The CBI has alleged that DHFL allegedly diverted funds of over Rs 14,683 crore through nine real estate firms controlled by the then chairman-cum-managing director Kapil Wadhawan, director Dheeraj Wadhawan and businessman Sudhakar Shetty, where their had financial interests.
The role of these real estate firms – five belonging to Shetty’s Sahana group and four others – in the Rs 34,615-crore scam in Dewan Housing Finance Corporation Ltd (DHFL) has come under the scanner of the Central Bureau of Investigation (CBI) as it came to light. It has come that the officials said that the loans were disbursed to the companies allegedly under the directions of Kapil Wadhawan and Dheeraj Wadhawan.
Union Bank of India, which has approached the CBI, has alleged that Amaryllis Realtors, Gulmarg Realtors and Skylark Buildcon owe Rs 98.33 crore and Darshan Developers and Sigtia Construction to DHFL Rs 3,970 crore. Officials said all the five companies belong to the Sahana group. It is also alleged that Darshan Developers and Sigatia Construction were controlled by the Wadhawans. The dues of Creatoz Builders stood at Rs 1,192 crore, Township Developers Rs 6,002 crore, Shishir Realty Rs 1,233 crore and Sunlink Real Estate Pvt Ltd Rs 2,185 crore, officials said.
Officials said a part of the money was given to companies controlled by former promoters Kapil Wadhawan, Dheeraj Wadhawan and Sahana Group, where they also had prima facie financial interest. The money was part of Rs 42,871 crore of public money raised from banks in the form of loans and subscriptions in non-convertible debentures, which was allegedly “wrongful” by DHFL, they said.
The officials alleged that funds were transferred to DHFL group entities and Sahana group through fraudulent loans issued without due diligence due to lack of adequate securities and rigging of ledger accounts. Apart from the companies named in the FIR, CBI will also look into the role of auditors of DHFL, its promoters’ group companies and Sahana group companies, he said.
Officials alleged that the agency would probe how loans of large value were given as other large project loans (OLPLs) but were shown as small loans in “Bandra Books” and statutory auditors and This was not reported by the internal auditors in their report, the officials alleged.
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