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The CBI has seized an AgustaWestland helicopter from the premises of builder Avinash Bhosale in Pune in connection with the Rs 34,615-crore bank fraud case involving DHFL, officials said Saturday.
The CBI has been carrying out searches at various locations for the past few days to locate assets acquired from the proceeds of the scam, officials said.
The federal probe agency had booked Dewan Housing Finance Ltd (DHFL), its former CMD Kapil Wadhawan, Director Deepak Wadhawan and others on June 20 in the bank fraud case worth Rs 34,615 crore, making it the biggest such case probed by the agency, officials said.
It was alleged that they had cheated a consortium of 17 banks led by Union Bank of India by siphoning off Rs 34,615 crore bank loans by diverting them using falsified account books of DHFL.
They allegedly used shell companies and a parallel accounting system, known as 'Bandra Books', to siphon off public funds in DHFL by disbursing money to fictitious entities as retail loans. 

Agusta Westland chopper seized from DHFL bank fraud accused

The CBI has seized an AgustaWestland helicopter from the premises of builder Avinash Bhosale in Pune in connection with the Rs 34,615-crore bank fraud case involving DHFL, officials said Saturday.

CBI had booked DHFL, its former CMD Kapil Wadhawan, Director Deepak Wadhawan and others on June 20 in the bank fraud case worth Rs 34,615 crore, making it the biggest such case probed by the agency, officials said.

The CBI has seized an AgustaWestland helicopter from the premises of builder Avinash Bhosale in Pune in connection with the Rs 34,615-crore bank fraud case involving DHFL, officials said Saturday.
The CBI has been carrying out searches at various locations for the past few days to locate assets acquired from the proceeds of the scam, officials said.
The federal probe agency had booked Dewan Housing Finance Ltd (DHFL), its former CMD Kapil Wadhawan, Director Deepak Wadhawan and others on June 20 in the bank fraud case worth Rs 34,615 crore, making it the biggest such case probed by the agency, officials said.
ALSO WATCH: <a href="https://www.editorji.com/business-news/dhfl-fraud-yes-bank-to-pm-housing-scheme-rs-34-000-cr-scam-explained-1656065295661" target="_blank" rel="nofollow noopener">DHFL fraud: Yes Bank to PM Housing Scheme, Rs 34,000 cr scam explained</a>
It was alleged that they had cheated a consortium of 17 banks led by Union Bank of India by siphoning off Rs 34,615 crore bank loans by diverting them using falsified account books of DHFL.
They allegedly used shell companies and a parallel accounting system, known as 'Bandra Books', to siphon off public funds in DHFL by disbursing money to fictitious entities as retail loans.&nbsp;

A fraud  that is unmatched in India, hit by it 17 banks that were defrauded of Rs 34,000 cr allegedly by the promoters of Dewan Housing Finance Corporation Ltd (DHFL), Kapil Wadhawan and Dheeraj Wadhawan.It exploded in 2019, when digital platform 'Cobrapost' claimed to have unearthed what it titled - 'India's biggest financial scam' perpetuated as per their expose by the then promoters of the company.  Cobrapost claimed that the scam has primarily been pulled off through grants of loans and advances to shell companies and by using other means leaving a large consortium of banks led by Union Bank with bad debt of over Rs 31,000 cr. A lot is at stake as this news breaks as DHFL is a listed NBFC in the business of lending money especially to promoters who are reportedly engaged in slum rehabilitation, housing development and other real estate businessCobrapost then went on to give pages worth of investigative material supporting their claim of a massive loan fraud. Lenders obviously panic and call for a special meeting and on  February 1, 2019 appointed KPMG to conduct a "special review audit" of DHFL from April 1, 2015 to December 31, 2018. Reportedly, KPMG, in its audit, red-flagged diversion of funds in the garb of loans and advances to related and interconnected entities and individuals of DHFL and its directors. 
The promoters of erstwhile DHFL, Kapil and Dheeraj Wadhawan are currently in jail in connection with the cases registered by CBI and the Enforcement Directorate for the alleged fraud caused to Yes Bank n connivance with the bank's cofounder Rana Kapoor who is also lodged at Taloja jail on the outskirts of Mumbai.
 

DHFL fraud: Yes Bank to PM Housing Scheme, Rs 34,000 cr scam explained

DHFL fraud: Yes Bank to PM Housing Scheme, Rs 34,000 cr scam detailed

CBI has booked former promoters of Dewan Housing Finance Corporation Ltd (DHFL), Kapil Wadhawan and Dheeraj Wadhawan

A fraud&nbsp; that is unmatched in India, hit by it 17 banks that were defrauded of Rs 34,000 cr allegedly by the promoters of Dewan Housing Finance Corporation Ltd (DHFL), Kapil Wadhawan and Dheeraj Wadhawan. It exploded in 2019, when digital platform 'Cobrapost' claimed to have unearthed what it titled - 'India's biggest financial scam' perpetuated as per their expose by the then promoters of the company.&nbsp; Cobrapost claimed that the scam has primarily been pulled off through grants of loans and advances to shell companies and by using other means leaving a large consortium of banks led by Union Bank with bad debt of over Rs 31,000 cr.&nbsp; A lot is at stake as this news breaks as DHFL is a listed NBFC in the business of lending money especially to promoters who are reportedly engaged in slum rehabilitation, housing development and other real estate business Cobrapost then went on to give pages worth of investigative material supporting their claim of a massive loan fraud.&nbsp; Lenders obviously panic and call for a special meeting and on February 1, 2019 appointed KPMG to conduct a "special review audit" of DHFL from April 1, 2015 to December 31, 2018. Reportedly, KPMG, in its audit, red-flagged diversion of funds in the garb of loans and advances to related and interconnected entities and individuals of DHFL and its directors.&nbsp; Auditor Grant Thornton also in its 98-page report reportedy detailed the mode of operation of "round tripping" of funds through fake loans which focuses on 91 entities wherein the auditor found that no collateral or security was obtained before the grant of these loans. In total, 2.60 lakh "fake and fictitious" home loan accounts were created and over Rs 11,000 cr was 'disbursed'.
The promoters of erstwhile DHFL, Kapil and Dheeraj Wadhawan are currently in jail in connection with the cases registered by CBI and the Enforcement Directorate for the alleged fraud caused to Yes Bank n connivance with the bank's cofounder Rana Kapoor for allegedly involving kickbacks for investing in DHFL. Rana Kapoor is also lodged at Taloja jail on the outskirts of Mumbai.
To add to that agency has now unearthed a scam linked to the Pradhan Mantri Awas Yojana (PMAY). According to the CBI, Kapil and Dheeraj Wadhawan created "fake and fictitious" home loan accounts amounting to over Rs 14,000 crore and availed Rs 1,880 crore in interest subsidy from the Government of India. The CBI has named DHFL, Kapil Wadhawan, Dheeraj Wadhawan along with 13 others and they have been booked on charges of cheating, fraud and under relevant sections of the Prevention of Corruption Act.

RBI has banned DHFL&nbsp;from taking any loans, the deposit-taking status of the bankrupt&nbsp;Dewan Housing Finance (DHFL) has been revoked ahead of a&nbsp;final nod to Piramal&nbsp;Group for takeover.&nbsp;DHFL&nbsp;is the first financial firm to go bankrupt and the NCLT's&nbsp;Mumbai&nbsp;bench has ordered a take over by&nbsp;Piramal Capital &amp; Housing Finance for Rs 35,250 cr leading to a hit of over 65% for lenders. The order also specifies that&nbsp;DHFL&nbsp;is&nbsp;no longer is a deposit taking NBFC but a non-deposit taking one.More than 55,000 retail and institutional investors hold Rs 5,375 crore worth of fixed deposits in DHFL.

RBI bans DHFL from taking deposits from customers, revokes status

RBI has banned bankrupt&nbsp;DHFL&nbsp;from taking any deposits even after the&nbsp;Piramal&nbsp;resolution.&nbsp;

<ul>
<li>RBI&nbsp;bans DHFL&nbsp;from taking deposits&nbsp;</li>
<li>RBI&nbsp;revokes&nbsp;deposit-taking status of DHFL</li>
<li>DHFL&nbsp;NCLT&nbsp;order: Piramal's&nbsp;to acquire firm for Rs 35,250 cr</li>
<li>DHFL&nbsp;lenders to take a 65% haircut&nbsp;</li>
<li>DHFL&nbsp;first financial firm to go bankrupt&nbsp;</li>
<li>DHFL&nbsp;now a non-deposit taking NBFC&nbsp;</li>
</ul>

RBI has banned DHFL&nbsp;from taking any loans, the deposit-taking status of the bankrupt&nbsp;Dewan Housing Finance (DHFL) has been revoked ahead of a&nbsp;final nod to Piramal&nbsp;Group for takeover.&nbsp; DHFL&nbsp;is the first financial firm to go bankrupt and the NCLT's&nbsp;Mumbai&nbsp;bench has ordered a take over by&nbsp;Piramal Capital &amp; Housing Finance for Rs 35,250 cr leading to a hit of over 65% for lenders. The order also specifies that&nbsp;DHFL&nbsp;is&nbsp;no longer is a deposit taking NBFC but a non-deposit taking one. More than 55,000 retail and institutional investors hold Rs 5,375 crore worth of fixed deposits in DHFL.

Dewan Housing Finance Corporation Limited (DHFL) will stop trading on the stock exchanges from Monday, June 14.&nbsp;NSE&nbsp;&amp; BSE&nbsp;released a circular citing the bankruptcy resolution that stated that the&nbsp;worth of equity shares is zero.The Mumbai bench of the National Company Law Tribunal (NCLT) has allowed Piramal Group to take over DHFL under the bankruptcy code for as low as Rs 37,500 crore against a claim of close to Rs 85,000 crore.DHFL had informed the exchanges on June 8 regarding approval of the resolution plan by the National Company Law Tribunal (NCLT), Mumbai Bench "which provides for delisting of equity shares of the company".

DHFL shares suspended for trade by BSE, NSE

BSE, NSE suspend trading in DHFL shares no trade on the stock from June 14

Dewan Housing Finance Corporation Limited (DHFL) will stop trading on the stock exchanges from Monday, June 14.&nbsp; NSE&nbsp;&amp; BSE&nbsp;released a circular citing the bankruptcy resolution that stated that the&nbsp;worth of equity shares is zero.The Mumbai bench of the National Company Law Tribunal (NCLT) has allowed Piramal Group to take over DHFL under the bankruptcy code for as low as Rs 37,500 crore against a claim of close to Rs 85,000 crore. DHFL had informed the exchanges on June 8 regarding approval of the resolution plan by the National Company Law Tribunal (NCLT), Mumbai Bench "which provides for delisting of equity shares of the company".

Here are the 5 stocks you need to watch in Monday's trade-:

DHFL: Reported a consolidated net profit of Rs 96.75 crore for the last quarter of fiscal ended in March 2021.&nbsp;
Bajaj Finance: The company has cut it's guidance outlook due to the severity of wave-2. It has lowered its growth guidance by 3% (Rs 4000 - 5000 cr) and increased credit cost guidance by Rs1100-1300 cr.
Religare&nbsp;Enterprises: Stock continues to be in traders' radar even after a 30% rally last week as buzz of a Care Health IPO&nbsp;is keeping interest active. Care Health is&nbsp;70% owed by Religare&nbsp;as in reportedly&nbsp;planning an IPO of around Rs 1,200-1,500 crore.
Spandana Sphoorty: This stock in the spotlight as the buzz continues around Axis Bank likley to acquire stake in this MFI&nbsp;lender.&nbsp;Spandana is the second-largest non-banking financial company in India with AUM&nbsp;&gt; Rs 8200 cr.
&nbsp;Dr Reddy's&nbsp;Lab: Pharma&nbsp;majo is recalling 2,980 bottles of cholestrol drug&nbsp;Atorvastatin Calcium tablets in the US due to quality issues.


Stock Ideas: Bajaj Finance, DHFL, Religare, Spandana Dr Reddy's

Stock Talk! 5 stocks brokerages and traders are watching out for

Here are the 5 stocks you need to watch in Monday's trade-:
<ul>
<li>DHFL: Reported a consolidated net profit of Rs 96.75 crore for the last quarter of fiscal ended in March 2021.&nbsp;</li>
<li>Bajaj Finance: The company has cut it's guidance outlook due to the severity of wave-2. It has lowered its growth guidance by 3% (Rs 4000 - 5000 cr) and increased credit cost guidance by Rs1100-1300 cr.</li>
<li>Religare&nbsp;Enterprises: Stock continues to be in traders' radar even after a 30% rally last week as buzz of a Care Health IPO&nbsp;is keeping interest active. Care Health is&nbsp;70% owed by Religare&nbsp;as in reportedly&nbsp;planning an IPO of around Rs 1,200-1,500 crore.</li>
<li>Spandana Sphoorty: This stock in the spotlight as the buzz continues around Axis Bank likley to acquire stake in this MFI&nbsp;lender.&nbsp;Spandana is the second-largest non-banking financial company in India with AUM&nbsp;&gt; Rs 8200 cr.</li>
<li>&nbsp;Dr Reddy's&nbsp;Lab: Pharma&nbsp;major is recalling 2,980 bottles of cholestrol drug&nbsp;Atorvastatin Calcium tablets in the US due to quality issues.</li>
</ul>

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