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Nine Real Estate Firms Under CBI Scanner for ‘diversion’ of Rs 14,683 Crore DHFL Funds

DHFL allegedly diverted funds value over Rs 14,683 crore via 9 actual property corporations managed by then chairman-cum-managing director Kapil Wadhawan, director Dheeraj Wadhawan and businessman Sudhakar Shetty, the place they’d monetary pursuits, the CBI has alleged.

The function of those actual property corporations — 5 belonging to Shetty’s Sahana Group and 4 others — have come beneath the Central Bureau of Investigation’s (CBI) scanner in a Rs 34,615 crore rip-off in Dewan Housing Finance Corporation Limited (DHFL) because it has surfaced that loans to the businesses have been allegedly disbursed beneath the directions of Kapil Wadhawan and Dheeraj Wadhawan, officers mentioned.

The Union Bank of India, which has approached the CBI, has alleged that Amaryllis Realtors, Gulmarg Realtors and Skylark Buildcon owe Rs 98.33 crore, and Darshan Developers and Sigtia Constructions owe Rs 3,970 crore as excellent in the direction of DHFL. All 5 firms belong to the Sahana Group, the officers mentioned. It can be alleged that Darshan Developers and Sigtia Constructions have been managed by the Wadhawans. The excellent quantity in the direction of Creatoz Builders is Rs 1,192 crore, in the direction of Township Developers Rs 6,002 crore, in the direction of Shishir Realty Rs 1,233 crore and in the direction of Sunlink Real Estate Private Limited Rs 2,185 crore, the officers mentioned.

A portion of the cash was diverted to firms managed by former promoters Kapil Wadhawan, Dheeraj Wadhawan and the Sahana Group, the place additionally they had prima facie monetary curiosity, the officers mentioned. The funds have been a part of Rs 42,871 crore of public cash raised from banks within the type of loans and subscriptions in non-convertible debentures, which have been allegedly “misappropriated” by DHFL, they mentioned.

The funds have been then diverted to DHFL group entities and the Sahana Group via fraudulent loans issued with out due diligence, within the absence of ample securities and falsification of account books, the officers alleged. Besides the businesses which have been named within the FIR, the CBI will even look into the function of the auditors of DHFL, the group firms of its promoters and Sahana Group firms, they mentioned.

The company will probe how large-value loans got as Other Large Project Loans (OLPL) however proven as small loans in “Bandra Books” and weren’t reported by the statutory auditors and the inner auditors of their stories, the officers alleged.

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