CBI takes Kapil Wadhawan, brother Dheeraj into custody in UPPCL case
The duo are accused of financial irregularities under the Prevention of Money Laundering Act and have been out on bail since February 21.
April 26, 2020 / 02:59 PM IST
The Central Bureau of Investigation (CBI) on April 26 took Dewan Housing Finance Limited (DHFL) promoters Kapil Wadhawan and Dheeraj Wadhawan into custody in the UP Power Corporation Limited (UPPCL) case.
News agency PTI quoted Maharashtra Home Minister Anil Deshmukh has confirmed that the CBI had taken custody of the scam-accused promoters of DHFL in Satara and that the local police had extended all cooperation to the central probe agency.
Deshmukh had earlier requested CBI to take custody of the two on Wednesday after their quarantine ended in Satara.
The duo, accused of financial irregularities under the Prevention of Money Laundering Act (PMLA) and out on bail since February 21, was held earlier in April while on their way in a motorcade to Mahabaleshwar, Maharashtra from Mumbai in violation of lockdown norms.
In early March, CBI had taken over the probe into alleged irregularities in the investment of over Rs 4,100 crore Employees’ Provident Fund (EPF) of UPPCL, the state-owned power firm, in the scam-tainted DHFL, Moneycontrol had reported.
The illegal investment of EPF by the state power firm in DHFL happened between March 2017 and December 2018. The case is also being probed by the Enforcement Directorate (ED).
DHFL owes over Rs 1 lakh crore to multiple financial institutions, including around Rs 40,000 crore to banks. The ED has found misappropriation of funds worth Rs 12,773 crore by DHFL, and another Rs 20,000 crore is untraceable as per a KPMG forensic audit report.