In the course of its investigation into the DHFL scam case, the Central Bureau of Investigation (CBI) conducted searches that turned up paintings by Indian artists FN Souza and SH Raza that were valued at Rs 5.50 crore. Former DHFL promoters Kapil and Dheeraj Wadhawan are the main accused in the case, along with other people.
The CBI recovered during the raid an oil-on-canvas painting by SH Raza from 1956 titled ‘Village’ that is worth over Rs 3.50 crore and an untitled oil-on-linen work by FN Souza from 1964 that is worth Rs 2 crore. During searches, the central agency also seized two luxury watches from Jacob and Co. and Frank Muller Geneve, each valued Rs 5 crore.
A total of Rs 2 crore worth of gold and diamond jewellery, including bangles and necklaces, was also recovered by the CBI. The agency claimed that the promoters had acquired expensive items with the money that had been diverted.
On June 20, the federal investigation agency charged Dewan Housing Finance Ltd, the Wadhawan brothers, and others in a case involving a Rs 34,615 crore bank fraud. They were accused of cheating a group of 17 banks, including Union Bank of India, by diverting bank loans totalling Rs 34,615 crore using DHFL’s falsified account books.
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