ED attached assets worth Rs. 70.39 Crore under PMLA in DHFL-UBI Fraud Case

The Directorate of Enforcement (ED) has provisionally attached assets worth Rs. 70.39 Crore under the provisions of the Prevention of Money Laundering Act, 2002 (PMLA) belonging to Kapil Wadhawan and Dheeraj Wadhawan in DHFL-UBI Fraud case.

Paintings and sculptures worth Rs. 28.58 crores, watches worth Rs. 5 crores, diamond jewellery worth Rs. 10.71 crores, a 20% share in a helicopter worth Rs. 9 crores, and two flats in Bandra worth Rs. 17.10 crore are among the attached assets.

The ED launched an investigation based on a FIR filed by the CBI, AC-VI, New Delhi under different sections of the IPC and the PC Act, 1988 against Kapil Wadhawan and Dheeraj Wadhawan, Promoters of DHFL, and others for defrauding a consortium of 17 banks to the tune of Rs. 34,615 crore.

According to the ED investigation, Kapil Wadhawan and Dheeraj Wadhawan, both directors of DHFL, and other accused persons entered into a criminal conspiracy to defraud the Consortium of 17 Banks led by Union Bank of India (UBI), and in pursuance of the said conspiracy, the said accused Kapil Wadhawan and others induced the consortium banks to sanction huge loans totalling Rs 42,871.42 crore.

It has been revealed that the accused persons syphoned off and misappropriated a significant portion of the funds by falsifying the DHFL’s books and dishonestly defaulted on repayment of the consortium banks’ legitimate dues, resulting in a wrongful loss of Rs. 34,615 crore to the consortium lenders.

Previously, the ED had attached Wadhawans’ properties worth Rs. 1412 crore in the Yes Bank DHFL fraud case and detained Kapil and Dheeraj Wadhawan, who are still in judicial custody.

The ED also seized 5 high-end vehicles worth Rs. 12.59 crore of Wadhawans in the DHFL-UPPCL case, as well as attached properties worth Rs. 578 crore worth GBP 57 million of M/s Wadhawan Global Capital (UK) Ltd (WGC-UK), a company owned by Wadhawans, and jewellery and cash worth Rs. 22.96 crore of Wadhawans. The total attachment in this case is around Rs. 2095.94 Crore.

Further investigation is under progress