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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
The Wadhawan brothers are accused of defrauding a consortium of 17 banks led by Union Bank of India (UBI). (File)
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
At the news desk for 17 years, the story of her life has revolved around finding pun, facts while reporting, on radio, heading a daily newspaper desk, teaching mass media students to now editing special copies …Read More
At the news desk for 17 years, the story of her life has revolved around finding pun, facts while reporting, on radio, heading a daily newspaper desk, teaching mass media students to now editing special copies … Read More
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