ED arrests DHFL’s Kapil Wadhawan in Iqbal Mirchi money laundering case

DHFL

MUMBAI : The troubles for the debt-ridden Dewan Housing Finance Ltd (DHFL) esclated on Monday as Kapil Wadhawan, chairman and managing director was arrested by the Enforcement Directorate (ED) in relation to the Iqbal Mirchi money laundering and illegal funding case.

He is being produced in front of a special court for custody today evening.

“Wadhawan has been arrested for questioning, ED is seek his custody from the special court for further investigations in the case,” said an ED official.

A look out circular (LOC) was already issued against the promoters and management of DHFL to prevent them from fleeing the country.

This is in connection to the loan worth ?2,186 crore given to Sunblink Real Estate. The company is under investigation for having links with deceased gangster Iqbal Mirchi Menon.

This comes after the ED had raided 8 DHFL premises including its headquarters. The non-banking finance company came under investigations when the probe agency was examining three properties linked to Mirchi. These properties were used to launder money and are proceeds of crime. These properties have allegedly been purchased through loans availed from DHFL by Sunblink in 2010-11.

In a statement to stock exchanges, the company had, however, clarified that “The dues of ?2,186 crore comprise the principal amount and the interest payable on the principal sum. On account of certain corporate actions undertaken with/by Sunblink, as on date, Sunblink is mentioned as a borrower. The amounts were never lent to Sunblink as alleged in the media. The corporate actions have been only to enhance DHFL’s security cover and cash flow receivables on the lending”.

DHFL is currently undergoing bankruptcy resolution under Insolvency and Bankruptcy Code (IBC). ED has already filed a 12,000 page chargesheet in the money laundering case against 16 individuals including late Iqbal Mirchi, his sons Asif Memon and Junaid Memon, his wife Hazra Memon, Director of Sunblink Real Estate Sunny Bhatija, broker Ranjeet Singh Bindra and Dheeraj Wadhawan director of Sunblink and a non-executive director of DHFL.

News Source: livemint

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