CBI arrests DHFL promoter in Rs 35,000 crore bank fraud case

The Central Bureau of Investigation (CBI) has apprehended Dheeraj Wadhawan, a promoter of Dewan Housing Finance Ltd (DHFL), in connection with India's largest bank fraud amounting to Rs 35,000 crore. Wadhawan's arrest is linked to allegations of fraudulent activities involving a consortium of 17 banks, including the Union Bank of India.

Accused alongside his brother Kapil, who was previously incarcerated, Wadhawan stands accused of siphoning funds from banks to entities under their control. This purported diversion was allegedly facilitated through the approval of loans without proper due diligence, inadequate collateral, and manipulation of financial records.

A senior official, as cited by HT, confirmed Wadhawan's arrest in Mumbai on Monday, with subsequent presentation before a Delhi court on Tuesday. He has been remanded to judicial custody until May 30.

The CBI had previously arrested both Wadhawan brothers on July 19, 2022. However, they were granted statutory bail on December 3 of the same year by a trial court. The court's decision, citing incompleteness of the CBI's charge sheet filed against them and 73 other defendants on October 15, 2022, was later upheld by the Delhi High Court in May 2023.