DHFL Scam: CBI informs court that Wadhwans fraudulently transferred funds to their own businesses

The Wadhawan brothers fraudulently provided loans to their owned businesses and developers, but documents reveal that the loans were actually made to nonexistent retail borrowers.

In a significant development in the DHFL scam, the CBI on Sunday informed a Delhi court that the accused Wadhawan brothers gave loans to their owned companies/developers fraudulently, despite the fact that the records show that the loans were actually given to retail individual borrowers who were not actually there.

The Wadhawan brothers own a number of businesses in which DHFL diverted loans, CBI further noted.

During his custody detention, Kapil Wadhawan informed the CBI that he had purchased shares of Dhanlakshmi Bank, Vallash Polyplast, and Wadhawan Global through the broker Antique Stock Broking, valued at 17.98 crores.

In the course of its investigations, the CBI discovered that DHFL’s records had been dishonestly manipulated and that crucial information had been withheld in order to divert and fraudulently syphon off money obtained from the several consortium banks headed by Union Bank of India.

Additionally, CBI informed the court that certain confiscated incriminating digital devices were being examined. In order to compare Dheeraj Wadhawan’s voice with potentially damaging voice contents discovered on a digital device, a sample of his voice is required.

On July 29, 2022, the defendant, Dheeraj Wadhawan, described the rationale of recording his specimen voice in front of a third party witness.

He refused to provide a sample or specimen of his voice despite being informed of the necessity and relevance of doing so.

It is clear that Dheeraj Rajeshkumar Wadhawan, the accused, is not helping with the investigation.

On Saturday, Special Judge Vishal Gogne denied the CBI’s request for a further three days of police custody, stating that more custodial questioning was not necessary in this case.

In order to continue its investigation into the M/s Dewan Housing Finance Corporation Limited (DHFL) scam, which included 34000 crores, the court ordered them to be held in judicial custody until August 5, 2022.

The court noted that the CBI’s assessment predicted new information, including shares, searches at other properties, an investigation into recovered items like a helicopter, and investigation into multiple alleged shell companies. The court noted that these activities could be carried out and continued without any particular benefit to the investigation from additional police custody (CBI custody) of the current two accused.