ED Attaches Rs 578 Crore Worth UK Assets Of Wadhawan Brothers

The worth of the belongings GBP (British kilos) 57 million or Rs 578 crore.

New Delhi: The Enforcement Directorate (ED) on Tuesday stated it has hooked up belongings price Rs 578 crore of a UK-based firm owned by former DHFL promoters Kapil Wadhawan and his brother Dheeraj in reference to the UPPCL cash laundering probe towards them and others.

The hooked up properties "are in the form of investment made by the Wadhawans through WGC-UK in United Kingdom-based companies" and a provisional order has been issued below the Prevention of Money Laundering Act (PMLA).

The worth of the belongings GBP (British kilos) 57 million or Rs 578 crore, it stated in a press release.

The Wadhawan siblings are at current in jail in reference to the Yes Bank alleged mortgage fraud cash laundering case.

The newest ED case towards the Wadhawans relies on an FIR filed by Lucknow Police towards some officers of Uttar Pradesh Power Corporation Ltd (UPPCL) for "illegal investment" of basic provident fund (GPF) and central provident fund (CPF) of the staff of the facility firm into Dewan Housing Finance Limited (DHFL) "in violation" of the federal government notification and directives.

"DHFL in connivance with UPPCL officials had illegally received Rs 4,122.70 crore of GPF and CPF funds of UPPCL's employees in fixed deposit in DHFL."

"Out of this total investment, Rs 2,267.90 crore of principal amount of provident fund (GPF+CPF) of UPPCL is still outstanding to be paid by DHFL," the ED claimed.

These "illegal investments" had been obtained by the DHFL throughout the interval when DHFL was engaged into disbursement of high-value loans to its promoter associated firms. 

"All such unsecured loans had been sanctioned as per the directions of the chairman of DHFL, Kapil Wadhawan and many of such loans have turned into NPA," the company alleged.

Many of those loans, it stated, have been siphoned off with out utilising them for the aim they had been sanctioned for. 

"The proceeds of crime, amounting to more than Rs 1,000 crore, generated in this case has been siphoned off to UK by the Wadhawans by seven levels of layering and laundering through more than 30 beneficially owned/controlled Indian companies," it stated.

The company had earlier hooked up properties price Rs 1,412 crore of the Wadhawans in reference to a separate cash laundering case investigation being carried out towards them within the Yes Bank alleged mortgage fraud case.

It had additionally seized 5 SUVs, valued at Rs 12.59 crore, owned by them within the Yes Bank case.

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