NEW DELHI: The Enforcement Directorate (ED) has provisionally attached assets worth approximately Rs 186 crore under the anti-money laundering law related to a bank loan fraud case against Dewan Housing Finance Corporation Ltd (DHFL) and its promoters.
The attached assets, under the Prevention of Money Laundering Act (PMLA), include 154 flats and movable assets representing receivables tied to 20 flats in Mumbai, according to an agency statement.
The total value of the seized properties stands at Rs 185.84 crore. The order, issued by the Mumbai zonal office of the ED, was dated September 5.
The investigation stems from a CBI FIR against DHFL, its promoters Kapil Wadhawan and Dheeraj Wadhawan, and others, for allegedly deceiving a consortium of 17 banks led by the Union Bank of India.
The accused reportedly engaged in “siphoning off” and “misappropriation” of bank loan funds by falsifying DHFL’s financial records, leading to defaults on bank loans.
During 2017-18, the Wadhawan brothers allegedly conspired to divert DHFL funds through shell companies for fraudulent trading in DHFL shares, the ED asserted.
These trades were allegedly organized in advance to manipulate the share price and volume of DHFL’s publicly listed stock, the statement noted.
Prior to this order, the ED had already attached assets worth Rs 70.39 crore in this case, bringing the total attachment to Rs 256.23 crore.
A chargesheet was submitted by the ED in April before a special PMLA court in Mumbai.
