The Central Bureau of Investigation (CBI) has booked the Dewan Housing Finance Corporation Limited (DHFL), its promoters and others for allegedly cheating a consortium of 17 banks to the tune of ₹34,615 crore. This is the biggest-ever bank fraud case registered by the agency.
Among those arraigned are the DHFL’s then chairman-cum-managing director Kapil Wadhawan, promoter director Dheeraj Wadhawan, Sudhakar Shetty of the Sahana Group, Amaryllis Realtors, Gulmarg Realtors, Skylark Buildcon, Darshan Developers, Sigtia Constructions, Creatoz Builders, Township Developers, Shishir Reality and Sunblink Real Estate.
On Wednesday, the CBI conducted searches on the premises of the accused persons at 12 places in different parts of Mumbai.
Incorporated in April 1984, the DHFL extended financial assistance to low and middle income group individuals for buying houses and also engaged in other financial intermediation.
The case has been registered on a complaint from the Union Bank of India, which led the consortium. According to the First Information Report, a group of 29 lenders formed in July 2010 initially extended credit facilities to the company. In July 2020, there were 17 consortium members and the quantum of credit facilities was ₹42,871.42 crore.