25 Luxury Watches Worth Over Rs 1 Crore Seized From Scam-Hit DHFL Accused

The luxurious watches seized by CBI from DHFL-linked properties

New Delhi:

Twenty-five luxurious watches value over Rs 1 crore have been seized by the Central Bureau of Investigation from the properties of Kapil Wadhawan, Dheeraj Wadhawan and others linked to scam-hit Dewan Housing Finance Ltd, or DHFL. Fifty-six work value Rs 38 crore had been additionally seized.

The Central Bureau of Investigation, or CBI, on Friday had carried out searches on the flats of Rebecca Dewan and Ajay Ramesh Nawandar in Mumbai too.

The CBI has stated suspected hyperlinks of Mr Nawandar with wished criminals will probably be investigated.

“During investigation, it was found that the (DHFL) promoters diverted funds and made investments in various entities. It was also alleged that the promoters had acquired expensive paintings and sculptures worth about Rs 55 crore (approximately) using the diverted funds,” the CBI stated in an announcement.

The CBI has charged DHFL, its former chairman and managing director Kapil Wadhawan, director Dheeraj Wadhawan and others for financial institution fraud of Rs 34,615 crore, making it the most important such case on the CBI’s to-do checklist.

Since a case was filed on June 20, a staff of over 50 CBI officers have searched 12 properties in Mumbai linked to all of the accused, together with Sudhakar Shetty of Amaryllis Realtors and eight different builders.

The CBI acted on a criticism from Union Bank of India, the lead financial institution of a 17-member lender consortium which had loaned as much as Rs 42,871 crore to DHFL between 2010 and 2018.

The financial institution alleged the Wadhawans and others hid info, dedicated felony breach of belief and abused public funds to cheat the consortium to the tune of Rs 34,614 crore by defaulting on mortgage repayments from May 2019 onwards.

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