DHFL scam: CBI seizes Rs 34 crore worth of paintings by Tyeb Mehta, Manjit Bawa during searches

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 painting by Mehta worth over Rs 27 crore and that 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 seized during the latest searches.

The agency conducted searches at the premises of Rebecca Dewan and Ajay Ramesh Nawandar in Mumbai and Dewan Villa in Mahabaleshwar, they said.

The CBI has said suspected links of Nawandar with notorious wanted criminals are also under scanner.


"During 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," the CBI said in a statement.