According to sources, Nawandar was questioned over some funds allegedly diverted by the Wadhawan family. These sources said that Nawandar is an alleged aide of Chhota Shakeel, a trusted aide of fugitive criminal Dawood Ibrahim.
Both Dawood Ibrahim and Shakeel are wanted by Indian agencies in several cases, including their alleged role in the 1993 Bombay bombings case. Dawood is allegedly the mastermind in the said case. Pakistan has banned Dawood Ibrahim and 87 others on charges of terrorist activities. India has designated him as a ‘terrorist’ under the recently amended UAPA.
This is another instance of alleged underworld nexus between the promoters of DHFL, Kapil and Dheeraj. Wadhawan and D-gang surfacing. He was earlier arrested by the ED in a money laundering case related to late D-Gang henchman Iqbal Memon alias Iqbal Mirchi.
Both the brothers, Kapil and Wadhawan, are currently in judicial custody and are being investigated by the CBI, ED and SFIO for several frauds.
On Friday, the CBI conducted searches at Dewan Villa, Mahabaleshwar, on the outskirts of Mumbai, in which a large number of paintings and sculptures, some cash and other incriminating documents were recovered. “As per preliminary estimates, the value of these artifacts is estimated to be around Rs 40 crore,” the agency said.
“During investigation, it was found that the promoters had allegedly diverted funds and made investments in various entities. It was also alleged that the promoters had acquired expensive paintings and sculptures worth around Rs. 55 crore (approximately) using the money diverted,” the CBI statement read.
A case has been registered on the complaint of Union Bank Government of India allegedly siphoned off loans taken from consortium of banks and erroneously prepared the books of DHFL and then created shell companies, which came to be known as “Bandra Book Entities” for making adjustment entries .
“…i It was alleged that the said private company and its promoters had created several fake companies and fake entities (Bandra Book entities) and had embezzled huge money by distributing funds to such fake entities. It was further alleged that that separate audits conducted by other private audit accounting organizations had identified several instances of diversion of funds by the accused for personal gain and falsification of books of accounts to camouflage and hide suspicious transactions,” the CBI The audit also identified several instances where such fraudulent entities were granted large value loans without due diligence and without securities. Instances of sanction and disbursement of loans only by e-mail communication were allegedly found for which no loan file was maintained in the said private (borrower) company,” the CBI said in its statement.