ED Attaches Rs 185.84 Crore Assets in DHFL Bank Fraud Case

In a significant development in the Dewan Housing Finance Corporation Ltd. (DHFL) bank fraud case, the Enforcement Directorate (ED) has attached immovable and movable assets valued at Rs 185.84 crore. Announced on Tuesday, the attached assets comprise 154 flats and receivables related to 20 flats in Mumbai.

The ED's Mumbai Zonal Office took this action on September 5 under the provisions of the Prevention of Money Laundering Act (PMLA), 2002. The case involves Kapil and Dheeraj Wadhawan and other accused, who allegedly conspired to defraud a consortium of 17 banks, led by the Union Bank of India, as per the First Information Report by the Central Bureau of Investigation (CBI).

Investigations revealed that DHFL executives siphoned and misappropriated bank funds, falsifying records to default on loans. The ED disclosed that in 2017-18, the Wadhawan duo orchestrated fund diversions through proxy companies to manipulate DHFL share prices. Previously, a Provisional Attachment Order for assets worth Rs 70.39 crore was issued, and a Prosecution Complaint was filed before a Mumbai court.

(With inputs from agencies.)