New Delhi: The CBI on Friday seized two paintings by famous artists Tyeb Mehta and Manjit Bawa, valued at Rs 34.7 crore, during its searches at three locations in connection with alleged banking fraud of Rs 34,615 crore by DHFL, officials said. The paintings -- 'Bull' by Tyeb Mehta worth over Rs 27 crore and an untitled piece by Bawa estimated to be over Rs 7.7 crore -- were among a large number of paintings and sculptures -- altogether valued at Rs 40 crore -- cash and other incriminating documents were seized during the latest searches, the CBI said in a statement.
The agency conducted searches at the premises of Rebecca Dewan and Ajay Ramesh Nawandar in Mumbai and Dewan Villa in Mahabaleshwar, officials said. The CBI has said suspected links of Nawandar with notorious wanted criminals are also under the scanner. "During the investigation, it was found that the promoters had allegedly diverted the funds and made investments in various entities. It was also alleged that the promoters had acquired expensive paintings and sculptures worth about Rs 55 crore (approximately) using the diverted funds," according to the CBI statement.
It was alleged that the private company and its promoters had created several shell companies and fictitious entities (the Bandra Book entities) and siphoned off huge funds by disbursing funds to such fictitious entities, the statement said. It was further alleged that separate audits conducted by other private audit accounting organisations had identified multiple instances of diversion of funds by the accused for personal benefits and falsification of books of accounts to camouflage and conceal dubious transactions.