The Central Bureau of Investigation (CBI) made a significant breakthrough on Tuesday as it apprehended Dheeraj Wadhawan in connection with the Rs 34,000 crore DHFL bank fraud probe. Wadhawan, already charged by the central agency in 2022, now faces additional scrutiny in the ongoing investigation. Having faced arrest earlier in connection with the Yes Bank corruption case, Wadhawan was subsequently released on bail.
Nature of fraud
The CBI's probe delved into the alleged defrauding of a consortium of 17 banks to the tune of Rs 34,000 crore, marking one of the largest banking loan frauds in the nation's history.
SEBI's actions
In February of this year, the Securities Exchange Board of India (SEBI) took action by ordering the attachment of bank accounts, shares, and mutual fund holdings belonging to former DHFL promoters Dheeraj and Kapil Wadhawan. This move aimed to recover dues totaling Rs 22 lakh.
Penalty imposition
The SEBI's decision came after the Wadhawan brothers failed to pay fines imposed on them in July of the previous year for violations of disclosure norms.
Regulatory scrutiny
Further regulatory actions were taken against the Wadhawans, with SEBI imposing penalties of Rs 10 lakh each for flouting disclosure norms while serving as promoters of DHFL, now known as Piramal Finance.
Legal proceedings
In light of recent developments, the Delhi High Court issued notice to the CBI regarding a plea by Dheeraj Wadhawan seeking bail on medical grounds. He is currently under medical treatment at his residence in Mumbai after undergoing spinal surgery. The court has scheduled the matter for hearing on Friday, May 17th.
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