2 hrs ago
CBI Finds No Bank Officials’ Role in HDIL Fraud Case
The Central Bank of India said that HDIL and its directors misused money borrowed from the bank.
The bank said it approved loans worth ₹346.62 crore.
It alleged that ₹57.58 crore was wrongfully lost or misappropriated.
The CBI investigated whether bank officials helped with the alleged wrongdoing.
The CBI said it found no proof that bank officials were involved.
Because of this, corruption charges against the bank officials were dropped.
The court agreed with the CBI’s position.
The case against HDIL and its directors for allegedly cheating the bank will continue in a magistrate’s court.
The CBI found no evidence that Central Bank of India officials were involved in the alleged HDIL loan fraud.
The agency asked the special CBI court to drop corruption charges against HDIL, Rakesh Wadhawan and Sarang Wadhawan.
The bank had alleged that HDIL and its directors obtained loans totaling ₹346.62 crore and caused a wrongful loss of ₹57.58 crore.
The court accepted the CBI’s submission and removed the corruption charges from the case.
The remaining cheating allegations against HDIL and the Wadhawans were transferred to a magistrate’s court.
- Who
- The CBI, Central Bank of India, HDIL, and HDIL directors Rakesh Wadhawan and Sarang Wadhawan.
- What
- The CBI found no evidence of bank officials’ involvement in the alleged ₹57.58 crore HDIL loan fraud and corruption charges were dropped.
- Where
- Mumbai, before a special CBI court.
- When
- September 28, 2026; the CBI made its submission on the preceding Monday, according to the article.
- Why
- The CBI said its investigation found no evidence that public servants or bank officials were complicit in the alleged loan fraud.
Bank’s Allegations
CBI and Court Finding
Alleged loan fraud
Bank’s Allegations
Central Bank of India alleged that HDIL and its directors conspired with other entities, people and unknown public servants to obtain loans and misappropriate part of the funds.
CBI and Court Finding
The CBI said its investigation found no evidence that the bank’s public officials were involved.
Corruption charges
Bank’s Allegations
The bank’s complaint alleged the involvement of unknown public servants in the alleged conspiracy.
CBI and Court Finding
The CBI told the special court that offences under the Prevention of Corruption Act were not established, and the court dropped the corruption charges.
Remaining case
Bank’s Allegations
The bank alleged that the conduct caused it a wrongful loss of ₹57.58 crore.
CBI and Court Finding
The cheating allegations against HDIL and the Wadhawans remain and will be prosecuted before a magistrate’s court.
Key facts
- Alleged wrongful loss
- ₹57.58 crore
- Loans allegedly sanctioned
- ₹346.62 crore
- Complainant
- Central Bank of India
- Investigating agency
- Central Bureau of Investigation
- Case registered
- February 2023
- Bank complaint
- February 2022
- Current status
- Corruption charges dropped; cheating allegations transferred to a magistrate’s court
Quotes
Central Bank of India
The bank that lodged the complaint alleging loan fraud against HDIL and its directors
“HDIL and its directors entered into a criminal conspiracy with other entities, persons and unknown public servants to cheat the bank.”
freepressjournal.in
Sources
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