Bank fraud case: ED attaches assets worth over Rs 70 cr of DHFL promoters Wadhawans

DHFL promoters probed by ED

The Enforcement Directorate on Thursday said it has attached assets, including diamond jewellery and flats, worth more than Rs 70 crore of DHFL promoters Kapil Wadhawan and Dheeraj Wadhawan as part of a money laundering probe linked to an alleged bank loan fraud case.

The probe against the Wadhawans pertains to "cheating" a consortium of 17 banks to the tune of Rs 34,615 crore and the money laundering case stems from a Central Bureau of Investigation (CBI) FIR, the agency said in a statement. "The attached assets are in the form of paintings and sculpture worth Rs 28.58 crore, watches worth Rs 5 crore, diamond jewellery worth Rs 10.71 crore, 20 per cent stake in a helicopter to the tune of Rs 9 crore and two flats in Bandra (Mumbai) worth Rs 17.10 crore," the ED said.

The total value of these assets is Rs 70.39 crore, it said. Kapil Wadhawan and Dheeraj Wadhawan, both directors of DHFL, and other accused persons entered into a criminal conspiracy to cheat the consortium of banks led by Union Bank of India (UBI). In pursuance of the said conspiracy, Kapil Wadhawan and others induced the consortium banks to sanction huge loans aggregating to Rs 42,871.42 crore, the agency said. It was found that the accused persons "siphoned off and misappropriated" a significant portion of the said funds by "falsifying" the books of the DHFL and dishonestly defaulted on repayment of the legitimate dues of the said consortium banks, thereby causing a loss of Rs 34,615 crore to the consortium lenders.