New Delhi: The central probe agency CBI alleged that Dewan Housing Finance Corporation Limited (DHFL) diverted Rs 14,683 crore funds through nine real estate firms run by then chairman-cum-managing director Kapil Wadhawan, director Dheeraj Wadhawan and businessman Sudhakar Shetty. The trio allegedly had financial interests in those real estate firms, PTI reported.
CBI started probing the role of these real estate firms in a Rs 34,615 crore scam in DHFL as the investigation exhumed that loans to the companies were allegedly disbursed under the instructions of Kapil Wadhawan and Dheeraj Wadhawan.
CBI was approached by the Union Bank of India with an allegation 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 outstanding towards DHFL. The mentioned five belonged to Sahana Group, while Darshan Developers and Sigtia Constructions were controlled by the Wadhawans.
Further, the outstanding amount towards Creatoz Builders is Rs 1,192 crore, Township Developers Rs 6,002 crore, Shishir Realty Rs 1,233 crore, and Sunlink Real Estate Private Limited Rs 2,185 crore, CBI officials informed.
A part of the money was diverted to the companies controlled by former promoters Kapil Wadhawan, Dheeraj Wadhawan and the Sahana Group, where they also had prima facie financial interest CBI said.
According to the probe agency, the funds were part of Rs 42,871 crore of public money raised from banks in the form of loans and subscriptions in non-convertible debentures, which DHFL allegedly misappropriated.
Later, the funds were diverted through fraudulent loans issued without due diligence, in the absence of adequate securities and falsification of account books, CBI stated.
In addition to naming the companies in an FIR, the agency will also scan the role of the auditors of DHFL, the group companies of its promoters and Sahana Group companies, CBI stated.
An investigation will be conducted on how large-value loans were provided as Other Large Project Loans (OLPL) but shown as small loans in "Bandra Books". These were not reported by the statutory auditors and the internal auditors, CBI stated.