Latest news with #Wadhawan
Time of India
7 hours ago
- Business
- Time of India
DHFL case: Expeditiously decide Kapil Wadhawan bail plea, SC tells Delhi HC
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel The Supreme Court on Friday asked the Delhi High Court to decide within two weeks the bail plea of Dewan Housing Finance Ltd 's former promoter Kapil Wadhawan in the multi-crore bank fraud case investigated by the CBI.A bench of Justices Ujjal Bhuyan and Manmohan said Wadhawan was in custody since July, 2022 and his bail plea was coming up for hearing on July 18 in the high bench asked the high court to decide the bail plea within two weeks from the date of moved the top court aggrieved by the orders of adjournment in his bail plea by the high court and sought an expeditious disposal of his advocate Siddharth Luthra, appearing for Kapil Wadhawan, referred to his client's long custody period aside from the non-adjudication on his bail plea on multiple Wadhawan brothers -- Kapil and Dheeraj -- were arrested in this case on July 19, was granted interim bail by the high court on September 9, last year on medical chargesheet was filed by the CBI on October 15, 2022 and cognisance was taken by the trial FIR in the case was based on a complaint made by the Union Bank of India The CBI alleged that Dewan Housing Finance Ltd (DHFL), its then CMD Kapil, then director Dheeraj and other accused persons conspired to cheat the consortium of 17 banks led by the Union Bank of accused and others induced the consortium to sanction huge loans aggregating Rs 42,871.42 of the amount was allegedly siphoned off and misappropriated by alleged falsification of the books of the DHFL and dishonest default in repayment of the legitimate dues of the consortium banks, the CBI complainant alleged that a wrongful loss of Rs 34,615 crore was caused to the consortium banks in as much as such was the quantification of the outstanding dues as on July 31, 2020. PTI
&w=3840&q=100)
Business Standard
7 hours ago
- Business
- Business Standard
DHFL case: Expeditiously decide Kapil Wadhawan bail plea, SC tells Delhi HC
The Supreme Court on Friday asked the Delhi High Court to decide within two weeks the bail plea of Dewan Housing Finance Ltd's former promoter Kapil Wadhawan in the multi-crore bank fraud case investigated by the CBI. A bench of Justices Ujjal Bhuyan and Manmohan said Wadhawan was in custody since July, 2022 and his bail plea was coming up for hearing on July 18 in the high court. The bench asked the high court to decide the bail plea within two weeks from the date of hearing. Wadhawan moved the top court aggrieved by the orders of adjournment in his bail plea by the high court and sought an expeditious disposal of his petition. Senior advocate Siddharth Luthra, appearing for Kapil Wadhawan, referred to his client's long custody period aside from the non-adjudication on his bail plea on multiple occasions. The Wadhawan brothers -- Kapil and Dheeraj -- were arrested in this case on July 19, 2022. Dheeraj was granted interim bail by the high court on September 9, last year on medical grounds. The chargesheet was filed by the CBI on October 15, 2022 and cognisance was taken by the trial court. The FIR in the case was based on a complaint made by the Union Bank of India. The CBI alleged that Dewan Housing Finance Ltd (DHFL), its then CMD Kapil, then director Dheeraj and other accused persons conspired to cheat the consortium of 17 banks led by the Union Bank of India. The accused and others induced the consortium to sanction huge loans aggregating Rs 42,871.42 crore. Much of the amount was allegedly siphoned off and misappropriated by alleged falsification of the books of the DHFL and dishonest default in repayment of the legitimate dues of the consortium banks, the CBI claimed. The complainant alleged that a wrongful loss of Rs 34,615 crore was caused to the consortium banks in as much as such was the quantification of the outstanding dues as on July 31, 2020.
Time of India
29-05-2025
- Business
- Time of India
Wadhawan brothers siphoned Rs 11,500 crore from DHFL using 87 shell firms, says ED
From floating a company in the British Virgin Islands (BVI) to buying precious artworks, an AgustaWestland Grand helicopter, and high-value jewellery and stones, the Enforcement Directorate has detailed how Kapil and Dheeraj Wadhawan - promoters of the now-defunct DHFL - allegedly siphoned off public money to fund a lavish lifestyle. The arrested Wadhawan brothers fraudulently diverted over ₹11,500 crore fraudulently from DHFL to 87 shell entities they controlled between 2006 to 2017, using bogus home and retail loans issued in the names of around 260,000 old or non-existent individuals, the ED alleged in its chargesheet. These funds were never part of DHFL's legitimate loan portfolio and were fraudulently shown as loans disbursed to individual borrowers, it said. According to the ED probe, DHFL borrowed ₹42,871 crore from a consortium of 17 banks led by Union Bank of India (UBI), showing thousands of fake home loans as receivables. The Wadhawans also allegedly purchased 25 paintings and one sculpture for ₹63.44 crore through their controlled and beneficially owned entities JVPD One Builder LLP, RKW Construction Facility Management, Cloud Nine Realtors, and VKW Holdings BVI. Of this, ₹40.07 crore were allegedly diverted from the accounts of DHFL, which were meant for different projects, the ED claimed. The probe also revealed that Wadhawan family members purchased jewellery worth approx. ₹42.10 crore from Diamantina Fine Jewels LLP, Bandra. Of this, ₹26.82 crore was diverted from DHFL, it said. Live Events Earlier this month, a PMLA court took cognisance of the ED's prosecution complaint (chargesheet), setting the stage for a trial. The court observed that as per the chargesheet, other accused persons who acted as auditor, branch auditor, legal consultant, licensor, and bookie and relatives of the Wadhawans helped them siphon off money from DHFL, causing losses of ₹34,614.88 crore to the consortium banks. "This amount itself is proceeds of crime, generated by the accused persons, by falsifying the accounts, by diverting the funds, and using it for other purposes...," it observed.
