According to sources, Nawandar was quizzed on certain funds allegedly diverted by Wadhawans. Nawandar is an alleged associate of fugitive criminal Dawood Ibrahim trusted aide, Chotta Shakeel, these sources added.
Dawood Ibrahim and Shakeel are both wanted by the Indian agencies in multiple cases including for their alleged roles in the 1993 Bombay bomb blasts case.Dawood is the alleged as the mastermind in the said case. Pakistan has put sanction on Dawood Ibrahim along with 87 others on for terror-related activities. India has designated him as ‘terrorist’ under recently amended UAPA.
This is the second instance of an alleged underworld nexus between the promoters of DHFL, Kapil and Dheeraj Wadhawan and the D-gang surfacing. In the past, the ED had arrested them in connection with a money laundering case linked to late D-gang henchman, Iqbal Memon alias Iqbal Mirchi.
Both the brothers, Kapil and Wadhawan are currently in judicial custody and are being probed for multiple frauds by the CBI, ED and the SFIO.
On Friday , the CBI conducted searches at Dewan Villa, Mahabaleshwar, a getaway on the outskirts of Mumbai which led to recovery of a large number of paintings and sculptures, some cash & other incriminating documents. “The value of these artworks is estimated to be around Rs. 40 crore, as per initial estimates”, the agency said.
“,,,During 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,” the CBI statement read
A case was registered on complaint from Union Bank of India for allegedly siphoning off loans availed from the consortium of banks and falsifying the books of DHFL and then creating shell companies which had come to be known as “Bandra Book Entities” to make accommodative entries.
“… iIt was alleged that the said private company & its promoters had created a number of shell companies & fictitious entities (the Bandra Book entities) and siphoned off huge funds by disbursing funds to such fictitious entities. It was further alleged that separate audits conducted by other private audit accounting organisations had identified multiple instances of diversion of funds by the accused for personal benefits and falsification of books of accounts to camouflage & conceal dubious transactions,” said the CBI. “.. The audits also identified several instances where large value loans were provided to such fictitious entities without due diligence and without securities. Instances of sanction and disbursement of loans, merely by e-mail communications were allegedly found for which no loan files were maintained in the said private (borrower) company,” added the CBI i it’s statement.