefit from the expertise of renowned theatre personalities from Ahmedabad, Mumbai, and Vadodara, including Mahesh Champaklal, Manoj Shah, Saumya Joshi, Jigna Vyas, PS Chari, Raju Joshi, and Feroz Abbas Khan. Surat-based artists such as Mehul Sharma, Mehul Surti, Jitendra Sumra, Shaunak Pandya, Rumi Bariya, Shailendra Vadnere, Javed Qazi, Girish Solanki, Sankalp Kulkarni, Rishit Jhaveri, and Vaibhav Desai will also conduct training on stage and backstage operations, evolving audience expectations, and modern theatre techniques will be led by Kapildev Shukla, Pankaj Pathakji, Sonal Vaidya, and Devang Jagirdar.
Time of India
3 days ago
- Business
- Time of India
ED: DHFL's Wadhawan tried to sell Rs 31cr paintings while in custody
Representative image MUMBAI: Erstwhile DHFL promoter Dheeraj Wadhawan, while in judicial custody and receiving treatment at a posh suburban hospital, had multiple meetings with a bookie, Deepak Kapoor, and a controversial businessman, Ajay Nawandar, who was also a patient admitted to the same medical facility. They entered into an understanding to sell two high-end paintings - 'Falling Bull' by Tyeb Mehta and 'Painting' by Manjeet Bawa - worth a total Rs 31 crore, which were purchased through proceeds of crime diverted from DHFL, ED said in a recently submitted chargesheet in a Rs 34,000-crore money laundering case. Dheeraj, who spent several months at the hospital, however, failed to sell the paintings as the CBI raided Nawandar's house and seized them. The Wadhawans and others face allegations of financial misconduct, including fund diversion through associated parties, creation of false retail loan records, circular fund movements, and using diverted funds to acquire assets. DHFL group obtained bank loans and defaulted Rs 34,000 crore loan payments. At the time, brothers Kapil and Dheeraj Wadhawans were arrested in a separate money laundering case connected to Yes Bank , and ED also froze their bank accounts. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Noi lavoriamo duramente - e tu puoi investire meglio! eToro Scopri di più Undo However, the cash-strapped Wadhawans managed to liquidate high-value assets, including jewellery and luxury watches, gathering Rs 5 crore in cash. The mortgaged jewellery included two diamond bangles at Rs 75 lakh each, two loose diamonds at Rs 30 lakh, two necklaces at Rs 1.5 crore and Rs 60 lakh, respectively, a diamond kada for Rs 20 lakh, and two luxury watches for Rs 90 lakh. The watches were worth Rs 5 crore. Beyond art, the Wadhawan family, including Kapil, Dheeraj, their mother Aruna, Kapil's wife Vanita, Dheeraj's wife Pooja, and Rebecca Dewan, allegedly spent nearly Rs 175.3 crore on jewellery, watches, and other valuables in 2019-20. The ED chargesheet said, "Apart from spending the public money for their lavish lifestyle and hobbies, the Wadhawans converted a part of the said public funds in cash for their miscellaneous uses. " ED stated that the Wadhawan family showed making Rs 26.9 crore payments to two Surat-based firms for purchasing polished diamonds, and the money came back to them in cash by deducting 1% commission. In 2017-18, Kapil acquired 13 valuable paintings and one sculpture from an auction house for Rs 63 crore, channelling funds through their beneficial companies. It is alleged that DHFL employees and the accused conspired to prepare inflated books of accounts, fabricating thousands of fake home loans to defraud a consortium of 29 banks, later reduced to 17. The funds disbursed through these alleged fraudulent loans were then diverted for various personal acquisitions, including paintings, sculptures, gemstones, a 20% stake in Varva Aviation, and properties. It is alleged that auditors, legal consultants, licensors, bookies, and relatives of the Wadhawans are implicated in assisting with the siphoning off of the Rs 34,600 crore, causing immense losses to the consortium of banks. Special Judge A C Daga recently took cognisance of the chargesheet, observing that there is a clear, prima-facie case which demonstrates the generation of proceeds of crime. The chargesheet also named Ajay Vazirani, a former independent director in DHFL, as an accused. Vaziraniis alleged to have assisted in diverting thousands of crores from DHFL into RKW Group companies and in merging 30 "Bandra Book entities" that had illegally taken around Rs 5475.4 crore from DHFL. Vazirani received Rs 17.1 crore into his and his late father's bank accounts under the guise of selling a property to RKW Developers and is considered a "sham" transaction.
