Only ABG Shipyard comes close; A case was registered on this for defrauding banks to the tune of Rs 23,000 crore.
The promoters of DHFL, including the Wadhawan brothers, are already under investigation by both the CBI and the Enforcement Directorate (ED) in a case of alleged fraud.
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In March-April this year, both India Today and The Print reported how two years have passed since Dheeraj Wadhawan was arrested in the Yes Bank money laundering case, but he has spent more time in a luxury hospital behind bars.
Since his arrest on 26 April 2020, the bank CEO has been accused of receiving an investment of Rs 3,700 crore from Yes Bank for DHFL in return for “substantial undue advantage”. Rana Kapoor And his family, the Wadhawans, were repeatedly denied bail, but spent only nine months in jail.
For the remaining 15 months, he divided his time between hospitals, citing multiple ailments. These stays include a 10-month stint at Mumbai’s luxurious Kokilaben Dhirubhai Ambani Hospital.
The Wadhawans repeatedly petitioned the courts and when such appeals failed, the Maharashtra Human Rights Commission admitted himself to the hospital.
covid holiday
Before his arrest in 2020, the Wadhawans came into limelight when they managed to escape the Covid lockdown in Maharashtra with the help of a senior IPS officer.
Wadhawan Family, along with others, went from Khandala to their farmhouse in Mahabaleshwar in their cars, even when both the districts of Pune and Satara were under lockdown to contain the corona. Weeks ago, he had dropped the summons to appear for questioning in a money laundering probe, citing COVID-19. “Health is a priority,” he claimed after his no-show.
It was forgotten when the brothers, their families, to cook and help, were bundled in two Range Rovers and three Fortuners for a 180-km vacation from Khandala to Mahabaleshwar, the report reported.
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There was outrage over the special passes given to the brothers who came under the scanner on several charges of cheating.
His controversial visit was facilitated by Amitabh Gupta, Principal Secretary, Home, Government of Maharashtra, who was sent on compulsory leave.
family run
ET did a detailed profile of the Wadhawan family in November 2019, tracing the family tree.
DHFL and HDIL are realty and housing finance businesses run by the two branches of the family. HDIL’s Rakesh Wadhawan is the younger brother of late Rajesh Wadhawan, whose children Kapil and Dheeraj now run DHFL. The Economic Offenses Wing of Mumbai Police says that Rakesh Wadhawan and his son Sarang Wadhawan alias Sunny Dewan are the promoters of the realty firm.
(HDIL) with the connivance of bank officials defrauded Punjab and Maharashtra Co-operative Bank (PMC) to the tune of over Rs 4,500 crore.
On the DHFL brothers, the ET profile said that Kapil is the professional, calm face of DHFL, and he can be seen fielding on commercial television and analyst calls. Younger brother Dheeraj Dewan is known as Baba Dewan in Mumbai, for his close friendship with Bollywood stars and among auto enthusiasts for the luxurious cars he sees with body guards.
DHFL’s troubles began in January 2019 following a sting operation by Cobrapost, alleging that the company had lent money to related entities, and credit rating agencies started downgrading their paper in June 2019. DHFL started defaulting in its repayments in July. Cases were registered against DHFL by the depositors. One was filed by IAS officer Ashok Khemka in the Chandigarh High Court on behalf of his wife while the other was
The AMC in the Bombay High Court, later asked DHFL to temporarily stop the repayment of its deposits.
DHFL was a deposit taking shadow bank. This means, apart from the millions of stockholders whose investments have evaporated, the woes affect millions of customers who have fixed deposits and holders of bonds and debentures who lend huge sums of money apart from banks.
For example, DHFL has an exposure of Rs 11,000 crore.