The Central Bureau of Investigation (CBI), in further searches conducted in the Yes Bank-DHFL (Dewan Housing Finance Corporation Ltd) scam case, recovered paintings and watches worth several crores.
The recovered items included two paintings made by FN Souza and SH Raza worth Rs 5.50 crore, two watches by Jacob & Co and Frank Muller Geneve worth Rs 5 crore, and gold and diamond jewellery worth Rs 2 crore. The CBI said that the recovered items were purchased from diverted funds.
This search was part of an ongoing investigation of a case related to the alleged loss of ₹ 34,615 crore to a consortium of 17 banks led by the Union Bank of India. Directors of both the companies named in the scam are under arrest and in CBI's custody.
A case was registered on June 20, 2022, on a complaint from Union Bank of India against a private (borrower) company based in Mumbai, its then CMD, then director, and other persons and entities.
Allegations were levelled that several shell companies and fictitious entities were created by the named company and its promoter to siphon off huge funds.
Separate audits conducted by other private audit accounting organisations had identified multiple instances of diversion of funds by the accused for personal benefits.
Searches were conducted earlier at the premises of the accused in the country's financial capital, which led to the recovery of incriminating documents.
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