NewsBytes
    Hindi Tamil Telugu
    More
    In the news
    Narendra Modi
    Amit Shah
    Box Office Collection
    Bharatiya Janata Party (BJP)
    OTT releases
    Hindi Tamil Telugu
    NewsBytes
    User Placeholder

    Hi,

    Logout


    India Business World Politics Sports Technology Entertainment Auto Lifestyle Inspirational Career Bengaluru Delhi Mumbai Visual Stories Find Cricket Statistics Phones Reviews Fitness Bands Reviews Speakers Reviews

    Download Android App

    Follow us on
    • Facebook
    • Twitter
    • Linkedin
     
    Home / News / India News / DHFL Scam: AgustaWestland chopper seized in India's biggest bank fraud
    DHFL Scam: AgustaWestland chopper seized in India's biggest bank fraud
    India

    DHFL Scam: AgustaWestland chopper seized in India's biggest bank fraud

    Written by Priyali Dhingra
    July 31, 2022 | 01:28 pm 3 min read
    DHFL Scam: AgustaWestland chopper seized in India's biggest bank fraud
    The chopper was stored inside a hangar-like hall with pop culture posters on the wall.

    The Central Bureau of Investigation (CBI) has seized an AgustaWestland chopper from the property of one Avinash Bhosale as part of the Diwan Housing Finance Corporation Ltd. scam. The agency also seized watches worth Rs. 1 crore and paintings worth Rs. 38 crore earlier this month. CBI seized the helicopter in Pune, in connection with the Rs. 34,615 crore scam.

    Why does this story matter?

    Until now, the Nirav Modi-led PNB loan fraud of Rs. 13,000 crore and ABG Shipyard loan fraud of Rs. 20,000 crore were considered to be the biggest bank-loan fraud case in the country. However, with Rs. 34,000 crore loan fraud, DHFL's case has become the biggest-ever loan fraud case in India. The loan was declared non-performing asset in 2019 and fraud in 2020.

    Chopper seized in Pune

    The investigation agency has carried out searches at many locations over the last month. On Saturday, the CBI sized an AgustaWestland helicopter from Bhosale's property, a Pune-based builder. The chopper was stored inside a hangar-like hall with pop culture posters on the wall, NDTV reported. This comes days after Kapil Wadhawan and Deepak Wadhawan were sent to three-day CBI custody in Delhi.

    Chopper found at property of Pune builder

    CBI seized a helicopter during search conducted at premises of builder Avinash Bhosale in Pune. He was allegedly involved in scam involving DHFL that caused loss of Rs 34,615 cr to a consortium of 17 banks led by Union Bank of India. The helicopter is AgustaWestland make: Sources pic.twitter.com/oGMLf9oK1k

    — ANI (@ANI) July 30, 2022

    What else has the CBI seized?

    The agency managed to recover documents linked to 95 shell companies, along with 25 luxury watches (worth Rs. 1 crore) and 56 paintings (worth Rs. 38 crores) from the Wadhawan brothers. Jewelry worth Rs. 2 crore from the Frank Mueller brand has also been seized. The Pune-based builder also spent Rs. 300 crore received from DHFL on a property in London.

    Biggest bank fraud in India

    The CBI booked Kapil and Deepak on June 20, along with 11 other accused, in the biggest-ever bank fraud case in India. The Wadhawans are accused of defrauding a consortium of 17 banks of over Rs. 34,000 crore. They reportedly used shell companies and 'Bandra Books' (a parallel accounting system) to give fake loans and steal public funds given to DHFL.

    DHFL defaulted its debt obligations from 2019 onwards

    Reportedly, DHFL defaulted on its debt payment obligations from May 2019 onwards. This was followed by a sharp correction in DHFL's share price. When banks raised questions on the company's financial health, Wadhawans gave false assurance saying DHFL held a strong liquidity equated to six months of cash and would remain cash surplus even after considering all repayment obligations for the Financial Year 2018-19.

    Forensic audit indicates financial irregularities

    A forensic audit conducted by the KPMG in 2020-21 of DHFL loan accounts observed, "large amounts were disbursed as loans and advances by the borrower company to a number of inter-connected entities and individuals with commonalities to DHFL Promoter Entities, which were used for purchase of shares/debentures." Most of the transactions of such entities/individuals were in the nature of investments in land/properties, it added.

    Share this timeline
    Facebook
    Whatsapp
    Twitter
    Linkedin
    Related News
    Central Bureau Of Investigation (CBI)
    Nirav Modi
    DHFL
    Kapil Wadhawan

    Central Bureau Of Investigation (CBI)

    2 convicted for Dhanbad judge's murder exactly a year after Jharkhand
    ED files charge sheet against AAP minister Satyendar Jain Aam Aadmi Party (AAP)
    Delhi: Kejriwal targets BJP after LG accuses Sisodia of corruption Delhi
    #NewsBytesExplainer: Why ED penalized Amnesty India, ex-CEO Aakar Patel Enforcement Directorate (ED)

    Nirav Modi

    Dominica withdraws illegal entry case against fugitive Mehul Choksi Punjab National Bank
    Nirav Modi's aide Subhash Parab arrested by CBI in Mumbai Central Bureau Of Investigation (CBI)
    Nirav Modi's plea on dismissing fraud allegations rejected by court New York City
    Banks given Rs. 9,300cr seized from Mallya, Modi, Choksi: ED Vijay Mallya

    DHFL

    New fraud of over Rs. 1,000 crore reported by DHFL National Company Law Tribunal
    After quarantine, Kapil and Dheeraj Wadhawan land in CBI custody Central Bureau Of Investigation (CBI)
    Maharashtra: Billionaire Wadhawans, being investigated for fraud, defy coronavirus lockdown Enforcement Directorate (ED)
    Yes Bank depositors can now use IMPS/NEFT to pay dues Immediate Payment Service

    Kapil Wadhawan

    Journalist Upendra Rai arrested for extorting Rs. 15cr from builder Central Bureau Of Investigation (CBI)
    DHFL scam: ED attaches builders' properties worth Rs. 415 crore Enforcement Directorate (ED)
    Next News Article

    Love India News?

    Subscribe to stay updated.

    India Thumbnail
    Indian Premier League (IPL) Celebrity Hollywood Bollywood UEFA Champions League Tennis Football Smartphones Cryptocurrency Upcoming Movies Premier League Cricket News Latest automobiles Latest Cars Upcoming Cars Latest Bikes Upcoming Tablets
    About Us Privacy Policy Terms & Conditions Contact Us Ethical Conduct Grievance Redressal News News Archive Topics Archive Download DevBytes Find Cricket Statistics
    Follow us on
    Facebook Twitter Linkedin
    All rights reserved © NewsBytes 2023