CBI arrests Dheeraj Wadhawan in £3.4 bn DHFL bank fraud probe

Wednesday 15th May 2024 07:26 EDT
 

The Central Bureau of Investigation (CBI) arrested Dheeraj Wadhawan in the £3.4 bn DHFL bank fraud probe. He was earlier arrested by the agency in connection with the Yes Bank corruption case and was on bail.

The CBI had registered the DHFL case related to the alleged defrauding of a consortium of 17 banks to the tune of £3.4 bn, making it the biggest banking loan fraud in the country.

In February this year, the Securities Exchange Board of India (SEBI) had ordered the attachment of bank accounts as well as shares and mutual fund holdings of ex-DHFL promoters Dheeraj and Kapil Wadhawan, to recover dues worth Rs 22,00,000.

The market regulator's move came after the Wadhawan brothers failed to pay the fine imposed on them in July last year in a case concerning the flouting of disclosure norms.

In July 2023, the regulator imposed a penalty of Rs 10,00,000 each on Wadhawans, who were promoters of DHFL (now known as Piramal Finance), for flouting disclosure norms.

Kapil Wadhawan was the Chairman and MD of DHFL, while Dheeraj Wadhawan was a non-executive director of the company. Both of them were on the board of DHFL.

In another development, the Delhi high court last Saturday had issued notice to the CBI on a plea of Dheeraj Wadhawan seeking bail on medical grounds.

He had approached the High Court against the trial court order refusing him bail on medical grounds. He is under treatment at his home in Mumbai after discharge from the hospital post-spinal surgery. Justice Jyoti Singh issued notice to the Central Bureau of Investigation (CBI) and directed to file a reply. The matter has been listed on Friday (May 17) for a hearing.


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