CBI Arrests Dheeraj Wadhawan in Connection with ₹34,000 Crore DHFL Bank Fraud Investigation.
The Central Bureau of Investigation (CBI) has arrested Dheeraj Wadhawan on Tuesday in connection with the ₹34,000 crore DHFL bank fraud case. This case is notably the largest banking loan fraud in India’s history, involving the alleged defrauding of a consortium of 17 banks.
Dheeraj Wadhawan had already been charge-sheeted by the CBI in 2022 regarding this case. His arrest adds a new chapter to the ongoing investigation. Previously, Wadhawan was also implicated in the Yes Bank corruption case, for which he had been out on bail.
Earlier this year, in February, the Securities Exchange Board of India (SEBI) took stringent action by ordering the attachment of bank accounts, shares, and mutual fund holdings belonging to former DHFL promoters Dheeraj and Kapil Wadhawan. This measure aimed to recover dues amounting to ₹22 lakh after the Wadhawan brothers failed to pay fines imposed for flouting disclosure norms. The total pending dues of ₹10.6 lakh each include the initial penalty, interest, and recovery costs.
In July 2023, SEBI imposed a penalty of ₹10 lakh each on the Wadhawan brothers for violating disclosure norms. At that time, Kapil Wadhawan was serving as the Chairman and Managing Director of DHFL, while Dheeraj Wadhawan held the position of non-executive director.
Adding to the complexities of the case, the Delhi High Court recently issued a notice to the CBI regarding Dheeraj Wadhawan’s plea for bail on medical grounds. Wadhawan, who is currently receiving treatment at his home in Mumbai following spinal surgery, sought bail after a trial court denied his request. Justice Jyoti Singh has asked the CBI to respond, and the matter is scheduled for a hearing on Friday, May 17.
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