The searches at Rebecca Dewan and Ajay Nawandar’s home resulted in the recovery of many paintings and sculptures, some cash, and other potential harmful documents. Initial estimates place the value of the recovery of numerous priceless paintings and sculptures at roughly Rs 40 crore.
As part of its investigation into the Rs 36,615 crore loan fraud case involving DHFL and its top executives, the Central Bureau of Investigation (CBI) carried out searches on Friday.
‘During the investigation, it was found that the promoters 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 about Rs 55 Crore (approx.) using the diverted funds,’ CBI stated in an official statement.
‘A case was registered 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) and private persons on the allegations that the accused cheated a consortium of 17 banks led by Union Bank of India to the tune of over Rs 34,615 crore (approx.) by siphoning off loans availed from the said banks and 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 statement read.
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