38.6c New Delhi, India, Friday, October 03, 2025
Top Stories Supreme Court
Political NEWS Legislative Corner Celebstreet International Videos
Subscribe Contact Us
close
Business

Fund Diversion Of Over Rs. 13,000 Crores Found By ED At DHFL

By LawStreet News Network      01 February, 2020 10:02 AM      0 Comments
Fund Diversion Of Over Rs. 13,000 Crores Found By ED At DHFL

The Enforcement Directorate (ED) on Friday (January 31, 2020) has told a dedicated court dealing with money laundering offences that Rs. 12,733 crores was allegedly siphoned off over the past decade from Dewan Housing Finance Corporation Ltd. (DHFL). About 1 Lakh fictitious borrowers were created to route the money to about 80 shell companies.

The agency probing Kapil Wadhwan, the arrested promoter of DHFL told a Prevention of Money Laundering (PMLA) court that a part of these funds was allegedly used by the Wadhwans to pay the late drug lord Iqbal Memon, alias Iqbal Mirchi. 

Kapil Wadhwan was arrested by the Enforcement Directorate on Monday while his brother, Dheeraj is out on bail.

The money was used to buy properties in Worli belonging to Iqbal Mirchi, the late aide of fugitive don Dawood Ibrahim.

ED found out that Kapil Wadhwan, along with real estate agent Chandresh Jhunjhunwala had been to London to meet Iqbal Mirchi in 2010. The meeting however, did not take place. Instead, his brother Dheeraj held several meetings with Mirchi in London and bought three properties in Worli belonging to the Mirchi family.

Kapil Wadhwan had complete control over the affairs of DHFL and created a string of shell companies. At the same time, Dheeraj Wadhwan, using Sunblink Real Estate purchased three properties of Iqbal Mirchi in Worli when Kapil Wadhawan bought shares of five companies. The five companies have been identified as Faith Realtors Pvt. Ltd., Marvel Township Private Ltd., Able Realty Pvt Ltd., Poseidon Realty Pvt Ltd. and Random Realtors Private Ltd. 

Investigation has revealed that there are no documents available with the office of DHFL with regard to these loans. At the time of sanctioning these loans, no collateral was taken/given. These companies appear to be shell companies as deposed by their respective directors. These persons also deposed that the beneficiary owners of these companies were the Wadhawan brothers, said the Enforcement Directorates earlier remand application.

Kapil Wadhwan was remanded to EDs custody until Friday (January 31, 2020).

 

Author: Shubham Jindal



Share this article:

User Avatar
About:


Leave a feedback about this
TRENDING NEWS


TOP STORIES

sc-allows-manufacturing-of-green-crackers-in-delhi-subject-to-no-sale
Trending Judiciary
SC allows manufacturing of green crackers in Delhi, subject to no sale

SC allows certified manufacturers to produce green crackers in Delhi, but bans their sale in NCR till further orders, balancing pollution and livelihoods.

27 September, 2025 01:23 AM
kerala-hc-directs-comprehensive-snakebite-prevention-guidelines-for-schools
Trending Judiciary
Kerala HC Directs Comprehensive Snakebite Prevention Guidelines For Schools [Read Order]

Kerala High Court directs comprehensive snakebite prevention and management guidelines for schools, ensuring safety, awareness, and emergency response.

30 September, 2025 08:46 PM
sc-orders-two-judicial-officers-to-go-for-seven-days-training-for-flawed-bail-order
Trending Judiciary
SC orders two judicial officers to go for seven days training for flawed bail order [Read Judgment]

Supreme Court quashes flawed bail order, directs two Delhi judges to undergo 7-day special training on judicial conduct and bail rulings.

30 September, 2025 09:58 PM
sc-seeks-reply-from-iit-delhi-kharagpur-on-plea-to-transfer-student-due-to-mental-health-condition
Trending Judiciary
SC seeks reply from IIT Delhi, Kharagpur on plea to transfer student due to mental health condition [Read Order]

SC seeks reply from IIT Delhi & Kharagpur on plea for transfer of B Arch student citing mental health needs, AIIMS proximity & Article 21 rights.

30 September, 2025 11:22 PM

ADVERTISEMENT


Join Group

Signup for Our Newsletter

Get Exclusive access to members only content by email