DHFL allegedly diverted funds worth over Rs 14,683 crore through nine real estate firms controlled by then chairman-cum-managing director Kapil Wadhawan, director Dheeraj Wadhawan and businessman Sudhakar Shetty, where they had financial interests, the CBI has alleged.
The role of these real estate firms — five belonging to Shetty’s Sahana Group and four others — have come under the Central Bureau of Investigation’s (CBI) scanner in a Rs 34,615 crore scam in Dewan Housing Finance Corporation Limited (DHFL) as it has surfaced that loans to the companies were allegedly disbursed under the instructions of Kapil Wadhawan and Dheeraj Wadhawan, officials said.
The 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 Constructions owe Rs 3,970 crore as outstanding towards DHFL. All five companies belong to the Sahana Group, the officials said. It is also alleged that Darshan Developers and Sigtia Constructions were controlled by the Wadhawans. The outstanding amount towards Creatoz Builders is Rs 1,192 crore, towards Township Developers Rs 6,002 crore, towards Shishir Realty Rs 1,233 crore and towards Sunlink Real Estate Private Limited Rs 2,185 crore, the officials said.
A portion of the money was diverted to companies controlled by former promoters Kapil Wadhawan, Dheeraj Wadhawan and the Sahana Group, where they also had prima facie financial interest, the officials said. The funds were part of Rs 42,871 crore of public money raised from banks in the form of loans and subscriptions in non-convertible debentures, which were allegedly “misappropriated” by DHFL, they said.
The funds were then diverted to DHFL group entities and the Sahana Group through fraudulent loans issued without due diligence, in the absence of adequate securities and falsification of account books, the officials alleged. Besides the companies that have been named in the FIR, the CBI will also look into the role of the auditors of DHFL, the group companies of its promoters and Sahana Group companies, they said.
The agency will probe how large-value loans were given as Other Large Project Loans (OLPL) but shown as small loans in “Bandra Books” and were not reported by the statutory auditors and the internal auditors in their reports, the officials alleged.