What is DHFL
The CBI has booked Dewan Housing Finance Ltd,
former CMD Kapil Wadhawan, director Dheeraj Wadhawan and others
bank fraud of Rs 34,615 crore
, making it the biggest such case probed by the agency
The action came on a complaint from
the Union Bank of India (UBI),
leader of 17-member lender consortium.
The bank claims that
Kapil and Dheeraj Wadhawan cheated Rs 34,614 crore by defaulting loan payments
through a corrupt conspiracy along with others in May 2019.
The UBI has also reportedly alleged that the former CMD and director of
DHFL has committed criminal breach of trust and illegal use of public funds.
The audit of DHFL account books showed that the company allegedly committed misuse of public money to create wealth for “Kapil and Dheeraj Wadhawan."
DHFL was hit by investigation
in January 2019 after media reports on allegations of siphoning of funds surfaced,
Following the case,
the banks was issued a Look Out Cirular against Kapil and Dheeraj Wadhawan
on October 18, 2019 to
prevent them from leaving the country.