DHFL loan fraud case: Money laundered via 87 shell firms

NEW DELHI : The CBI  in its charge sheet lodged in the Rs 34,615 crore DHFL loan fraud case has said that the accused generated 87 shell firmsand 2,60,000 fake borrowers to launder money. The charge sheet was filed in the second week of October.

The federal investigation agency also said that the accused set up a virtual branch to launder money in its charge sheet.  The charge sheet against 75 defendants, including private companies, was presented to the Rouse Avenue court in Delhi by the CBI on October 15.

It has been claimed that Kapil and Dheeraj Wadhawan laundered money and bought 24 paintings worth Rs 63 crore. According to the accusation sheet, the money that was laundered was used to pay for credit cards, international travel, and charter flights.

The CBI claims that Wadhwas were employing specially created software that produced fictitious data. The software was also displaying a number of fictitious entries from people who had applied for home loans.
In addition, the accused constructed a virtual branch with the code 001 and the name "Bandra branch," even though this branch does not actually exist. Loans were made to fake businesses from this fictional branch.

The charge sheet has been filed against Kapil Wadhawan, Dheeraj Wadhawan, both the then CMD, DHFL; Harshil Mehta, its ex CEO, Ajay Vazirani; Advocate, Jayesh Khona; the then Vice President (Accounting), DHFL, Dinesh Bansal; Director of D K Realty (India) Pvt. Ltd, Sunny Bathija; Director of Sunblink Real Estate Pvt. Ltd, Ajay Navandar; Jignesh Mehta, CA of Chaturvedi & Shah LLP, Amit Chaturvedi, Partner of Chaturvedi & Shah LLP and others.

It was found that RKW Developers Pvt. Ltd., a Wadhawan family-owned company, purportedly has shares in Varva Aviation, an association of people, which is the owner of an AW109SP Grand New Helicopter (AgustaWestland Helicopter) that was supposedly purchased in 2011. In 2017, RKW Developers Pvt. Ltd. became a member of the group of people who contribute to the cost and upkeep of the aforementioned helicopter.

Avinash Bhosale's company, ABIL Infraprojects Ltd, is claimed to own a share in the aforementioned chopper. We have confiscated the helicopter that was stored in a hangar at the Bhosale premises on Baner Road in Pune because it was purportedly suspected that the money used to pay for the stake in Association of Persons came from loans approved by several banks, the CBI had stated.

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