The Directorate of Enforcement (ED) has temporarily attached assets worth Rs. 70.39 crore belonging to Kapil Wadhawan and Dheeraj Wadhawan in the DHFL-UBI fraud case under the terms of the Prevention of Money Laundering Act, 2002 (PMLA). Paintings and sculpture worth Rs. 28.58 crore, watches worth Rs. 5 crore, diamond jewellery worth Rs. 10.71 crore, a 20% share in a helicopter worth Rs. 9 crore, and two homes in Bandra worth Rs. 17.10 crore are among the attached assets.
The inquiry was launched on the basis of an FIR lodged 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 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 siphoned 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 the Wadhawans’ properties worth Rs. 1412 crore in the Yes Bank DHFL-UBI Fraud case and detained Kapil and Dheeraj Wadhawan, who are currently 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. More research is being conducted.
