Nine property companies under CBI scanner for ‘misappropriation’ of Rs 14,683 crore funds DHFL, Real Estate News, ET RealEstate

NEW DELHI: DHFL allegedly misappropriated funds worth more than Rs 14,683 crore through nine property companies controlled by then Chairman and CEO Kapil Wadhawan, manager Dheeraj Wadhawan and man business Sudhakar Shetty, where they had financial interests, according to the CBI.

The role of these property companies – five belonging to Shetty’s Sahana Group and four others – came under the Central Bureau of Investigation (CBI) scanner in a Rs 34,615 crore scam of Dewan Housing Finance Corporation Limited (DHFL) as it did it surfaced that the business loans would have been disbursed under the instructions of Kapil Wadhawan and Dheeraj Wadhawan, officials said.

The Union Bank of India, which approached the CBI, 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 to DHFL. The 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 amount outstanding to Creatoz Builders is Rs 1,192 crore, to Township Developers Rs 6,002 crore, to Shishir Realty Rs 1,233 crore and to Sunlink Real Estate Private Limited Rs 2,185 crore, the officials said.

Some 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 interests, the officials said.

The funds were part of Rs 42,871 crore of public money collected from banks in the form of loans and subscriptions to non-convertible debentures, which were allegedly “embezzled” by DHFL, they said.

The funds were then diverted to entities within the DHFL Group and Sahana Group through fraudulent loans issued without due diligence, lack of adequate collateral and falsification of accounting records, the officials alleged.

Apart from the companies that have been named in the FIR, the CBI will also look into the role of auditors of DHFL, its promoters’ group companies and Sahana group companies, they said.

The agency will investigate how the high-value loans were granted as Other Large Project Loans (OLPLs) but presented as small loans in “Bandra Books” and were not reported by the Commissioners for accounts and internal auditors in their reports, officials said.

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