The CBI apprehended Dheeraj Wadhawan of DHFL in connection with a Rs 34,000 crore bank fraud case from the city and presented him before a court in Delhi on Tuesday. The court remanded Wadhawan to judicial custody.
Dheeraj Wadhawan, along with his brother Kapil, was detained in the case in July 2022 and subsequently granted default bail by a court in Delhi. The Supreme Court overturned their default bail earlier this year. This led to the arrest of Kapil Wadhawan, but Dheeraj was granted temporary interim relief on medical grounds. Dheeraj sought regular bail but was unsuccessful. He had previously been arrested in a different case and was released on medical bail. He was recuperating at home in Mumbai, from where the CBI detained him.
About the Case:CBI Apprehends DHFL’s Dheeraj Wadhawan in Rs 34,000 Crore Bank Fraud Case
The investigation against the Wadhawans pertains to “defrauding” a consortium of 17 banks to the tune of Rs 34,615 crore, and the money laundering case stems from the CBI’s FIR, the ED stated earlier. Kapil Wadhawan and Dheeraj Wadhawan, both directors of DHFL, along with other accused individuals, conspired to defraud the consortium of banks led by Union Bank of India (UBI). In pursuance of the said conspiracy, Kapil Wadhawan and others induced the consortium banks to sanction substantial loans aggregating to Rs 42,871.42 crore, the agency reported.
It was found that the accused individuals “diverted and misappropriated” a significant portion of the funds by “manipulating” the books of DHFL and dishonestly defaulted on repayment of the legitimate dues of the consortium banks, thereby causing a loss of Rs 34,615 crore to the consortium lenders.
Dheeraj Wadhawan: A Brief Introduction
Dheeraj Wadhawan is a prominent Indian entrepreneur known for his family’s real estate and financial services ventures. The Wadhawan family is credited with establishing DHFL (Dewan Housing Finance Corporation Limited), a major entity in India’s housing finance sector.
Early Life and Career
Dheeraj Wadhawan was born into a business-oriented family. He received his education from esteemed institutions and joined the family enterprise. Under his leadership, DHFL made significant strides in the housing finance sector, particularly aiding individuals in achieving their dream of homeownership.
Dheeraj Wadhawan’s story presents a complex picture of the Indian business landscape. His contributions substantially advanced the housing finance sector, but the controversies posed significant challenges to his career. Wadhawan’s life and career offer essential insights for future entrepreneurs on how success and adversity can be intertwined.