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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

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

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

Preeti Soni

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

BI India Bureau

ED arrests Wadhawan brothers in Yes Bank case

PTI

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