An associate of the jailed Wadhawan brothers has been arrested by the Central Bureau of Investigation (CBI) in relation with the DHFL bank fraud case. Ajay Nawander, a relative of the previous Diwan Housing Finance Ltd. (DHFL) promoters, is said to be close with some senior police officers and to have acted as an informer in the past.
On July 8, the CBI conducted searches at the homes of two people in Mumbai and Dewan Villa, Mahabaleshwar, as part of the ongoing investigation into the case involving the alleged loss of Rs 34,615 crore to a consortium of 17 banks led by Union Bank of India. These searches resulted in the recovery of numerous paintings and sculptures, some cash, and other incriminating documents.
Ajay Nawander owned one of the Mumbai properties that was searched, while Rebecca Diwan was linked to the Mahabaleshwar property. Initial estimates place the worth of the artworks seized from both sites at around Rs 40 crore.
It was found during the investigation that the promoters Kapil and Dhiraj Wadhawan allegedly diverted the funds and invested across several different entities. Furthermore, it was claimed that the promoters used the diverted funds to buy expensive paintings of about Rs 55 crore.
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