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

The painting by Mehta worth over ₹27 crore and that by Bawa estimated to be over ₹7.7 crore were among a large number of paintings and sculptures -- altogether valued at ₹40 crore -- cash and other incriminating documents seized during the latest searches.

The CBI on Friday seized two paintings by famous artists Tyeb Mehta and Manjit Bawa, valued at ₹34.7 crore, during its searches at three locations in connection with alleged banking fraud of ₹34,615 crore by DHFL, officials said.

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

The painting by Mehta worth over ₹27 crore and that by Bawa estimated to be over ₹7.7 crore were among a large number of paintings and sculptures -- altogether valued at ₹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 ₹55 crore (approximately) using the diverted funds," the CBI said in a statement.