In the biggest-ever loan fraud case in India, the CBI has booked former promoters of Dewan Housing Finance Corporation Ltd (DHFL), Kapil Wadhawan and Dheeraj Wadhawan

among 13 accused for defrauding a consortium of 17 banks of over Rs 34,000 crore.

The CBI has booked Dewan Housing Finance Ltd, its former CMD Kapil Wadhawan, director Dheeraj Wadhawan and others for bank fraud of Rs 34,615 crore

The CBI case has been registered on a complaint from Union Bank of India (UBI), which is the lead bank in the consortium.

According to the UBI complaint, since 2010, the DHFL has extended credit facilities of over Rs 42,000 crore by the consortium of which Rs 34,615 crore remain outstanding.

According to the KPMG report, most of the transactions of such entities/individuals were in the nature of investments in land/properties.

Apart from Wadhwans, the CBI has booked Sudhakar Shetty of Suhana Group and 10 other real estate companies.

According to KPMG reports, as many as 66 entities, which were related to the DHFL and the Wadhawans, were advanced loans to the tune of nearly Rs 30,000 crore by flouting all norms.

According to KPMG reports, as many as 66 entities, which were related to the DHFL and the Wadhawans, were advanced loans to the tune of nearly Rs 30,000 crore by flouting all norms.

and managing overall control over finances of these companies, the CBI FIR has alleged.

The DHFL defaulted on its debt payment obligations from May 2019 onwards.

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