A case has been registered against Kapil Wadhawan and Dheeraj Wadhawan for the alleged offences of defrauding investors’ money by floating bogus schemes, and the non-repayment of ₹218 crore of deposits collected
The Economic Offences Wing of the Tamil Nadu Police has arrested the promoters of Dewan Housing Finance Corporation Limited (DHFL), Kapil Wadhawan and Dheeraj Wadhawan, in connection with a major financial fraud.
According to police, a case was registered by the Economic Offences Wing on the direction of the Madras High Court, against DHFL and 11 others, for the alleged offences of defrauding the money of investors by floating bogus schemes, and the non-repayment of ₹218 crore of deposits collected. Investors cheated by DHFL have been requested to lodge complaints with the Economic Offences Wing.
The accused, Kapil Wadhawan and Dheeraj Wadhawan, were produced by the Economic Offences Wing before the Special Court for cases under the TNPID Act in Chennai on Wednesday, for judicial remand.
The Central Bureau of Investigation (CBI) and Enforcement Directorate (ED) had previously arrested the Wadhawans, who were accused of money laundering in the Yes Bank scam. Between April 2018 and June 2018, Yes Bank invested ₹3,700 crore in short-term debentures in scam-hit DHFL. In return, the Wadhawans allegedly paid kickbacks of ₹600 crore to the former Yes Bank CEO Rana Kapoor and his family members, seeking to pass them off as loans.