INDIA. Mumbai: The Directorate of Enforcement (ED) has taken action by provisionally attaching assets worth Rs. 70.39 crore under the auspices of the Prevention of Money Laundering Act, 2002 (PMLA).
These assets belong to Kapil Wadhawan and Dheeraj Wadhawan in connection with the DHFL-UBI Fraud case.
The attached assets comprise Paintings & Sculptures with an estimated worth of Rs. 28.58 crore, watches valued at Rs. 5 crore, Diamond jewelry worth Rs. 10.71 crore, a 20% stake in a helicopter valued at Rs. 9 crore, and two flats in Bandra (North West Mumbai) amounting to Rs. 17.10 crore.
The ED’s investigation was initiated following an FIR filed by the Central Bureau of Investigation (CBI), AC-VI, New Delhi.
This FIR, under various sections of the Indian Penal Code (IPC) and the Prevention of Corruption Act, 1988, targeted Kapil Wadhawan and Dheeraj Wadhawan, the Promoters of DHFL (Dewan Housing Finance Limited), and others. They were accused of deceiving a consortium of 17 banks to the sum of Rs. 34,615 Crore.
During the investigation, it was revealed that Kapil Wadhawan, Dheeraj Wadhawan, and other accused parties had orchestrated a criminal conspiracy to defraud the consortium of 17 banks, led by Union Bank of India (UBI).
In furtherance of this scheme, they induced the consortium banks to approve substantial loans amounting to Rs 42,871.42 crore.
Subsequently, it was discovered that the accused parties siphoned off a significant portion of these funds and misappropriated them by manipulating DHFL’s financial records.
They also willfully defaulted on repaying the legitimate dues of the consortium banks, causing a wrongful loss of Rs. 34,615 crore to the consortium lenders.
In a prior development, the ED had seized properties worth Rs. 1412 crore linked to the Wadhawan family in the “Yes bank- DHFL” fraud case. Furthermore, Kapil Wadhawan and Dheeraj Wadhawan, who are central figures in this case, remain in judicial custody.
The ED had also confiscated five high-end vehicles belonging to the Wadhawans, with an estimated value of Rs. 12.59 crore, in the DHFL-UPPCL case.
Additionally, they attached properties worth Rs. 578 crore, equivalent to GBP 57 million, associated with M/s Wadhawan Global Capital (UK) Ltd (WGC-UK), a company owned by the Wadhawans.
Furthermore, jewelry and cash with a total value of Rs. 22.96 crore linked to the Wadhawans were seized. The cumulative attachment in this case has now reached an impressive Rs. 2095.94 crore.
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