The Enforcement Directorate (ED), on January 30, carried out searches on the premises of Sudhakar Shetty with relation to the Iqbal Mirchi case.
The ED carried out searches on Shetty's office and residential premises.
"The Directorate has found links between Sudhakar Shetty and Kapil Wadhawan over dubious financial transactions where money was siphoned off," sources told Moneycontrol.
Shetty is the owner of the Sahana group of companies that runs private charter services, a real estate business and owns a majority stake in the "Jai Maharashtra" news channel.
Shetty, who owned the now defunct Deepa bar in Vile Parle, was also an investor in Oasis Realty. The project is a slum redevelopment scheme on a 10-acre plot in Annie Besant Road, Worli that was developed in collaboration with Oberoi Realty.
A forensic audit report by KPMG noted that Shetty was a shareholder of four entities related to DHFL that gave out loans amounting to Rs 2,912 crore and had outstanding dues worth Rs 2,895 crore.
The report further noted that six entities that had commonalities to DHFL promoter entities, had invested Rs 2,885 crore in other entities owned by Shetty.
The ED has also called Govindan Srinivasan, one of the directors of DHFL, for questioning. Srinivasan is a close aide of Kapil Wadhawan, the promoter DHFL who was arrested by the ED.
The ED took Kapil Wadhawan to the JJ Hospital in Mumbai after he complained of a high fever.
DHFL's loan book stands at around Rs 1 lakh crore. Of this amount, the forensic audit report by KPMG found out that Rs 20,000 crore is untraceable. An ED probe into the financial records of DHFL raised suspicions that an amount of Rs 12,773 crore was siphoned out from the company, part of which was used to make payments to the late gangster Iqbal Mirchi. This means that close to Rs 32,000 crore of DHFL's loan book amount is untraceable.
The bank's exposure to DHFL's loan book stands at Rs 40,000 crore, while the exposure to the remaining Rs 60,000 crore was to other financial companies.
A probe by the ED revealed that DHFL allegedly diverted Rs 2, 186 crore through loans given to five shell firms by illegal means, and that a part of the diverted money was used for paying Mirchi for the three Worli-based properties under his name in 2010.
The ED accused the Wadhawans of purchasing shares of the five firms after which they got amalgamated in Sunblink. The outstanding loans of these five firms — Faith Realtors, Marvel Township, Able Realty, Poseidon Realty, and Random Realtors amounted to around Rs 2, 186 crore till July 2019. These amounts allegedly got appropriated onto the books of Sunblink in order to cover the diversions of loans acquired from DHFL.