What Is DHFL Scam? Who Is Dheeraj Wadhawan And Why Was He Arrested By CBI?
DHFL Scam: Dheeraj Wadhawan, the ex-director of Dewan Housing Finance Limited (DHFL), got sent to jail on Tuesday after a special court in Delhi saw him. He got arrested by the CBI because of his link to a bank fraud of Rs 34,000 crore. Officials said they took Wadhawan into custody from Mumbai on Monday evening and brought him to court on Tuesday. They also mentioned that the CBI had already charged him in connection to this case back in 2022.
Who is Dheeraj Wadhawan?
Dheeraj Wadhawan, a notable figure in finance, had been formally charged by the central agency in 2022 due to suspicions of his involvement in this case. This recent arrest represents another important step forward in the ongoing investigation into financial misconduct at DHFL.
Why was Dheeraj Wadhawan arrested by CBI?
Dheeraj Wadhawan Arrested by CBI in Rs 34,000 Crore Banking Loan Fraud Case. In a significant development, the Central Bureau of Investigation (CBI) has arrested Dheeraj Wadhawan in connection with the Dewan Housing Finance Corporation Ltd (DHFL) bank fraud investigation.
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What Is A DHFL Scam?
As per the charges by the central investigation agency, Dheeraj Wadhawan and his brother Kapil are accused of deceiving a group of 17 banks, resulting in a staggering fraud amounting to Rs 34,000 crore. This makes it the largest banking loan fraud in the country's history.
Kapil and Dheeraj Wadhawan, among others, are accused of being part of a criminal conspiracy, manipulating information, breaching trust, and misusing public funds, according to the charge sheet. This allegedly led to defrauding the consortium of Rs 34,615 crore by defaulting on loan repayments starting from May 2019.
The CBI alleges that the company engaged in financial irregularities, diverting funds, falsifying records, and conducting circular transactions to "create assets for Kapil and Dheeraj Wadhawan" using public money. Various lender banks categorized DHFL loan accounts as non-performing assets at different times.
After media reports surfaced regarding fund diversion in January 2019, DHFL came under scrutiny. Subsequently, on February 1, 2019, lender banks convened a meeting and appointed KPMG to conduct a "special review audit" of DHFL from April 1, 2015, to December 31, 2018.
The audit uncovered funds being redirected as loans and advances to related entities and individuals connected to DHFL and its directors. Examination of account records revealed that 66 entities linked to DHFL promoters received Rs 29,100 crore, with Rs 29,849 crore outstanding, as alleged by the CBI.
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