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Wadhawans diverted ₹11.5K-crore to shell firms for personal use, says ED charge sheet
Hindustan Times Jammu
|May 31, 2025
Dewan Housing Finance Corporation Limited (DHFL) promoters Kapil and Dheeraj Wadhawan diverted around ₹11,548 crore from the company to 87 fictitious entities—known as Bandra Book firms—for business purposes and personal use, according to the Enforcement Directorate's (ED's) charge sheet in the ₹34,614-crore bank loan fraud case linked to the company.
MUMBAI:
The brothers used the diverted funds to purchase 25 paintings and a sculpture worth over ₹63 crore, expensive jewellery, and a 20% stake in Pune-based Varva Aviation, among other items, according to the charge sheet, a copy of which was seen by HT.
The investigation has revealed that DHFL developed a software that automatically split hundreds of crores diverted to its real estate arm through 87 shell firms into thousands of retail loans to mask the diverted amounts from banking regulators.
This story is from the May 31, 2025 edition of Hindustan Times Jammu.
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