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<ul><li>The Enforcement Directorate today arrested <keyword id="152129" type="COMPANY" weightage="20" keywordseo="Kapil-Wadhawan">Kapil Wadhawan</keyword> the promoter of Dewan Housing Finance Ltd for reportedly diverting over ₹2,100 crore. </li><li>But this isn’t the first case to blow the Wadhawan, who were once the limelight of all the glittery Bollywood parties in Mumbai. </li><li>It was all smooth sailing until it came to light that Punjab Maharashtra Cooperative (PMC) Bank had lent a lot of money to the Wadhawans and it wasn’t coming back to bank. </li></ul>The Enforcement Directorate today arrested Kapil Wadhawan the promoter of Dewan Housing <a href="https://www.livemint.com/news/india/ed-arrests-dhfl-s-kapil-wadhawan-in-iqbal-mirchi-money-laundering-case-11580126559311.html">Finance Ltd for reportedly diverting over ₹2,100 crore.</a> Wadhawan will be in custody until January 29 and will have to undergo legal proceeding under the Prevention of Money Laundering Act. (PMLA). But this isn’t the first case to blow the Wadhawan, who were once the limelight of all the glittery Bollywood parties in Mumbai. Here’s a look at Wadhawan Empire and its fall: The Wadhawan Empire <div type="image" title="30F4080F-C360-440F-A7B5-ED4FAEB954C2" msid="73713311" hostid="261"></div>

 From the biggest fleet of Rolls Royce Phantoms in India to the <a href="https://www.businesstoday.in/current/corporate/pmc-bank-scam-cash-private-jets-rolls-royce-bentley-recovered-wadhawans-waryam-singh/story/383870.html">luxury business jet Falcon 2000,</a> the high-flying Wadhawans owned the most fabulous machines the world of hijinks has ever seen. [embed image of Rolls Royce Phantom] Rakesh Wadhawan — the billionaire promoter of DHIL — was once worth<a href="https://timesofindia.indiatimes.com/business/india-business/rise-and-fall-of-wadhawans-once-toast-of-city-party-circuit/articleshow/71430451.cms"> ₹1 billion in 2010. </a>Sarang Dewan — son of Rakesh Wadhawan and VC/MD of Housing Development &amp; Infrastructure— along with his wife Anu used to <a href="https://theprint.in/opinion/parties-over-no-lunches-why-bollywood-is-avoiding-hdil-gilded-couple-sunny-and-anu-dewan/311717/">host posh bollywood parties</a> from Karva Chauth to Christmas. It was all smooth sailing until it came to light that Punjab Maharashtra Cooperative (PMC) Bank had lent a lot of money to the Wadhawans and it wasn’t coming back to bank. PMC Bank: A billion-dollar hole in the banking system <div type="image" title="BF576ACB-EF02-4CE7-ABA5-CC5C573E0AA2" msid="73713310" hostid="261"></div>

 The crisis-ridden bank's annual report for 2018-19 nowhere mentions exposure to any real estate firm and it only talks of MSME lending and NPAs at 3.76%. Two directors — Rakesh and Sarang Wadhawan — of HDIL that set off the massive crisis at the PMC Bank by defaulting on loans worth nearly ₹6,500 crore have been arrested. They were arrested by the Economic Offences Wing of the Mumbai Police. According to the complaint, HDIL and its group companies were the beneficiaries of 44 loans or 73% of PMC's total loan book size of ₹8,880 crore - a mammoth violation of regulations which forbid banks from handing out such a large proportion of cash to one sector, let alone a single firm. The <keyword id="366872" type="PERSON" weightage="20" keywordseo="Iqbal-Mirchi">Iqbal Mirchi</keyword> case: A fraud of ₹2186 crore <div type="image" title="CE1A3028-D4C1-46B2-B3AA-0E45E0BC55D3" msid="73713304" hostid="261"></div>

 The <a href="https://www.livemint.com/news/india/ed-arrests-dhfl-s-kapil-wadhawan-in-iqbal-mirchi-money-laundering-case-11580126559311.html">agency has filed a criminal case</a> against Mirchi, his family members and others to probe money laundering charges for alleged illegal dealings in purchase and sale of five properties — Ceejay House, Sahil Bungalow, Rabia Mansion, Marium Lodge and Sea View at prime Worli locations in Mumbai. "Kapil Wadhawan, being chairman and managing director of Dewan Housing Finance Ltd (DHFL), had visited London along with a city-based real estate broker to meet Iqbal Mirchi in 2010. He has been instrumental in siphoning off huge amounts of money as part of the illegal deal between Mirchi and the Wadhawans," the ED said in its remand note.(hyperlink) According to<a href="https://www.firstpost.com/business/dhfl-chief-kapil-wadhawan-siphoned-off-over-rs-2100-cr-from-hfc-to-5-shell-companies-flouting-norms-ed-7966201.html"> media reports</a>, Kapil Wadhawan reportedly purchased shares in five shell companies — Faith Realtors Private Limited, Marvel Township Private Limited, Able Realty Private Limited, Poseidon Realty Private Limited, and Random Realtors Private Limited — to give away over ₹2,100 crore loan from DHFL. ED is said to believe that Wadhawan loans siphoned funds from DHFL to shell companies who later gave loan to <keyword id="8230719" type="UNKNOWN" weightage="20" keywordseo="sunblink">Sunblink</keyword> Real Estate which was linked with Iqbal Mirchi — a dead drug lord and the brother of fugitive gangster <keyword id="4703704" type="PERSON" weightage="20" keywordseo="Dawood-Abrahim">Dawood Abrahim</keyword>. (With Agencies) See also: <a href="https://www.businessinsider.in/stock-market/markets/article/rakesh-jhunjhunwala-warren-buffett-of-india-net-worth-and-portfolio-in-january-2020/articleshow/73693467.cms">The $2.6-billion Rakesh Jhunjhunwala, called the ‘Warren Buffett of India’, has to protect an image that was built over 35 long years</a>

With Kapil Wadhawan’s arrest, the family is now accused of scams worth over a billion dollars

An eight-month investigation of over 36,000 files has revealed some shocking details. 
 
One of the largest data leaks in the history revealed how the world leaders hide their cash and the names of more than 500 Indians, who are linked to off-shore companies, also surfaced. 
 
The investigation by <a href="http://indianexpress.com/article/india/india-news-india/panama-papers-list-amitabh-bachchan-kp-singh-aishwarya-rai-iqbal-mirchi-adani-brother/">The Indian Express</a> revealed that there were 234 Indian passports (handed over by clients as part of the incorporation process). 
 These records reveal a list of individuals who have paid the firm — and bought the benefits of the secretive, lax regulatory system in which it operates — to set up offshore entities in <keyword id="112952" type="UNKNOWN" weightage="100" keywordseo="Tax-havens">tax havens</keyword> around the world. 
 
The documents were leaked from the law firm Mossack Fonseca and connect to 140 politicians in more than 50 countries. 
 
The names of Indians are below: 
 
Image credit: Indiatimes

Panama Papers List: Here are the names of powerful Indians who have hidden assets

Mumbai, Apr 23 () A special court here on Thursdayextended till Monday the interim protection from arrest toDHFL promoter Kapil Wadhawan and his brother Dheeraj, inconnection with the YES Bank scam.The duo had on Wednesday moved an anticipatory bailplea before the court in connection with the case registeredagainst them for their alleged role in the YES Bank scam.In their plea, the Wadhawan brothers said that theyshould be granted protection from arrest at least during thelockdown period considering the coronavirus outbreak.The Enforcement Directorate (ED) on Thursday filed itsreply objecting to the pre-arrest bail application of theWadhawans. However, the court posted the matter for furtherhearing on Monday and directed the agency not to take anycoercive action till then.The DHFL (Dewan Housing Finance Limited) group hastaken a loan of about Rs 3,700 crore from Yes Bank that isunder "stress".The ED is probing the alleged quid pro quo between thetwo business groups and their promoters.Besides the ED, the Wadhawans have also been named inthe FIR lodged by CBI in the YES Bank scam.They are also being probed by the ED in anothercriminal case filed under the PMLA and is linked to lategangster Iqbal Mirchi. AVINP NP

Yes Bank: Wadhawan brothers' protection from arrest extended

Mumbai, Apr 22 () DHFL promoters Kapil Wadhawan andhis brother Dheeraj on Wednesday filed an anticipatory bailapplication in a special court here in connection with thecase registered against them for their alleged role in the YESbank scam.In their plea, the Wadhawan brothers said that theyshould be granted protection from arrest at least during thelockdown period considering the coronavirus outbreak."Our primary plea is that there is no need for arrestduring this period of lockdown. Give us interim protectionuntil then and all the merits can be discussed once thelockdown is lifted," their lawyer said.The court has asked the Enforcement Directorate (ED)to file its reply on Thursday and directed the agency not totake any coercive action until then, the lawyer added. The Wadhawan brothers are accused in the YES Bank-DHFLfraud cases.The DHFL (Dewan Housing Finance Limited) group has aloan amount of about Rs 3,700 crore taken from Yes Bank thatis under "stress". The ED is probing alleged quid pro quobetween the two business groups and their promoters.The Wadhawans have also been named in the FIR lodgedby the CBI in connection with the YES Bank scam. They are alsobeing probed by the ED in an another criminal case filed underthe PMLA and is linked to late gangster Iqbal Mirchi. AVINP NP

Yes Bank scam: Wadhawan brothers seek protection from arrest

(Eds: Adding details)Mumbai, Apr 15 () The Enforcement Directorate onWednesday moved the Bombay High Court seeking cancellation ofbail of DHFL promoter Kapil Wadhawan, who is an accused in amoney laundering case, for violating his bail conditions andtravelling during the coronavirus lockdown.Advocate Purnima Kantharia of the EnforcementDirectorate (ED) mentioned the application before high courtJustice P D Naik.The court then issued notice to Wadhawan and postedthe matter for further hearing on April 23.Kapil Wadhawan, the 46-year-old chairman and managingdirector of Dewan Housing Finance Limited (DHFL), was arrestedon January 27 this year by the ED for his dubious dealingswith gangster Iqbal, who died in 2013, and was booked underprovisions of Prevention of Money Laundering Act IPMLA).He was granted bail on February 21 by a special PMLAcourt in Mumbai.Kapil Wadhawan, his brother Dheeraj Wadhawan and otherfamily members travelled to their farmhouse at Mahabaleshwarhill station in Maharashtra's Satara district last week, inalleged breach of the lockdown imposed to check the spread ofcoronavirus.Subsequently, the ED on Friday issued orders forseizure of five luxury vehicles in which they travelled toMahabaleshwar from Khandala.The Wadhawan brothers and 21 others, including theirfamily members, are at present in quarantine in Mahabaleshwar.Kantharia said the ED sought an urgent hearing of itsapplication after it came to light that Kapil Wadhawanviolated the conditions imposed upon him by the special PMLAcourt while granting him bail."The accused (Kapil Wadhawan) was directed to appearregularly before the ED to ensure he does not leave the city.However, it was recently learnt that he travelled outside thecity and thus, violated the bail conditions, Kantharia said.She said this was an added ground for the prosecutionto seek urgent hearing into its application requestingcancellation of bail granted to Wadhawan.According to the ED, Kapil Wadhawan laundered moneyfrom DHFL as part of an illegal property deal with Mirchi.It alleged that Rs 12,773 crore was siphoned off fromDHFL on the pretext of providing loans to one lakh fictitiouscustomers.A part of this loan was used to make payments toMirchi, who died in 2013 in London, the agency claimed.As per the ED's case, Mirchis properties in Mumbaiwere sold to Sunblink Real Estate Private Limited, a companylinked to Kapil Wadhawan and his brother Dheeraj Wadhawan. SPGK GK

Lockdown breach:ED seeks cancellation of Kapil Wadhawan's bail

New Delhi, May 14 () The Enforcement Directorate (ED) on Thursday arrested DHFL promoters Kapil and Dheeraj Wadhawan in connection with its money laundering probe against Yes Bank co-founder Rana Kapoor and others, officials said.The brothers were remanded to 10-day ED custody by a special court in Mumbai, they said.The Wadhawans are presently in jail after being arrested by the Central Bureau of Investigation (CBI), which is also probing the same case.They were arrested under the provisions of the Prevention of Money Laundering Act (PMLA), the officials said.The Wadhawan brothers, also being probed by the ED in another money laundering probe linked to late gangster Iqbal Mirchi, were summoned by the agency multiple times in the Yes Bank case but they had cited the ongoing COVID-19 travel restrictions to skip the summons.Five vehicles of the Wadhawan brothers were seized by the ED in April after they and their family members were reported to have unauthorisedly travelled to Mahabaleshwar from Lonavala in Maharashtra during the nationwide coronavirus-induced lockdown.As many as 44 companies belonging to 10 large business groups, including Anil Ambani Group, Essel Group, ILFS, Dewan Housing Finance Corporation Ltd, Cox &amp; Kings, and Bharat Infra, reportedly accounted for bad loans of Rs 34,000 crore of Yes Bank.The ED has accused Kapoor, his family members and others of laundering "proceeds of crime" worth Rs 4,300 crore by receiving alleged kickbacks in lieu of extending big loans through their bank that later allegedly turned non-performing assets (NPA).Kapoor is also in ED custody. NES DIVDIV

ED arrests Wadhawan brothers in Yes Bank case

<ul><li>India’s nodal investigation agency, the <keyword id="6354889" type="ORGANIZATION" weightage="20" keywordseo="central-bureau-of-investigation">Central Bureau of Investigation</keyword> (CBI), has filed a charge sheet against Yes Bank founder <keyword id="128581" type="PERSON" weightage="20" keywordseo="Rana-Kapoor">Rana Kapoor</keyword> and his family members.</li><li>Dewan Housing Finance Limited (DHFL) brothers, Kapil and Dheeraj Wadhawan have also been named. </li><li>There's already an ongoing investigation against the Kapoor's for money laundering filed by the Enforcement Directorate (ED).</li></ul>The Central Bureau of Investigation (CBI) has filed a charge sheet for cheating and corruption against Yes Bank founder Rana Kapoor, his family members, Dewan Housing Finance Limited (DHFL) promoters Kapil and Dheeraj Wadhawan. The document was submitted before a special CBI court. Rana Kapoor and <keyword id="8240427" type="UNKNOWN" weightage="20" keywordseo="wadhawan-brothers">Wadhawan brothers</keyword> are presently lodged in the <a href="https://www.businessinsider.in/india/news/dhfls-kapil-and-dheeraj-wadhawan-taken-into-custody-by-cbi-for-role-in-yes-bank-scam-case/articleshow/75388823.cms">Taloja prison in Mumbai</a>. The charge sheet, which comes in just under 100 pages, mentions the name of Doit Urban Ventures Limited (DUVPL) — a company owned by Kapoor’s daughters — alongside DHFL. <div type="Article" hostid="261" msid="75388823" title="Yes Bank scam: DHFL's Kapil and Dheeraj Wadhawan taken into custody by CBI" mstype="2" mssubtype="0"></div> The case was originally registered by the CBI on March 7 on accusations of suspicious loans granted by Yes Bank to companies in exchanges for a quid pro quo between Kapoor and the Wadhawans. Details of the <keyword id="8878575" type="UNKNOWN" weightage="20" keywordseo="yes-bank-scam">Yes Bank scam</keyword> According to the apex investigation agency, Yes Bank made investments to the tune of ₹3,700 crore in short debentures of DHFL. DHFL, in turn, granted a loan of ₹600 crore to DUVPL. This loan is suspected to be a kickback in serving Kapoor’s interests since the company is within the family. Making the transaction even shadier, the CBI alleges that the loan given to DUVPL was based on a mortgage of properties that only had a market value of ₹40 crore. But when taking out the loan, the value was inflacted to reflect as ₹750 crore. Another loan of ₹750 crore was doled out by Yes Bank to a company which was owned by Wadhawans. This is also under investigation. <div type="Article" hostid="261" msid="75738310" title="The Yes Bank probe leads to the arrest of DHFL promoters Kapil and Dheeraj Wadhawan for alleged money laundering" mstype="2" mssubtype="0"></div> Not just cheating and corruption, but also money laundering The Enforcement Directorate (ED) is also looking into the Yes Bank scam and has registered a case of money laundering against the Kapoor’s. It was in considering of this case that Kapoor was first arrested and put in jail — where has he stayed since. The Wadhawan brothers were out on bail in connection to another money laundering case connected to the late drug smuggler Iqbal Mirchi. However, the brothers and twenty-one others were booked by the Satara police on April 8 for violating lockdown rules and were placed under institutional quarantine for 14 days. Once their quarantine ended on April 23, CBI officials took the brothers them custody from their family home in Mahabaleshwar April 26. On May 6, the ED submitted its own charge sheet against Kapoor, his wife Bindu, and their three daughters under the Prevention of Money Laundering Act (PMLA).

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With Kapil Wadhawan’s arrest, the family is now accused of scams worth over a billion dollars

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