CBI Seized Agusta Westland Helicopter from Avinash Bhosale’s premises in DHFL Scam

The Central Bureau of Investigation(CBI) on Saturday seized an Agusta Westland make helicopter from the premises of builder Avinash Bhosale, who is allegedly linked with the Rs 34,615-crore Dewan Housing Finance Limited scam case.

According to claims made by the Union Bank of India, Dewan Housing Finance Limited obtained loans from a group of 17 banks between 2010 and 2018 through a variety of agreements before beginning to fall behind on repayment obligations in May 2019. This resulted in an unjust loss of Rs 34,615 crore for the consortium lenders.

The bank said that from April 1, 2015, to December 31, 2018, DHFL was the subject of a special review audit by accounting watchdog KPMG. The audit revealed “deviation from established standards and processes, manipulation of accounts, concealments, undeclared bank accounts, and misrepresentation,” the bank claimed.

A case was registered on 20.06.2022 on complaint from Union Bank of India, Industrial Finance Branch, Mumbai against private (Borrower) company based at Mumbai, its then CMD, then Director and others including a private person, private companies, unknown public servant(s) & private persons on the allegations that the accused cheated a consortium of 17 banks led by Union Bank of India to the tune of Rs. 34,615 crore (approx.) by siphoning off loans availed from the said banks & falsifying the books of said private (Borrower) company and creating Shell Companies/false entities, which had come to be known as “Bandra Book Entities”.

The stated private corporation and its promoters are accused of setting up numerous shell companies and bogus entities (the Bandra Book entities) and syphoning off enormous sums of money by paying out money to these fictitious entities. Further allegations were that numerous instances of the accused diverting money for personal gain and falsifying books of accounts to disguise and conceal questionable activities had been discovered by independent audits carried out by other private audit accounting organisations.

Former DHFL promoters Kapil and Dheeraj Wadhawan were two of 13 suspects the Central Bureau of Investigation had arrested on June 22. According to the agency, they are accused of defrauding a group of lenders led by the Union Bank of India out of Rs 34,615 crore, making it the largest bank fraud case in the nation.

The Central Bureau of Investigation claimed on Saturday that Varva Aviation, which is owned by an Association of Persons, bought the aircraft in 2011.