DHFL and Dheeraj Wadhwan—everyone is talking about them. The CBI arrested the former director of Deewan Housing Finance Limited in connection with a Rs 34,000-crore bank fraud case. This is the biggest banking loan fraud reported in the country so far.
Long before the loan fraud was reported, DHFL enjoyed some glory days. That also included being associated with a top IPL franchise, as an associate partner. It was in 2012, when the DHFL first entered the IPL field, as an associate partner of Mumbai Indians.
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Mumbai Indians & DHFL – the full story
The association between the Mumbai Indians and the DHFL was a massive hit. Between 2012 and 2019, Mumbai Indians went on to lift the IPL crown four times. Their on-the-field success gave exceptional exposure to the sponsors – with the DHFL being one of them.
DHFL first renewed its association with Mumbai Indians in 2013 for three years. It was reported that the finance house was paying Rs 6 Crore to the Mumbai Indians, for its logo to be displayed on the right upper chest slot.
Even when the IPL spot-fixing scandal broke out in 2013, and several sponsors backed out, DHFL honored the commitment and renewed the contract again in 2015.
The partnership lasted for another four seasons, with 2019 being the last one between the DHFL and the Mumbai Indians. Coincidentally, Mumbai went on to win the IPL title in 2019, beating Chennai Super Kings in an intense final by just one run in Hyderabad.
What’s the fraud case against Wadhwans?
Kapil and Dheeraj Wadhwan – DHFL directors are being charged with cheating a consortium of 17 banks for a mammoth Rs 34,615 Crore. They are also charged with money laundering as well. The accused have siphoned off and misappropriated a major portion of these funds by falsifying the books. They have also deliberately defaulted on repayment of legitimate dues to the consortium banks.
In 2022, the CBI charge-sheeted the Wadhwans, who were taken into custody, in relation to the Yes Bank corruption probe and consequently released on bail. While at DHFL, Kapil Wadhawan held the positions of Chairman and Managing Director, while Dheeraj Wadhawan served as a non-executive director.
