More evidence has emerged of the investment of tainted money in expensive paintings and watches in DHFL’s Rs 34,615-crore bank rip-off case, with the CBI recovering two paintings, the same number of watches, and jewellery, which together are worth Rs 7.50 crore.

In a fresh round of searches, CBI seized two paintings, one by renowned artist F N Souza (1964) and another by S H Raza (1956), which are together worth approximately Rs 5.50 crore, agency officials said. They also recovered two watches -- of Jacob & Co and Frank Muller Geneve-make -- which are worth Rs 5 crore, and gold and diamond jewellery, including bangles and a necklace, worth Rs 2 crore, officials added. 

The CBI alleged that the promoters, the Wadhwan brothers, had acquired expensive items using diverted funds. Kapil and Dheeraj Wadhawan are in CBI custody on charges that their company DHFL cheated a consortium of 17 banks led by Union Bank of India to the tune of about Rs 34,615 crore, by siphoning off loans availed from banks, falsifying the books of a private borrower company,and creating shell firms, which had come to be known as “Bandra Book Entities,” said the CBI.