Twenty-five luxury watches worth over Rs 1 crore were seized by the Central Bureau of Investigation from the properties of Kapil Wadhawan, Dheeraj Wadhawan and others linked to the Dewan Housing Finance Ltd scam, or DHFL. Fifty-six paintings worth Rs 38 crore were also seized.
The Central Bureau of Investigation, or CBI, also raided the apartments of Rebecca Dewan and Ajay Ramesh Nawandar in Mumbai on Friday.
The CBI said Mr Nawandar’s alleged links to wanted criminals will be investigated.
“During the investigation, it was found that the developers (DHFL) had misappropriated funds and made investments in various entities. It was also alleged that the developers had acquired expensive paintings and sculptures worth of approximately Rs 55 crore (approximately) using the misappropriated funds,” the CBI said in a statement.
The CBI has charged DHFL, its former chairman and chief executive Kapil Wadhawan, director Dheeraj Wadhawan and others with bank fraud of Rs 34,615 crore, making it the biggest such case on the to-do list of the CBI.
Since a case was filed on June 20, a team of more than 50 CBI officials have searched 12 properties in Mumbai linked to all the defendants, including Sudhakar Shetty of Amaryllis Realtors and eight other builders.
The CBI has acted on a complaint from Union Bank of India, the lead bank for a 17-member lender consortium that lent up to Rs 42,871 crore to DHL between 2010 and 2018.
The bank alleged that the Wadhawans and others concealed facts, committed a criminal breach of trust and misused public funds to deceive the consortium to the tune of Rs 34,614 crore into defaulting on the loans from May 2019 .