DHFL-UBI fraud case: ED attaches assets worth Rs 70.39 cr of Wadhawans

The ED has claimed that the attachments were made under the provisions of Prevention of Money Laundering Act, 2002 (PMLA).

The agency had initiated an investigation in the case on the basis of an FIR registered by the Central Bureau of Investigation against the promoters of DHFL Kapil Wadhawan and Dheeraj Wadhawan and others for allegedly cheating a consortium of 17 banks to the tune of Rs 34,615 crore.

“The ED investigation revealed that Kapil Wadhawan and Dheeraj Wadhawan, both directors of DHFL, and other accused persons have entered into a criminal conspiracy to cheat the consortium of 17 banks led by Union Bank of India (UBI) and in pursuance of the said conspiracy the said accused Kapil Wadhawan and others induced the consortium banks to sanction huge loans aggregating to Rs 42,871.42 crore,” read the statement issued by the ED.

It was further revealed that the accused siphoned off and misappropriated a significant portion of funds by falsifying the books of the DHFL.

They dishonestly defaulted on repayment of the legitimate dues of the consortium banks which caused a wrongful loss of Rs 34,615 Crore to the consortium lenders.

Earlier, ED had attached properties worth Rs 1,412 Crore of Wadhawans in Yes bank-DHFL fraud case and arrested Kapil Wadhawan and Dheeraj Wadhawan who are still in judicial custody.

“ED has also seized five high -end vehicles of Wadhawans valued at Rs 12.59 crore in DHFL-UPPCL Case and attached properties worth Rs 578 Crore of Wadhawan Global Capital (UK) Ltd (WGC-UK), company owned by Wadhawans and also jewellery and cash worth Rs 22.96 crore of Wadhawans making the total attached in the case to Rs 2095.94 crore,” said ED officials.