Latest news with #Wadhawans
Time of India
30-05-2025
- 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
30-05-2025
- 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
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.
Time of India
29-05-2025
- Business
- Time of India
Loan fraud case: ED says Wadhawans used public money for extravagant hobbies, lavish purchases
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. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like If You Eat Ginger Everyday for 1 Month This is What Happens Tips and Tricks Undo 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. Live Events "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. PTI
