The CBI has registered the biggest ever bank fraud case. The Central Bureau of Investigation (CBI) has registered a case of alleged fraud of Rs 34,615 crore with a consortium of 17 banks led by Union Bank of India. A case has been registered against DHFL’s Kapil Wadhawan and Dheeraj Wadhawan for cheating. This is the biggest bank fraud ever that has come under the scanner of the agency.

Officials said that the CBI is searching 12 locations of the accused in Mumbai. Earlier, a case of fraud of Rs 23,000 crore had come to light on ABG Shipyard. The probe agency has booked Dewan Housing Finance Corporation Ltd, the then chairman and managing director Kapil Wadhawan, director Dheeraj Wadhawan and six realty sector companies for allegedly cheating a consortium of banks led by Union Bank of India to the tune of Rs 34,615 crore. A case has been registered for being involved in the conspiracy.

The CBI has taken this action on the basis of a complaint received from the bank on February 11, 2022. Earlier in 2021, Union Bank of India had written to the CBI to investigate the promoters and then management of DHFL. In this, the consortium of banks led by Union Bank of India was said to have suffered a loss of Rs 40,623.36 crore (as on July 30, 2020). The Wadhawan brothers are currently under the scanner of the CBI in the alleged corruption case. Please tell that DHFL is a housing finance company.

Kapil was its Chairman and Managing Director. DHFL is now on the verge of sinking, the process of selling this is going on. In its complaint, Union Bank of India has put forth the findings of the consortium-appointed audit firm KPMG. The findings have prima facie found non-compliance of prescribed norms and procedures, manipulation of accounts, suppression of information, undeclared bank accounts and misrepresentation. PLC/GT


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