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DHFL Bank Fraud: You must have heard about many scams until now but recently the biggest banking scam in the country’s history has come to the fore. Talking about the price, this figure is so big, that maybe not everyone can even write this amount in numbers. The scam figure is 34,615 crores. This amount has been taken from 17 banks.

How the biggest scam in history came to the fore

In fact, such a big scam was exposed at the time when the Union Bank of India gave a complaint to the CBI on 11 February. After receiving the Union Bank complaint, the CBI registered a case and immediately took strict action, searching about a dozen places of scam accused along with more than 50 officers.

Who did the 34,615 crore scam?

A case has been registered against some realty sector companies including Kapil Wadhawan, former chairman of Dewan Housing Finance Limited (DHFL), and director Dheeraj Wadhawan, on charges of this scam. Union Bank alleges that DHFL took loans worth Rs 42,817 crore from 17 banks between 2010 and 2018 and the loan repayment stopped in 2019. This loan was taken for different purposes.

CBI books Kapil and Dheeraj Wadhawan of DHFL in Rs 34,615-crore bank fraud case: Officials
— Press Trust of India (@PTI_News) June 22, 2022

According to news, CBI officers said that action was taken on the complaint received from Union Bank of India on February 11 this year and the agency has searched 12 locations linked to the accused. DHFL promoters Kapal Wadhawan and Dheeraj Wadhawan are already in jail.

Biggest Bank Loan Scam: The CBI investigation into India’s largest bank scam is causing many questions. The question of why SBI filed a complaint after years of the scam amounted to 22842 crores is also being raised.

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Despite the fact that the scam of crores began in 2012, the first police report was filed on 8 November 2019. So, the matter is both the responsibility of the CBI and of the complainant State Bank of India. In March 2020, SBI had been requested to clarify the first complaint. CBI registered the case almost 18 months after SBI filed a new complaint in August 2020 with clarifications. SBI clarified in the complaint, while the CBI is silent.

On alleged fraud of Rs 22,842 crores by ABG Shipyard, SBI says, "Financed under consortium arrangement over 2 dozen lenders led by ICICI Bank. Due to poor performance, account became NPA in Nov 2013. Several efforts were made to revive company operations but couldn't succeed." https://t.co/A8vGvEeVBk
— ANI (@ANI) February 13, 2022

An account of ABG Shipyard Limited and ABG International Limited, based in Gujarat, was considered NPA in November 2013 because of poor performance by the company, according to officials of SBI Bank. The company has been tried and failed many times to recover it. This was followed in 2019 by a forensic audit of the company. Although ICICI Bank was leading the consortium, SBI, the largest public sector bank, filed a complaint with the CBI. There was a loss of 22842 crores for the banks, of which 7,089 crores were the most for ICICI Bank.

Mumbai, Pune, Surat, and Bharuch were among the cities raided by the CBI on February 12. It was recovered a lot of documents and electronic evidence, and it was also clear that all the suspects are in India. Government officials claim that the scam occurred during the UPA administration, and the action was taken immediately upon discovery.

On charges of bank fraud of Rs 22,842 crore, the CBI has filed a case against former ABG Shipyard CMD Rishi Kamlesh Agarwal, former directors Santhanam Muthuswamy and Ashwini Kumar. Ships are manufactured and repaired in Gujarat in Dahej and Surat by the company. So far, 165 ships have been built by the company.

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Tag: Biggest Bank Fraud

DHFL Bank Fraud: The country’s biggest bank scam came to the fore, such a huge amount was taken from 17 banks

Questions raised on SBI and CBI in 22842 crore bank scam, know what is the whole matter