Tyeb Mehta’s ‘Bull’ and an untitled work by Manjit Bawa are among paintings and sculptures valued at around Rs 40 crore seized by the CBI in connection with the Rs 34,615 crore loan fraud case involving former DHFL promoters Kapil Wadhawan and Dheeraj Wadhawan.
The artworks were seized from the premises of Rebecca Dewan and Ajay Ramesh Nawandar in Mahabaleshwar and Mumbai during searches.
The CBI said that it has come to light during investigations that the Wadhawans had allegedly diverted the funds and made investments in various entities. It was also alleged that the promoters had acquired expensive paintings and sculptures worth around Rs 55 crore using the diverted funds.
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The agency had last month registered a case against the Wadhawans, Sudhakar Shetty, DHFL and nine linked companies as well as unknown public servants and private persons who allowed them to allegedly siphon off crores of rupees that were loaned to the housing finance company. Searches were conducted on June 22 at 12 locations in Mumbai.
“Kapil Wadhawan and others induced the consortium banks to sanction huge loans aggregating to Rs 42,871.42 crore amd siphoned off and misappropriated a significant portion of the said funds by falsifying the books of the DHFL and dishonestly defaulted on repayment of the legitimate dues of the said consortium banks, thereby causing a wrongful loss of Rs 34,615 crore to the consortium…
