New Delhi, June 25, 2022 (PPI-OT):Indian Central Bureau of Investigation has registered a fresh case against the Dewan Housing Finance Corporation Limited (DHFL), its erstwhile promoters Kapil Wadhawan and Dheeraj Wadhawan, in the biggest bank fraud case of the Indian history.

According to Kashmir Media Service, Kapil Wadhawan and Dheeraj Wadhawan are already in judicial custody for defrauding a consortium of 17 banks, led by Union Bank of India (UBI) to the tune of Rs 34,615 crores. The bank has alleged that Kapil and Dheeraj Wadhawan committed criminal breach of trust and abused public funds to cheat the consortium to the tune of Rs34,614 crores by defaulting on loan repayments from May 2019 onward.

It is the biggest fraud in the banking history of India. Before this case, the biggest-ever case of bank fraud in India involved the ABG Shipyard in which a private firm had diverted funds to the tune of Rs 22,842 crore borrowed from banks. It is a fact that India, a regular member of FATF since 2010, is declared hub of money laundering, terrorism sponsoring besides being a security threat to world at large but plainly ignored/ overlooked by FATF and all other international like-bodies.

The political experts say that this is the right time to expose during the upcoming FATF plenary meeting to start in October the Indian banking scams and terror financing as its 17 banks are identified for suspicious transactions. They maintain that the FATF will fail in its duty if it delays blacklisting India for its terrorist sponsorship. They are of the opinion that FATF will lose its credibility if it does not show sincerity in its field, across the board and does not allow politics to dictate its decisions.

For more information, contact:
Kashmir Media Service
Phone: +92-51-4435548, +92-51-4435549
Fax: +92-51-4861736
Email: info@kmsnews.org
Website: www.kmsnews.org