Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

New Delhi, <keyword id="10062958" type="UNKNOWN" weightage="20" keywordseo="transaction-auditor-grant-thornton">Transaction auditor Grant Thornton</keyword>, in a report shared with the <keyword id="57372" type="COMPANY" weightage="20" keywordseo="Administrator">Administrator</keyword> of <keyword id="127124" type="CITY" weightage="20" keywordseo="DHFL">DHFL</keyword>, has found certain transactions which are undervalued, fraudulent and preferential in nature, putting the newly-discovered fraud at ₹6,182 crore. The Administrator of <keyword id="6423706" type="DOMAIN" weightage="20" keywordseo="dewan-housing-finance">Dewan Housing Finance</keyword> Company Ltd, appointed under the Insolvency and Bankruptcy Code, 2016 to carry out the duties under it, obtained assistance from <keyword id="10802312" type="UNKNOWN" weightage="20" keywordseo="reputed-professional-agency">reputed professional agency</keyword>, Grant Thornton to conduct investigation of the affairs of the company in respect of transactions qualified under sections 43 to 51, and sections 65 and 66 of the Code. Accordingly, the Administrator of the Company received an initial report from the professional agency appointed as the transaction auditor, indicating that there are certain transactions which are undervalued, fraudulent and preferential in nature, falling under the aforesaid sections of the Code, as per a filing. On basis of the investigation and observations of the transaction auditor, the Administrator has filed an application before the Mumbai bench of the <keyword id="6354457" type="COMPANY" weightage="20" keywordseo="National-Company-Law-Tribunal">National Company Law Tribunal</keyword> (NCLT) under Section 45, Section 60(5) and Section 66 of the Code on February 20, 2021 in respect of disbursement made to certain entities as other large project loans (OLPL), against Kapil Wadhawan, <keyword id="2992416" type="PERSON" weightage="20" keywordseo="Dheeraj-Wadhawan">Dheeraj Wadhawan</keyword>, Creatoz Builders Pvt Ltd, Ikshudip Fincap Pvt Ltd, Rite Developers Pvt Ltd and certain other entities. It is to be noted that further filings may be undertaken, in due course. The nature of fraud is in relation to irregularities in disbursement of OLPL loans by the company in the past. As per the transaction auditor report shared with the Administrator, the monetary impact of the above transactions covered under the application amounts to ₹5,381.90 crore towards outstanding principal, ₹589.36 crore towards accrued interest and ₹210.85 crore towards notional loss of interest on account of charging lower rate of interest. Thus, the total impact of such transactions, as detailed in the transaction auditor's report, has been sought from the relevant entities involved, along with the interest for the relevant period, through the said application filed with NCLT. As per the report prepared by the transaction auditor, the concerned transactions occurred over a period of time, detailed in the report. Based on the report, the application has been filed with NCLT, Mumbai against 33 respondents, including Kapil Wadhawan, Dheeraj Wadhawan, Creatoz Builders Pvt Ltd, Ikshudip Fincap Pvt Ltd, Rite Developers Pvt Ltd and certain other entities. The preliminary estimation included in the application places the monetary impact of the concerned transactions at approximately ₹6,182.11 crore (which includes ₹210.85 crore towards notional loss of interest on account of charging lower rate of interest). All relevant details regarding these proceedings have been included in the application filed before the National Company Law Tribunal, Mumbai and is presently pending consideration. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/nurecas-100-crore-ipo-heres-how-to-check-share-allotment-status/articleshow/81135236.cms">Nureca’s ₹100 crore IPO: Here’s how to check share allotment status</a> <a href="https://www.businessinsider.in/travel/article/exploring-the-unreal-beauty-of-the-andaman-islands/articleshow/81126293.cms">Exploring the unreal beauty of the Andaman Islands</a> <a href="https://www.businessinsider.in/stock-market/news/happiest-minds-is-leveraging-its-partnerships-with-big-players-like-google-microsoft-aws-salesforce/articleshow/81105035.cms">Happiest Minds is a smaller company that does the same thing as MindTree and L&amp;T Infotech — but clearly it is doing it a lot better</a>

Fraudulent transactions of ₹6,182 crore in DHFL unearthed

<ul><li>The Enforcement Directorate on May 14 arrested the promoters of Diwan Housing Finance Limited Kapil and <keyword id="2992416" type="PERSON" weightage="20" keywordseo="Dheeraj-Wadhawan">Dheeraj Wadhawan</keyword>. </li><li>The scam started taking shape between April and June 2018 when Yes Bank invested ₹3,700 crore in short-term debentures of the scam-hit DHFL. </li><li>Wadhawans will be in custody for days until May 24. </li><li>The arrest comes two days after the Bombay High Court refused to grant pre-arrest bail. </li></ul>The Enforcement Directorate on May 14 arrested the promoters of Dewan Housing Finance Corporation Limited Kapil and Dheeraj Wadhawan. This time Wadhawans are accused of money laundering in the <keyword id="8878575" type="UNKNOWN" weightage="20" keywordseo="yes-bank-scam">Yes Bank scam</keyword>. The arrest comes two days after the Bombay High Court refused to grant pre-arrest bail. Dheeraj and <keyword id="152129" type="COMPANY" weightage="20" keywordseo="Kapil-Wadhawan">Kapil Wadhawan</keyword> <a href="https://www.businessinsider.in/india/news/dhfls-kapil-and-dheeraj-wadhawan-taken-into-custody-by-cbi-for-role-in-yes-bank-scam-case/articleshow/75388823.cms">were arrested last month</a> by the Central Bureau of Investigation (CBI) in connection with the Yes Bank scam. According to the CBI FIR, the scam started taking shape between April and June 2018 when Yes Bank invested ₹3,700 crore in short-term debentures of the scam-hit DHFL. In return, the Wadhawans <a href="https://www.livemint.com/news/india/yes-bank-ed-case-bombay-hc-rejects-pre-arrest-bail-plea-of-dheeraj-kapil-wadhawan-11589274386094.html">allegedly </a> "paid kickbacks of ₹ 600 crore" to former Yes Bank CEO Rana Kapoor and his family members in the form of loans to DoIT Urban Ventures (India) Pvt Ltd held by the wife and daughters of Kapoor, the CBI has claimed. Wadhawans will be in custody until May 24. But this isn’t the first case to blow the Wadhawan, who were once the limelight of all the glittery Bollywood parties in Mumbai. Earlier this year, Kapil Wadhawan was in ED custody until January 29 and had undergone a legal proceeding under the Prevention of Money Laundering Act. (PMLA). Wadhawans are accused<a href="https://www.livemint.com/news/india/ed-arrests-dhfl-s-kapil-wadhawan-in-iqbal-mirchi-money-laundering-case-11580126559311.html"> of reportedly diverting over ₹2,100 crore.</a> Fall of the Wadhawan Empire <div type="image" title="F78FE098-151C-41DD-B171-C35E8F74CB4A" msid="75738363" hostid="261" caption="&amp;lt;p&amp;gt;DHFL promoters Kapil and Dheeraj Wadhawan, accused in the Yes Bank-DHFL fraud cases, have been taken into CBI custody and taken both to session court from CBI Headquarter in BKC, Bandra,&amp;lt;/p&amp;gt;"></div> From the biggest fleet of Rolls Royce Phantoms in India to the <a href="https://www.businesstoday.in/current/corporate/pmc-bank-scam-cash-private-jets-rolls-royce-bentley-recovered-wadhawans-waryam-singh/story/383870.html">luxury business jet Falcon 2000,</a> the high-flying Wadhawans owned the most fabulous machines the world of hijinks has ever seen. Rakesh Wadhawan — the billionaire promoter of DHFL — was once worth<a href="https://timesofindia.indiatimes.com/business/india-business/rise-and-fall-of-wadhawans-once-toast-of-city-party-circuit/articleshow/71430451.cms"> ₹1 billion in 2010. </a>Sarang Dewan — son of Rakesh Wadhawan and VC/MD of Housing Development &amp; Infrastructure— along with his wife Anu used to <a href="https://theprint.in/opinion/parties-over-no-lunches-why-bollywood-is-avoiding-hdil-gilded-couple-sunny-and-anu-dewan/311717/">host posh bollywood parties</a> from Karva Chauth to Christmas. It was all smooth sailing until it came to light that Punjab Maharashtra Cooperative (PMC) Bank had lent a lot of money to the Wadhawans and it wasn’t coming back to bank. Since then, members of the Wadhawan family have been accused of links with the underworld, bribery and corruption. (With PTI) SEE ALSO: <a href="https://www.businessinsider.in/business/news/with-kapil-wadhawans-arrest-the-family-is-now-accused-of-scams-worth-over-a-billion-dollars/articleshow/73713230.cms">With Kapil Wadhawan’s arrest, the family is now accused of scams worth over a billion dollars </a><a href="https://www.businessinsider.in/india/news/dhfls-kapil-and-dheeraj-wadhawan-taken-into-custody-by-cbi-for-role-in-yes-bank-scam-case/articleshow/75388823.cms">Yes Bank scam: DHFL's Kapil and Dheeraj Wadhawan taken into custody by CBI</a>

The Yes Bank probe leads to the arrest of DHFL promoters Kapil and Dheeraj Wadhawan for alleged money laundering

New Delhi, Apr 26 () The CBI has taken DHFL promoter Kapil Wadhawan and RKW Developers promoter Dheeraj Wadhawan into custody from a Mahabaleshwar-based quarantine facility in connection with a case of bribery against former Yes Bank CEO Rana Kapoor, officials said on Sunday. A process of executing non-bailable warrants against both is going on, a CBI official said. The Wadhawan brothers are named as accused in the CBI FIR pertaining to swindling of money by Kapoor and others, the officials said. The two were absconding since the case was registered against them on March 7, the agency had alleged. They were held by Satara police earlier this month while allegedly violating prohibitory orders related to lockdown when a carcade carrying Wadhawan family members was stopped at Panchgani in Maharashtra. They were kept at a quarantine facility in Mahabaleshwar by the district administration, they said. The Central Bureau of Investigation (CBI) had written to the Satara district administration to not release them without a No Objection Certificate from it, the officials added. ABS SRYSRY

CBI takes DHFL promoters Kapil, Dheeraj Wadhawan into custody in Yes Bank scam

New Delhi, May 14 () The Enforcement Directorate (ED) on Thursday arrested DHFL promoters Kapil and Dheeraj Wadhawan in connection with its money laundering probe against Yes Bank co-founder Rana Kapoor and others, officials said.The brothers were remanded to 10-day ED custody by a special court in Mumbai, they said.The Wadhawans are presently in jail after being arrested by the Central Bureau of Investigation (CBI), which is also probing the same case.They were arrested under the provisions of the Prevention of Money Laundering Act (PMLA), the officials said.The Wadhawan brothers, also being probed by the ED in another money laundering probe linked to late gangster Iqbal Mirchi, were summoned by the agency multiple times in the Yes Bank case but they had cited the ongoing COVID-19 travel restrictions to skip the summons.Five vehicles of the Wadhawan brothers were seized by the ED in April after they and their family members were reported to have unauthorisedly travelled to Mahabaleshwar from Lonavala in Maharashtra during the nationwide coronavirus-induced lockdown.As many as 44 companies belonging to 10 large business groups, including Anil Ambani Group, Essel Group, ILFS, Dewan Housing Finance Corporation Ltd, Cox &amp; Kings, and Bharat Infra, reportedly accounted for bad loans of Rs 34,000 crore of Yes Bank.The ED has accused Kapoor, his family members and others of laundering "proceeds of crime" worth Rs 4,300 crore by receiving alleged kickbacks in lieu of extending big loans through their bank that later allegedly turned non-performing assets (NPA).Kapoor is also in ED custody. NES DIVDIV

You Searched For "Dheeraj Wadhawan" and got 4 results

Fraudulent transactions of ₹6,182 crore in DHFL unearthed

IANS

The Yes Bank probe leads to the arrest of DHFL promoters Kapil and Dheeraj Wadhawan for alleged money laundering

Preeti Soni

CBI takes DHFL promoters Kapil, Dheeraj Wadhawan into custody in Yes Bank scam

PTI

ED arrests Wadhawan brothers in Yes Bank case

PTI

Popular Keywords

Buying Guides