The Central Bureau of Investigation (CBI) on Thursday recovered paintings and watches worth several crores during further searches conducted in the Yes Bank-DHFL (Diwan Housing Finance Corporation Ltd) scam case. The CBI said articles worth several crores were purchased from diverted funds. These recoveries were made during further searches in an ongoing investigation of a case related to alleged loss of Rs. 34,615 crore (approx.) to consortium of 17 banks led by Union Bank of India.
Two paintings made by FN Souza (1964) and another by SH Raza (1956) worth Rs 5.50 crore (approx); two watches of Jacob & Co & Frank Muller Geneve worth Rs 5 crore (approx) and Gold & Diamond Jewellery including Bangles and Necklace worth Rs 2 crore (approx) have been recovered. It was also alleged that the Promoters had acquired expensive items using the diverted funds. During the investigation, the CMD and then Director, both of private companies based at Mumbai were arrested and both are presently in CBI custody.
A case was registered on June 20, 2022 on a 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 &…
