Mumbai Zonal Office of the Enforcement Directorate (ED) has provisionally attached assets worth ₹185.84 crore in connection with the multi-crore bank fraud case of Dewan Housing Finance Corporation Ltd. (DHFL), involving its promoters Kapil Wadhawan and Dheeraj Wadhawan.

The attached properties include 154 flats and receivables of 20 flats in Mumbai, seized under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.

According to ED, the investigation stems from a CBI FIR against DHFL and its promoters for allegedly cheating a consortium of 17 banks led by Union Bank of India. As per theagency , Kapil and Dheeraj Wadhawan, along with others, engaged in a criminal conspiracy to siphon off loan funds by falsifying books of accounts and deliberately default on repayments.

Investigators found that during 2017–18, the Wadhawan brothers conspired to divert DHFL funds through proxy companies and inter-corporate deposits (ICDs) for fraudulent trading in DHFL shares.These trades executed via brokers were pre-arranged to rig the share price and volumes of public listed DHFL stock. 

This is not the first seizure in the case. Earlier, ED had provisionally attached assets worth ₹70.39 crore, and in April this year, filed a Prosecution Complaint before the Special PMLA Court in Mumbai. With the latest action, the total attachment in the DHFL case now stands at ₹256.23 crore.

ED said further investigation into the money trail and layering of funds is underway.

DHFL Scam ED Mumbai Attachment Kapil Wadhawan Dheeraj Wadhawan 154 Flats Seized 185 84 Crore Assets Bank Fraud Union Bank Consortium PMLA Case