Mumbai: The Enforcement Directorate (ED) has assets attached while worth RS 578 Crore (57 million pounds) from Wadhawan Global Capital UK Ltd (WGCL) in case of fraud involving the Finance Corporation Housing Board Ltd.
(DHFL).
Attached assets in the form of investment through WGC in British companies.
This is the first temporary attachment in the case of money laundering where DHFL uses Uttar Pradesh Power Corporation Ltd.
(uppcl) funds.
Defendant, Promoter DHFL Kapil Wadhawan and Brother Deeraj Wadhawan, have been in the prison guards in other money laundering cases connected to the bank.
The UPPCL owned by the State has been suspected of investing RS 4,123 Crore from Corpus Funds Providents Employees at DHFL as a fixed deposit without taking the approval needed.
DHFL hasn’t repayed Rs 2,268 Crore from the principal.
Ed Investigation found that Wadhawan’s brothers sucked up the RS 1,000 Crore UPPCL money to England after placing it through more than 30 Indian companies controlled by them.
The money trail is led to WGCL.
DHFL has a common account where it will receive UPPCL investment.
In the same account, they get money from other sources, including as loans and investments.
Wadhawan’s brothers will suck money from this account showing them as loans to other group companies.
DHFL sanctioned unsecured loans to the companies in the direction of the Chair at that time Kapil Wadhawan, and most of the loans turned into an asset that did not perform.
During the investigation, Ed found in one example around Rs 450 Crore comes to a DHFL general account and transferred in Global Capital Wadhawan (India) Ltd.
From there the money is diverted into a WGCL account as an investment.
The ED case is based on the upper police mod, which call Pravin Gupta, Secretary of the Minister of Trust Sector Trust, and Sudhanshu Dwivedi, then Director, Finance, UPPCL.
Then, the investigation was transferred to the CBI.
Previously, Ed had an attached property worth RS 1,412 Crore brothers Wadhawan in a separate case connected to the bank huh.
In that case, Ed has also confiscated five Wadhawan vehicles worth Rs 12.6 Crore.
Ed also has a Chargesheeted Wadhawan Brothers in another case connected to Kingpin Iqbal Mirchi.
Wadhawan Brothers’ RS 578 Crore Assets UK installed
