The luxury watches seized by CBI from DHFL-linked properties
Twenty-five luxury watches worth over Rs 1 crore have been seized by the Central Bureau of Investigation from the properties of Kapil Wadhawan, Dheeraj Wadhawan and others linked to scam-hit Dewan Housing Finance Ltd, or DHFL. Fifty-six paintings worth Rs 38 crore were also seized.
The Central Bureau of Investigation, or CBI, on Friday had carried out searches at the flats of Rebecca Dewan and Ajay Ramesh Nawandar in Mumbai too.
The CBI has said suspected links of Mr Nawandar with wanted criminals will be investigated.
"During investigation, it was found that the (DHFL) promoters diverted funds and made investments in various entities. It was also alleged that the promoters had acquired expensive paintings and sculptures worth about Rs 55 crore (approximately) using the diverted funds," the CBI said in a statement.
The CBI has charged DHFL, its former chairman and managing director Kapil Wadhawan, director Dheeraj Wadhawan and others for bank fraud of Rs 34,615 crore, making it the biggest such case on the CBI's to-do list.
Since a case was filed on June 20, a team of over 50 CBI officials have searched 12 properties in Mumbai linked to all the accused, including Sudhakar Shetty of Amaryllis Realtors and eight other builders.
The CBI acted on a complaint from Union Bank of India, the lead bank of a 17-member lender consortium which had loaned up to Rs 42,871 crore to DHFL between 2010 and 2018.
The bank alleged the Wadhawans and others concealed facts, committed criminal breach of trust and abused public funds to cheat the consortium to the tune of Rs 34,614 crore by defaulting on loan repayments from May 2019 onwards.