DHFL case: CBI seizes more expensive paintings and watches

BL New Delhi Bureau | Updated on: Jul 29, 2022
The Wadhawan brothers are in CBI custody on charges of acquiring expensive items using diverted funds.

The Wadhawan brothers are in CBI custody on charges of acquiring expensive items using diverted funds.

The promoters of DHFL are charged with cheating a consortium of 17 banks led by Union Bank of India to the tune of about Rs 34,615 crore

 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.

Published on July 29, 2022
COMMENTS
  1. Comments will be moderated by The Hindu BusinessLine editorial team.
  2. Comments that are abusive, personal, incendiary or irrelevant cannot be published.
  3. Please write complete sentences. Do not type comments in all capital letters, or in all lower case letters, or using abbreviated text. (example: u cannot substitute for you, d is not 'the', n is not 'and').
  4. We may remove hyperlinks within comments.
  5. Please use a genuine email ID and provide your name, to avoid rejection.

You May Also Like

Recommended for you