Loan scams amounting to thousands of crores by business men with influential background or mafia connections have become a norm in Indian financial sector. There are more cases involving crores of money given to these companies or organizations by banks believing in the properties attached by the companies or organizations.
Vijay Mallya, Nirav Modi, Sahara Group and there are many more waiting to be uncovered. DHFL home loans scam has been revealed in 2020 as bank consortium lead by Union Bank of India sorted back 42,871 crores, lent to DHFL from 2010 to 2018.
Central Bureau of Investigation started investigation regarding the finances generated by the organization and they have found out that the promoters Kapil Wadhwan and Dheeraj Wadhwan used public money to divert and invest in various other entities. They have even found to be money laundering to fund Chhota Shakeel and other underworld mafia groups.
CBI has arrested Ajay Ramesh Nawander, an alleged aide of Chhota Shakeel and they have plans to extract the information regarding recovery and money laundering. More information on the investigation is awaited as CBI did not yet give out their official statement.