DHFL bank-fraud case: CBI arrests businessman from Mumbai

The CBI arrested businessman Ajay Ramesh Nawandar from Mumbai on Wednesday in connection with the Rs 34,614-crore DHFL bank-fraud case, officials said.

The Central Bureau of Investigation (CBI) conducted searches at Nawandar's premises last week and recovered a large number of uber-luxury watches worth crores of rupees, including Rolex Oyster Perpetual, Cartier, Omega and Hublot Michael Kors, the officials said.

The CBI has booked Dewan Housing Finance Limited (DHFL), its former CMD Kapil Wadhawan, director Dheeraj Wadhawan and others for an alleged bank fraud of Rs 34,615 crore, making it the biggest such case probed by the agency.