This edition of the Anti-Corruption, White Collar Crimes and Investigations newsletter provides an overview of notable enforcement trends, judicial decisions and key overseas developments in the field of anti-corruption and white-collar crimes in the last quarter.
Enforcement Landscape
In April 2022, the Central Bureau of Investigation (“CBI“) conducted raids at 8 (eight) locations in Mumbai and Pune belonging to 3 (three) prominent builders in connection with the Yes Bank-DHFL scam. The CBI alleged that companies of the builders were used to transfer illicit money and consequently it booked former CMD and director of DHFL among 11 (eleven) others for defrauding a consortium of 17 (seventeen) banks at a value of INR 34,615 crore (Rupees thirty-four thousand six hundred and fifteen crore). The action was initiated on the basis of a complaint from the consortium leader, Union Bank of India. The bank alleged that the accused conspired and committed criminal breach of trust and abused public funds to cheat the consortium by defaulting on loan repayments. The Enforcement Directorate (“ED”) has reportedly traced part of this amount and identified it as proceeds of crime.
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