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DHFL assets not proceeds of crime, PMLA court says

The court made this observation while granting bail to DHFL Chairman Kapil Wadhawan in a money laundering case

February 26, 2020 / 11:47 AM IST
 
 
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Assets of Dewan Housing Finance (DHFL) does not appear to be 'proceeds of crime', a special Prevention of Money Laundering Act (PMLA) court has ruled.

The court made this observation while granting bail to DHFL Chairman Kapil Wadhawan in a money laundering case, The Times of India reported.

The Enforcement Directorate (ED) had on January 27 arrested Wadhawan in connection with the Iqbal Mirchi case.

Moneycontrol could not independently verify the report.

Also read: ED unearths software through which DHFL allegedly laundered money

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"There did not appear to be a link between the amalgamation of shell companies into Sunblink Real Estate and the purchase of Mirchi’s properties in Mumbai’s Worli area," the report quoted from the court order as saying.

The ED investigation had found that Kapil Wadhawan had bought shares in five dummy companies - Faith Realtors, Marvel Township, Able Realty, Poseidon Realty, and Random Realtors.

These shell companies, which received loans from DHFL, were alleged to have jointly diverted funds worth Rs 2,186 crore.

ED alleged that Sunblink, which has been linked with the Kapil's brother Dheeraj, received a Rs 50 crore loan from DHFL to buy Mirchi’s property in 2010.
Moneycontrol News
TAGS: #DHFL
first published: Feb 26, 2020 11:47 am

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